Estimated Monthly Payment — Median Louisiana Home
$1,448
Based on $215,000 home · 20% down · 6.7% APR · 30-year fixed · taxes & insurance included
Median Price
$215,000
Property Tax
0.55%
Avg. HOA
$150/mo
Median Rent
$1,050/mo
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Estimate only. Not a loan offer, approval, pre-approval, or financial advice. Actual payments and terms may vary. Consult a licensed mortgage professional before making real estate decisions.
Market Insights
About the Louisiana housing market
Louisiana's housing market is among the most affordable in the country, with a median home price around $215,000. New Orleans is the largest metro, with Baton Rouge a close second. Louisiana has below-average property taxes, but flood insurance — required in many areas — can substantially increase monthly housing costs. Louisiana's effective property tax rate of 0.55% is below the national average.
The median Louisiana home costs $215,000. At today's average 30-year fixed rate (6.7%) with 20% down, principal & interest works out to roughly $1,110, and the total monthly payment including taxes, insurance, and average HOA comes to approximately $1,448. First-time buyers in Louisiana can explore programs through Louisiana HFA.
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FAQ
Louisiana mortgage FAQs
What's the property tax rate in Louisiana?
Louisiana's effective property tax rate averages about 0.55% — below the national average. On a $215,000 home, that's roughly $99/month or $1,183/year.
How much do I need to earn to afford a typical Louisiana home?
Using the 28/36 rule, a buyer would need roughly $54,000–$70,000 in gross annual income to comfortably afford Louisiana's $215,000 median home with 20% down at current rates.
What first-time buyer programs are available in Louisiana?
LHC offers the Louisiana Homeowner's Resource Center programs and the Premium MRB Assisted Program with up to 4% down payment assistance. Eligibility typically requires being a first-time buyer with income within program limits and completing homebuyer education.
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