Rent vs Buy in New Orleans, LA
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Buying looks favorable in New Orleans, LA
Price-to-rent ratio is 13.9 (under 15 favors buying, over 21 favors renting). Renting costs $1,478/mo; owning runs about $1,839/mo — $361/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.95% rate) | $1,305 |
| Property tax | $226 |
| Home insurance | $103 |
| Maintenance | $205 |
| Total to own | $1,839 |
| Average 2BR rent | $1,478 |
Based on a median home value of $246,374 with a $49,275 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.