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 13.6 (under 15 favors buying, over 21 favors renting). Renting costs $1,480/mo; owning runs about $1,786/mo — $306/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.80% rate) | $1,262 |
| Property tax | $222 |
| Home insurance | $101 |
| Maintenance | $202 |
| Total to own | $1,786 |
| Average 2BR rent | $1,480 |
Based on a median home value of $241,895 with a $48,379 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.