A+
14%
Overall NAT. AVG.
12%
Goods & Services NAT. AVG.
21%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Monroe Louisiana National
Cost of living8691100
Goods & Services8896100
Groceries9495100
Health care10399100
Housing7981100
Transportation8896100
Utilities7884100

An Overview of Cost of Living in Monroe, LA

The cost of living in Monroe affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Monroe is 86, which is 14% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

Everyday staples like clothes, toiletries and entertainment expenses play a big role in your total living costs. But in Monroe, these goods are 11.9% cheaper than the national average. So, you can enjoy what you need and love without emptying your wallet. Plus, you'll have more cash to put towards your savings or any other money goals you have, which is a real boost for your financial well-being.

Is Monroe Affordable?

Is Monroe an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Monroe, the median home price is 18.8% lower than what most folks pay across the country, and monthly rent prices are 25.1% lower than the usual rates. Income levels in Monroe come in at $31,926, which is 42.3% lower than the national average.

What Factors can Influence the Cost of Living in Monroe?

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Monroe, the housing index comes in at 20.7% lower than the national average.

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Monroe, the utilities index stands at 22% lower than the national average.

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Monroe, the transportation index is 12.4% lower than the national average.

Where is the Data From?

The Monroe cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Monroe is 5% lower than the Louisiana average
  • The cost of living in Monroe is 14% lower than the national average
  • Monroe housing is 21% lower than the national average
  • Louisiana general sales tax is 13% lower than the national average
  • Louisiana state income tax is 29% lower than the national average

Most Affordable Places to Live in and Around Monroe

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Compare Monroe, LA Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$59,107$4,926$1,379$1,773
      Renters$19,036$1,586$444$571
      A good indicator of the general affordability of housing in Monroe, LA, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Monroe, the median monthly income is $59,107 for those who own their own homes. Under the standard rule, that income level would allow for $1,379 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $19,036, per the median income in the area. That would allow for renters to spend up to $444 on monthly rental expenses.

      Louisiana Sales Tax

      State General Sales Tax With Max Surtax
      Louisiana 4.45% 11.45%

      Louisiana Income Tax

      State Income Tax (Low) Income Tax (High)
      Louisiana 1.85% 4.25%

      Goods & Services

      Item Monroe National avg. Difference
      Haircut $23.22$24.264.3%
      Beauty Salon $46.11$45.561.2%
      Toothpaste $3.52$3.704.9%
      Shampoo $1.33$1.283.9%
      Movie $12.98$12.137.0%
      Bowling $20.00$18.0011.1%

      Groceries

      Item Monroe National avg. Difference
      Ground Beef $6.31$5.848.0%
      Fried Chicken $1.67$1.576.2%
      Milk $4.61$4.671.3%
      Potatoes $5.17$4.934.8%
      Pizza $10.99$12.099.1%
      Beer $9.63$10.417.5%

      Health Care

      Item Monroe National avg. Difference
      Optometrist $110.11$125.6812.4%
      Doctor $173.89$135.7828.1%
      Dentist $128.33$113.2913.3%
      Ibuprofen $10.39$10.652.5%
      Lipitor $524.60$468.6012.0%

      Housing

      Item Monroe National avg. Difference
      Home Price $150,000.00$184,700.0018.8%
      Avg. Mortgage Payment $3,477.84$2,346.6948.2%
      Apartment Rent $711.00$949.0025.1%

      Transportation

      Item Monroe National avg. Difference
      Gasoline $3.15$3.469.0%
      Tire Balancing $56.44$59.925.8%

      Utilities

      Item Monroe National avg. Difference
      All Electricity $126.52$193.9934.8%
      Phone $186.90$192.252.8%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Collinston, LA1736931.2%
      Bawcomville, LA2,1507524.6%
      Richwood, LA4,7787624.4%
      Brownsville, LA3,7187623.7%
      Start, LA9647921.1%
      Monroe, LA47,9068614.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Jeffersonville, IN47,932945.6%
      Minot, ND47,8341021.6%
      Niagara Falls, NY47,9788218.5%
      Dublin, OH47,82412424.0%
      Covina, CA47,78715858.4%
      Monroe, LA47,9068614.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.