Hammond, Louisiana is a growing community with desirable neighborhoods. In addition to the area, families have a variety of things to do to keep themselves busy and enjoy the Hammond area. But what are the costs of living in Hammond, LA? Let’s find out.
Overall living cost in Hammond
Hammond, Louisiana is a city located in Tangipahoa Parish. It has a population totaling 20,444. Hammond’s total cost of housing, food and child care, as well as transportation and taxes, is $36,536 per year. This is more than the $35,133 annual cost of living in Louisiana, but less than the $38,433 national average.
Housing costs in Hammond
Housing is one of the largest costs of living. Homes in Hammond are just one more reason people love it here. Hammond’s median home value is $155,500. This is lower than the national median home price of $204,900. The median home price for a home built before 1939 is $206,700. However, the median home value for a home constructed after 2014 is $248,000.
Renting can be a cheaper option to homeownership. Hammond has 52.10% rented homes, which is higher than the national renter rate of 36.2%. Hammond’s average renter spends $807 per month on housing. This is higher than the national median monthly rent of $1,023
Area income is a major determinant of housing affordability. The average U.S. home price is 3.4 times the $602,293 median household income. Housing affordability ratios vary from approximately 1.0 to over 10.0 in the most expensive areas to more than 10.0 for those in the most expensive. Hammond’s median household income is $40,127. This is 3.8 times the median home price.
Transport costs in Hammond
Transport can be an important component of the cost of living. Hammond has 88.50% more commuters than the 85.5% nationwide. A total of 49.50% commute to work from Hammond. This is a higher percentage than the 43.7% of commuters who live in different cities. Hammond’s commute takes 25.8 minutes, while nationwide it takes 26.6 minutes. The EPI estimates that Hammond’s average commuter spends $10,252 per year, which is roughly the same as the national median of $9,760.
Hammond health care costs
If you assume that at least a basic level is covered by your insurance, out-of-pocket costs for health care and insurance premiums are much higher in Hammond than they are nationwide and even more so in Louisiana.
The average annual cost of health care for a single person in the area is $5,192. This compares to an average of $4,707 in Louisiana and $4,266 nationally.
Child care costs in Hammond
Child care costs can add thousands to the annual expenses of families with children. Hammond’s average annual child care cost for two children, one 4 and one 8, is $9,014. This is $100 lower than the $9,099 average across Louisiana. In the United States, on average, childcare costs for two children is $15,853 per annum.
Cost of food in Hammond
Another expense that can have a major impact on the overall cost of living is food. The U.S. Department of Agriculture data shows that food costs vary from one city to the next.
A Hammond family of four will spend an average of $9,046 annually on food, while a single adult will spend on average $3,133 per year on food. The average food expenses in Louisiana and the United States are respectively $3,119 and $2,240 for an adult and $9,006 for a family with four members. These figures are based on a healthy diet that includes food bought at the grocery store and prepared at home.
Louisiana Taxes in Hammond
Taxes are one of the few expenses that vary so much from one city to another. The average adult in Hammond, Louisiana, pays $6,069 annually in state and federal income taxes. This is close to the $5,772 statewide average.
These calculations don’t include common taxes like property, sales, or excise taxes. These taxes are included in the accounting, but they do not include taxes levied at federal level. Hammond residents have a low tax burden. Louisiana’s per capita state tax collection is $2,437 annually, which compares to the $3,151 average across all other states.
In conclusion
If you think that Hammond may be for you or you already live in Hammond and are looking for a new property, let an experienced Hammond Realtor at 1 Percent Lists Premier help.