Quick, simple answer whether a new LPFM could cover your area. Many situations will benefit from consulting with a professional, but this will get you started.
In contrast to 2013, most big cities are now "full" and have no room for additional LPFM stations. The same is true for areas anywhere close to big cities, and areas close-ish to more than one city of any size. This is a bummer since those are also where most of the people wanting new stations are likely to be. Applicants for the few frequencies which are available in these areas will almost certainly caught up in the the competitive "mutually exclusive" resolution process. Organizations which cooperate to share a frequency will have an advantage.