An Overview of Cost of Living in Opelousas, LA
The cost of living in Opelousas 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 Opelousas 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.
Is Opelousas Affordable?
Is Opelousas an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Opelousas is 33.4% lower than the national average, while the average monthly rent prices are 37.1% lower than average. The affordability of any location can also be influenced by median income levels. Opelousas has a median household income of $32,666, which is 41% lower than the national average.
What Factors can Influence the Cost of Living in Opelousas?
Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Opelousas, the housing index is 34.5% 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 Opelousas, the utilities index stands at 10.7% lower than the national average.
Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Opelousas, the transportation index is 5.8% lower than the national average.
Where is the Data From?
The Opelousas cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.
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