Total monthly cost of ownership
Cost to Own a Home in New Orleans, Louisiana
A $296,000 home here costs
$2,576per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $110,500 a year.
A standard mortgage calculator would have told you $1,640. The real number is $937 higher every month, 57% more than the payment most buyers budget for.
Compare Orleans 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.
New Orleans against Orleans Parish and Louisiana
| Measure | New Orleans | Orleans Parish |
|---|---|---|
| Median home value | $296,400 | $296,400 |
| Median property tax | $2,428 | $2,428 |
| Effective tax rate | 0.819% | 0.819% |
| Median gross rent | $1,211 | $1,211 |
| Population | 376,035 | 376,035 |
The weather behind that power bill
New Orleans sits in Orleans Parish, which averages a high of 90.8°F in its hottest month and a low of 46.9°F in its coldest, with 60.12" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 3,292 cooling and 1,134 heating degree days, which is what sets the $153 electricity line above.
See the full climate breakdown for Orleans Parish , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Orleans Parish
No other places of this size are published in Orleans Parish.
Full Orleans Parish cost breakdown · Every county in Louisiana
Talk to someone who works this market
These are New Orleans 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 New Orleans every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in New Orleans I already own here and may sell
Common questions
How much does it cost to own a home in New Orleans?
A $296,000 home in New Orleans, Louisiana costs approximately $2,576 per month with 20% down at 7.4%. That is $1,640 principal and interest, $202 property tax, $267 homeowners insurance, $221 utilities and $247 set aside for maintenance.
What is the property tax rate in New Orleans?
New Orleans has an effective property tax rate of 0.819%, based on a median home value of $296,400 and median real estate taxes of $2,428. That is in line with the Orleans Parish average of 0.819%.
What is the average home price in New Orleans?
The median owner-occupied home value in New Orleans, Louisiana is $296,400, against $296,400 across Orleans Parish.
Is it cheaper to rent or buy in New Orleans?
Median gross rent in New Orleans is $1,211 a month, against $2,576 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 New Orleans?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in New Orleans, Louisiana at today's rate takes a household income of roughly $110,500 a year. That covers the full $2,576 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for New Orleans, 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.