Rent vs Buy in Hammond, LA
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Rent and buy are roughly balanced in Hammond, LA
Price-to-rent ratio is 16.8 (under 15 favors buying, over 21 favors renting). Renting costs $1,097/mo; owning runs about $1,633/mo — $536/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.80% rate) | $1,153 |
| Property tax | $203 |
| Home insurance | $92 |
| Maintenance | $184 |
| Total to own | $1,633 |
| Average 2BR rent | $1,097 |
Based on a median home value of $221,162 with a $44,232 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.