New Orleans, LA

Rent vs buy in New Orleans

Median home $248,000. A 1 bedrooms rents for $1,228 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,228; per month
Own the median home: $1,603; P&I, tax, insurance, upkeep
Owning costs extra: $375; per month, same metro

What a purchase actually costs

20% down payment$49,600
Mortgage at 6.5%$1,254
Property tax (0.59% of value)$122/mo · $1,463/yr
Insurance and upkeep (1.1%/yr)$227
Total monthly ownership$1,603

Months of leftover to save the down payment

At $2,422 left over a month, it takes about 21 months (1.8 years) to save $49,600 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.