Mortgage payment estimates, closing cost breakdowns, and homebuying data for New Orleans, Louisiana.
Pre-filled with New Orleans median home price and Louisiana tax/insurance rates. Adjust for your property.
Estimated closing costs based on Louisiana rates and fees applied to New Orleans prices.
The median home price in New Orleans is $275,000, 41% above the Louisiana state median of $195,000. With a population of 383,997, New Orleans is a mid-size city where home prices reflect strong demand and local economic factors.
Property taxes in Louisiana average 0.55% annually. This low property tax rate is a significant advantage for New Orleans 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 New Orleans is $1,350/month. The price-to-rent ratio in New Orleans is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
New Orleans presents moderate affordability. The $275K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.