Total monthly cost of ownership
Cost to Own a Home in Minorca, Louisiana
A $54,000 home here costs
$671per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $29,000 a year.
A standard mortgage calculator would have told you $294. The real number is $377 higher every month, 128% more than the payment most buyers budget for.
Compare Concordia Parish with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Minorca from a five-year rolling sample, and with about 1,615 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Concordia Parish figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Minorca against Concordia Parish and Louisiana
| Measure | Minorca | Concordia Parish |
|---|---|---|
| Median home value | $53,600 | $102,400 |
| Median property tax | $717 | $393 |
| Effective tax rate | 1.338% | 0.384% |
| Median gross rent | $623 | $774 |
| Population | 1,615 | 18,325 |
The weather behind that power bill
Minorca sits in Concordia Parish, which averages a high of 90.7°F in its hottest month and a low of 37.3°F in its coldest, with 59.55" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 2,289 cooling and 2,185 heating degree days, which is what sets the $155 electricity line above.
See the full climate breakdown for Concordia Parish , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Concordia Parish
Full Concordia Parish cost breakdown · Every county in Louisiana
Talk to someone who works this market
These are Minorca averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Minorca every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Minorca I already own here and may sell
Common questions
How much does it cost to own a home in Minorca?
A $54,000 home in Minorca, Louisiana costs approximately $671 per month with 20% down at 7.24%. That is $294 principal and interest, $60 property tax, $49 homeowners insurance, $223 utilities and $45 set aside for maintenance.
What is the property tax rate in Minorca?
Minorca has an effective property tax rate of 1.338%, based on a median home value of $53,600 and median real estate taxes of $717. That is higher than the Concordia Parish average of 0.384%.
What is the average home price in Minorca?
The median owner-occupied home value in Minorca, Louisiana is $53,600, against $102,400 across Concordia Parish.
Is it cheaper to rent or buy in Minorca?
Median gross rent in Minorca is $623 a month, against $671 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Minorca?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Minorca, Louisiana at today's rate takes a household income of roughly $29,000 a year. That covers the full $671 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Minorca, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Louisiana.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.