Mortgage payment estimates, closing cost breakdowns, and homebuying data for Hammond, Louisiana.
Median Home Price
$185K
Population
20K
Avg Monthly Rent
$920
Property Tax Rate
0.55% *
* Property tax shown is the Louisiana state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Hammond.
Hammond vs Louisiana Median
The median home price in Hammond is $185,000, which is 5% below the Louisiana state median of $195,000.
Mortgage Calculator — Hammond, LA
Pre-filled with Hammond median home price and Louisiana tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $185K home using Louisiana's 0.55% tax rate and $3,500/yr insurance.
5% Down
$1,590/mo
Down: $9,250
Loan: $176K
P&I: $1,111
Tax: $85
Insurance: $292
PMI: $103
10% Down
$1,526/mo
Down: $18,500
Loan: $167K
P&I: $1,052
Tax: $85
Insurance: $292
PMI: $97
20% Down (No PMI)
$1,312/mo
Down: $37,000
Loan: $148K
P&I: $935
Tax: $85
Insurance: $292
Income needed (28% rule): $56K/year with 20% down, $65K/year with 10% down.
Rent vs Buy in Hammond
Rent
$920/mo
vs
Buy (10% down)
$1,526/mo
Price-to-rent ratio: 16.8 — A ratio between 15-20 means the rent vs buy decision in Hammond depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Hammond is $185,000, 5% below the Louisiana state median of $195,000. With a population of 20,019, Hammond is a smaller market where home prices tend to be more accessible than in many parts of Louisiana.
Property taxes in Louisiana average 0.55% annually. This low property tax rate is a significant advantage for Hammond buyers, keeping your monthly costs well below what you'd pay in higher-tax states. Homeowners insurance in Louisiana runs approximately $3,500 per year. Insurance costs are notably high — factor this into your monthly budget.
Average rent in Hammond is $920/month. The price-to-rent ratio in Hammond is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Hammond offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Louisiana's LHC Mortgage Revenue Bond program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Hammond.