According to the Missouri Economic Research & Information Center, the cost of living in the state of Louisiana is 9.3% lower than the national average. The state is one of the best to retire for taxes as well, considering social security benefits and public pension incomes aren’t taxed in the state. Retirees here have a favorable advantage in maximizing their retirement income, potentially enabling them to lead a comfortable during their golden years. However, these very retirees across the state have been expressing heightened anxiousness and frustration about inflation, health care costs, and other everyday expenses when asked about their retirement plans. According to an Axios poll, those who are already retired are even scared to spend their retirement money due to concerns about an unpredictable future.
"I'm reluctant to overspend given the current economic climate and the possibility of the need for long-term care."
Although the concept of retirement is envisioned as a period of relaxation and enjoyment, the practical realities of mortgages, fixed incomes, and the escalating challenges posed by inflation and healthcare expenses often turn this idealized notion into a distant reality. Many retirees across the United States of America have been dealing with the such soaring costs of living, care, and similar expenses for quite some time now. Add in the fear of social security funds depleting by 2033, the state of affairs for an average retiree is nothing short of miserable. Nevertheless, states such as Louisiana are a ray of sunshine for those looking to live comfortably on social security alone. Even though the concerns of retirees in this state, like all others, are understandable, these states fare better than many others because of the cost advantages that they offer to retirees.
According to Zillow Group, Inc. (NASDAQ:Z), the median rent for all properties and apartments in the state of Louisiana is $1,480. Signifying a $20 decrease from last year, rents in the state are an estimated 26% lower than the national median. Moreover, Redfin Corporation (NASDAQ:RDFN) notes that home prices in the state are down by 1.9% compared to last year. As of December 2023, homes have been selling for a median price of $242,000. These figures imply that Louisiana is a good state for retirees to buy or even rent a home, and retirees will find it to be quite livable compared to states such as New York or even Washington.
The state has more than 200 hospitals, and Baton Rouge holds explicitly the highest rank with the best healthcare systems in the state. According to the US Data Census, the state holds a total population of 4,657,757, with health coverage of 6.9%. In addition, around 1.7% of people moved to Louisiana in the past year. This supports the fact that the state has a high moving ratio, further implying that the state is favorable for retirees to move to. Apart from this, Louisiana boasts profound cultural significance, characterized by a vibrant tapestry that is interwoven with the influences of French heritage and geography. Considering the above information, looking over the 15 best places in Louisiana for couples with social benefits is essential. The list was vast, but based on our analysis, the 15 best are listed below.
15 Best Places in Louisiana for a Couple to Live on Only Social Security
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Methodology
To compile the list of the best places in Louisiana for a couple to live on only social security, we have used several sources such as KPEL, New Home Source, andNiche, amongst others. We also employed retiree opinions from forums such as Reddit and Quora to assess which places in the state are most recommended for living a life on social security. Next, we selected the places that have a cost of living index that is 95 or below (5% or lower than the national average). We scored them on their cost of living index, median home price, median monthly rent (for a two-bedroom apartment), and livability scores. Scores were summed and places were ranked in ascending order from the lowest to the highest scores.
The cost of living index discussed for the places below is sourced from Best Places, median home prices are taken from Redfin Corporation (NASDAQ:RDFN), rental prices are taken from Zillow Group, Inc. (NASDAQ:Z) and Zumper, while livability scores are sourced from Area Vibes. Please note that the places mentioned in our list are good for retirees in terms of safety and security. However, it's important to note that crime rates and overall livability can vary within different neighborhoods of a city. Additionally, perceptions of safety and suitability can be subjective and vary from person to person. Engaging with potential neighbors, exploring the community firsthand, and gathering insights from locals can greatly contribute to making an informed decision about the ideal place to call home.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Here are the best places in Louisiana for a couple to live on only social security:
15. Bossier City
Insider Monkey Score: 20
Cost of Living Index: 84.9
Median Home Price: $202,700
Average Monthly Rent: $800
Livability Score: 70
Bossier City is a metropolitan with a population of 62,635. The city has ample access to healthcare and security, and the cost of living is 15.1% lower than the national average. The area also provides interesting rental places of 2 bedrooms for a couple with social benefits for just $800.
14. Village St. George
Insider Monkey Score: 21
Cost of Living Index: 93.2
Median Home Price: $299,000
Average Monthly Rent: $1,200
Livability Score: 64
The estimated population of Village St. George CDP, Louisiana, is 8,786 people, with a median age of 37.4. St George is a small town in Louisiana in the suburbs of Baton Rouge. Apart from its name, the area is well-known for its churches and Christian academies. Self-owned homes majorly populate the area, but based on Zillow Group, Inc. (NASDAQ:Z), the rental prices and availability of the houses show an excellent reputation. It is one of the best places in Louisiana for a couple to live on only social security.
