New Orleans, LA
Orleans County · Pop. 376,971
Ranked #130 of 243 cities
38Crisis
Median Home Price
🏠$280K
3.5% YoY
Median Rent
🔑$1,350
3.0% YoY
Median Income
💰$42K
Rent Burden
📊38.5%
% of income to rent
Income to Buy
🏦$81K
annual income needed
Income to Rent
📝$54K
annual income needed
Price-to-Income
⚖️6.7x
Homeownership
🏡44.0%
Rent vs. Buy
Buy
$1,490/mo
Est. mortgage (7%, 20% down)
Need $81K/yr income
Rent
$1,350/mo
Median rent
Need $54K/yr income
How New Orleans Compares
| Metric | New Orleans | Louisiana | National |
|---|---|---|---|
| Home Price | $280K | $216K | $410K |
| Rent | $1,350 | $1,020 | $1,500 |
| Income | $42K | $58K | $75K |
| Rent Burden | 38.5% | 31.5% | 30.0% |
Key Takeaways
- • Home prices in New Orleans are 32% lower than the national average.
- • Rent is 10% lower than the national average.
- • You need an income of $81K to comfortably buy a home here.
- • The homeownership rate is 44.0%, compared to 65.0% nationally.