Total monthly cost of ownership
Cost to Own a Home in New Orleans, Louisiana
A $296,000 home here costs
$2,433per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,522. The real number is $911 higher every month — 60% more than the payment most buyers budget for.
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 $127 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
Common questions
How much does it cost to own a home in New Orleans?
A $296,000 home in New Orleans, Louisiana costs approximately $2,433 per month with 20% down at 6.66%. That is $1,522 principal and interest, $202 property tax, $267 homeowners insurance, $195 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 $2,433 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
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.