Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Louisiana and Oklahoma. Updated for 2026.
Louisiana wins 4 of 6 cost categories, making it the more affordable state for homebuyers overall. With a median home price of $195K and lower overall costs, Louisiana offers meaningful savings compared to Oklahoma. Both states offer first-time buyer programs — explore the state pages for full details.
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI.
The monthly payment difference is $164/month — that’s $1,968/year or $59K over the life of a 30-year loan. Buying in Louisiana is the more affordable option based on median home prices with identical loan terms.
Based on the 28% debt-to-income rule — your monthly housing payment should not exceed 28% of gross monthly income.
To afford the median home in Oklahoma, you need a household income of approximately $74K/year. In Louisiana, you need $67K/year — less by $7K/year. The $7K difference is meaningful but manageable for dual-income households.
Home prices in Louisiana and Oklahoma are relatively close, with only a 7% difference ($15K). At similar price points, your decision should focus on the other cost factors: property taxes, insurance, closing costs, and the overall quality of life each state offers. Small percentage differences in tax rates compound over decades of homeownership.
Louisiana has a moderate property tax advantage at 0.55% versus Oklahoma's 0.88%. While the rate gap of 0.33% may seem small, it translates to an annual difference of approximately $775 when applied to each state's median home price. Over a typical homeownership period of 7-10 years, that adds up to $6K in savings.
Both states offer down payment assistance for first-time buyers. Louisiana's LHC Mortgage Revenue Bond provides Up to $10,000 soft second loan, while Oklahoma's OHFA Homebuyer DPA offers Up to 3.5% DPA. These programs can significantly reduce your upfront costs and make homeownership accessible even if you haven't saved a full 20% down payment. Check eligibility requirements on each state's housing finance agency website — income limits and purchase price caps apply.
The bottom line: Louisiana and Oklahoma are broadly similar in housing costs, with only $164/month separating them in total PITI payments. In cases like this, your decision should be driven by lifestyle preferences — job opportunities, climate, proximity to family, and quality of life — rather than pure cost savings. Either state offers a reasonable path to homeownership.