13. Lake Charles
Insider Monkey Score: 26
Cost of Living Index: 84.1
Median Home Price: $253,000
Average Monthly Rent: $900
Livability Score: 68
The population of Lake Charles is 79,113, which makes it the 5th most populous city in the US. The population over 65 is 16-17%, which shows ampple senior citizens available in the community for socializing. The town is on the banks of the Calcasieu River in southwestern Louisiana. Like other Louisiana counties, this one also has many parks and tourism areas that attract tourists yearly. Looking at the cost of living which is 16% below the national average and median rent prices under $1000, couples with social benefits can expect good community life in the area.
12. Baton Rouge
Insider Monkey Score: 28
Cost of Living Index: 93.2
Median Home Price: $222,000
Average Monthly Rent: $1,217
Livability Score: 68
Baton Rouge holds a population of 221,453, making it an urban city with a bustling life and beautiful landscapes. It is located on the bank of the Mississippi River, giving the locals a seafront and old architecture to enjoy. The city has many old buildings with Gothic architecture, and many touches of French culture in some localities as well. The cost of living in Baton Rouge is 6.8% lower than the national average. This makes it one of the best places for a couple to live on only social security. It is immensely populated with its terrains, suburbs, mountain tracks, and nightlife. The local guides proudly showcase the beauty and scenery entrapped together. Couples with social benefits can find rental houses for just $1217, which is quite supportive of their living.
11. Covington
Insider Monkey Score: 29
Cost of Living Index: 98.4
Median Home Price: $255,000
Average Monthly Rent: $1,500
Livability Score: 72
Couples who love to explore can find rich culture in this small city. Covington is well known for its scenery and old trees. Couples can enjoy the scenery on long walks and explore much in this small Southern town near Bogue Falaya and the Tchefuncte River in New Orleans. The city has a population of 11,000. The cost of living is 98, which is 2% lower than the national average. The town also offers an active lifestyle, educational opportunities, and affordable living for couples. Couples can even retreat at boat canoes and enjoy their time with limited income.
10. Crowley
Insider Monkey Score: 30
Cost of Living Index: 83.5
Median Home Price: $159,500
Average Monthly Rent: $800
Livability Score: 61
Crowley is another city with a high population of people aged 65 or above, making up 19% of the total population. Its low crime rate and metropolitan lifestyle make it idle for people living at a low cost. This small town offers churches and parks for older people to rest and enjoy peace and serenity. Redfin Corporation (NASDAQ:RDFN) notes that home prices are quite affordable too.
9. Kenner
Insider Monkey Score: 31
Cost of Living Index: 97.5
Median Home Price: $224,500
Average Monthly Rent: $1,100
Livability Score: 76
Kenner, nestled in the New Orleans metropolitan area, offers retirees a delightful mix of suburban tranquility and urban convenience. With its diverse community, proximity to healthcare facilities, and cultural attractions, the city offers an ideal setting for those seeking a relaxed yet vibrant retirement.
8. Mandeville
Insider Monkey Score: 32
Cost of Living Index: 98.4
Median Home Price: $329,000
Average Monthly Rent: $1,300
Livability Score: 75
Mandeville is close to New Orleans, one of Louisiana's most popular cities. Mandeville is well known for its low crime rates and cost of living close to the national average. The city has made it to our list of best places in Louisiana for a couple to live on only social security due to its affordable prices and outdoor activities.
7. Westlake
Insider Monkey Score: 33
Cost of Living Index: 84.1
Median Home Price: $159,000
Average Monthly Rent: $1,000
Livability Score: 65
The population in Westlake, LA, is not more than 5,000. However, there are diverse cultures and ethnicities in the locality. It is a small town with beautiful scenery providing hiking, parks, playing areas, etc. Life at Westlake is idle for couples looking for a quiet life and peaceful environment. Couples with social benefits can easily afford their life with a small income and input to the community.
6. Sulphur
Insider Monkey Score: 34
Cost of Living Index: 84.1
Median Home Price: $179,100
Average Monthly Rent: $900
Livability Score: 71
As implied by its name, the place is famous for its sulfur mines and is located very close to the Texas border. It has a low cost of living and rental prices are just around $900. It is one of Louisiana's oldest and culturally rich towns to visit or retire. Due to its good weather and tasty cuisine, it is an ideal spot to spend time in summers and winters. Sulfur is considered the pride of Louisiana and is one of the best places in Louisiana for a couple to live on only social security.