Mortgage payment estimates, closing cost breakdowns, and homebuying data for Monroe, Louisiana.
Median Home Price
$165K
Population
48K
Avg Monthly Rent
$880
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 Monroe.
Monroe vs Louisiana Median
The median home price in Monroe is $165,000, which is 15% below the Louisiana state median of $195,000.
Mortgage Calculator — Monroe, LA
Pre-filled with Monroe median home price and Louisiana tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $165K home using Louisiana's 0.55% tax rate and $3,500/yr insurance.
5% Down
$1,449/mo
Down: $8,250
Loan: $157K
P&I: $991
Tax: $76
Insurance: $292
PMI: $91
10% Down
$1,393/mo
Down: $16,500
Loan: $149K
P&I: $939
Tax: $76
Insurance: $292
PMI: $87
20% Down (No PMI)
$1,202/mo
Down: $33,000
Loan: $132K
P&I: $834
Tax: $76
Insurance: $292
Income needed (28% rule): $52K/year with 20% down, $60K/year with 10% down.
Rent vs Buy in Monroe
Rent
$880/mo
vs
Buy (10% down)
$1,393/mo
Price-to-rent ratio: 15.6 — A ratio between 15-20 means the rent vs buy decision in Monroe 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 Monroe is $165,000, 15% below the Louisiana state median of $195,000. With a population of 47,877, Monroe 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 Monroe 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 Monroe is $880/month. The price-to-rent ratio in Monroe is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Monroe 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 Monroe.