Total monthly cost of ownership
Cost to Own a Home in Morgan City, Louisiana
A $146,000 home here costs
$1,311per 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 $56,000 a year.
A standard mortgage calculator would have told you $796. The real number is $515 higher every month, 65% more than the payment most buyers budget for.
Compare St. Martin Parish with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Morgan City against St. Martin Parish and Louisiana
| Measure | Morgan City | St. Martin Parish |
|---|---|---|
| Median home value | $146,100 | $151,000 |
| Median property tax | $465 | $610 |
| Effective tax rate | 0.318% | 0.404% |
| Median gross rent | $861 | $865 |
| Population | 11,208 | 51,559 |
Morgan City extends across 2 counties. Figures here use St. Martin Parish, where most of its housing sits.
The weather behind that power bill
Morgan City sits in St. Martin Parish, which averages a high of 90.1°F in its hottest month and a low of 42.5°F in its coldest, with 66.79" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 2,558 cooling and 1,509 heating degree days, which is what sets the $155 electricity line above.
See the full climate breakdown for St. Martin Parish , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in St. Martin Parish
Full St. Martin Parish cost breakdown · Every county in Louisiana
Talk to someone who works this market
These are Morgan City 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 Morgan City every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Morgan City I already own here and may sell
Common questions
How much does it cost to own a home in Morgan City?
A $146,000 home in Morgan City, Louisiana costs approximately $1,311 per month with 20% down at 7.24%. That is $796 principal and interest, $39 property tax, $132 homeowners insurance, $223 utilities and $122 set aside for maintenance.
What is the property tax rate in Morgan City?
Morgan City has an effective property tax rate of 0.318%, based on a median home value of $146,100 and median real estate taxes of $465. That is lower than the St. Martin Parish average of 0.404%.
What is the average home price in Morgan City?
The median owner-occupied home value in Morgan City, Louisiana is $146,100, against $151,000 across St. Martin Parish.
Is it cheaper to rent or buy in Morgan City?
Median gross rent in Morgan City is $861 a month, against $1,311 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 Morgan City?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Morgan City, Louisiana at today's rate takes a household income of roughly $56,000 a year. That covers the full $1,311 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Morgan City, 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.