SHREVEPORT-MONROE, La. — North Louisiana’s Cost of Living remains below the national average, according to the recently released Cost of Living Index for the first quarter for 2016. The cost of living for the Shreveport-Bossier City Metropolitan Statistical Area (MSA) is 88.9 percent of the national average. Monroe cost of living is 95.5 percent of the national average.  The Cost of Living Index estimates the amount of money needed to sustain a certain level of living, including basic expenses such as housing, food, taxes, and healthcare. It’s often used when comparing how expensive it is to live in one city versus another.

“Our low cost of living is one reason families move to North Louisiana: your money goes a lot further here.  Our low housing, utilities, healthcare and transportation costs mean a typical American family realizes a bump in their quality of life by moving to North Louisiana,” said Scott Martinez, President of North Louisiana Economic Partnership (NLEP), an Accredited Economic Development Organization for 14 parishes in North Louisiana.

The Cost of Living Index is compiled by the Council for Community and Economic Research and measures regional differences in the cost of consumer goods and services. It is based on more than 90,000 prices collected during the same period of time by chambers of commerce, economic development organizations, and universities in 265 participating urban areas.  
 
NLEP gathers the pricing information for the Shreveport-Bossier City, LA MSA, and the ULM Center for Business and Economic Research gathers the data for the Monroe, LA MSA.  The information is compiled into a composite index, which is based on six weighted categories – grocery items (13.24%), housing (28.04%), utilities (10.31%), transportation (11.16%), health care (4.36%) and miscellaneous goods and services (32.89%).
 
The Shreveport-Bossier City, LA MSA includes all of Caddo, Bossier, De Soto and Webster Parishes. For Shreveport-Bossier City, utility costs represent the lowest cost category at 82.3 percent. Housing is the next most affordable category at 83.0 percent. Transportation costs are 85.5 percent; health care costs are 93.2 percent of the national average; miscellaneous goods and services are at 93.8 percent; and grocery costs are 96.1 percent of the national average.
 
The Monroe, LA MSA includes all of Ouachita and Union Parishes. For Monroe, utilities represent the most affordable category at 86.3 percent of the national average. The next lowest cost category is housing at 90.9 percent; followed by transportation at 92.4 percent; and then grocery items at 92.6 percent. Health care is 93.8 percent of the national average, and miscellaneous goods and services total 104.6 percent.  
 
To see how North Louisiana’s cost of living compares with other communities around the nation, NLEP offers a Cost of Living calculator on our website, nlep.org/COLIcalculator.  Go to the Regional Data Center, and click Cost of Living.  The calculator allows you to determine the level of income you would need to move to Shreveport or Monroe and maintain your current standard of living based on the Cost of Living Index.  For example, if you earned $50,000 in Denver, Colorado, you would only need to earn $40,410 in Shreveport and $42,420 in Monroe to have a comparable standard of living.

About North Louisiana Economic Partnership
North Louisiana Economic Partnership, an Accredited Economic Development Organization, provides professional economic development services to the 14 parish region of North Louisiana, including lead generation and prospect management. The organization also represents the interests of North Louisiana with a unified voice and as a single point of contact. It acts as a catalyst, a convener, and a connector in the region to ensure that North Louisiana’s economic development potential is realized. Its vision is for North Louisiana to be a thriving region-a destination for high quality talent, innovative companies, and global investment.