Home Affordability in New Orleans, LA
The median home price in New Orleans is $265,000 with a median household income of $45,615. Housing is significantly stretched relative to local incomes.
Median Home Price
$265,000
Median Income
$45,615
Price-to-Income Ratio
5.8x
Est. Affordable Home
$177,000
Property Tax Rate
0.55%
Annual Property Tax
$1,458
Sales Tax Rate
9.95%
Cost of Living Index
99
Buying a Home in New Orleans
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $45,615 in New Orleans can afford a monthly housing payment of approximately $1,064. This translates to a home price of roughly $177,000, which is below the median home price of $265,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in New Orleans would be approximately $1,458 per year ($121/month) at the effective rate of 0.55%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $7,950 | $257,050 | Yes |
| 5% | $13,250 | $251,750 | Yes |
| 10% | $26,500 | $238,500 | Yes |
| 20% | $53,000 | $212,000 | No |
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