The state of Louisiana has not had it easy recently. Hurricane Katrina took many people’s homes away. But the state is in the rebuilding process, and people are slowly returning home. If you used to live in New Orleans and want to return home, or have always wanted to live in New Orleans, now is the time.
Quick New Orleans Housing Facts
Percent of Homeowners in New Orleans: 67.9%
Percent of Renters in New Orleans: 32.1%
Median New Orleans Household Income: $32,566
Average New Orleans Credit Score: 661
Best City to Live in Louisiana: Scottsdale
Median New Orleans Home Value: $85,000
How Much Real Estate Can I Afford In New Orleans?
The good news is that you don’t have to be mortgage savvy to figure out what kind of house you can afford in New Orleans. All you need is a few minutes and maybe a pen and paper to do a little scribbling on. First, we suggest that you think about the following questions:
- How much money am I willing to spend on my monthly mortgage payments? Keep in mind that mortgage payments will be higher than monthly rent payments. If you are a first time homebuyer and would like to make the transition a little easier, consider an Interest Only Mortgage. The initial three or five years of payments on this mortgage plan are a little lower than others.
- What kind of payment plan will work well for me? Remember to check out government sponsored plans in addition to others.
- What are property taxes like in New Orleans?
- What are current mortgage interest rates in New Orleans?
Now that you’ve reflected on those questions a little bit, crack your knuckles and get ready to do a little number crunching. Our online mortgage calculatorsare a surefire way to give you a concrete idea of how you fit into the New Orleans housing market.
Refinancing in New Orleans
Refinancing is a hugely popular mortgage tool and for a good reason too. A refinance is a brand new mortgage that pays off your existing one and replaces it. The real benefit of a refinance is that your new mortgage will come with lower interest rates. That means that you will be spending less on interest, more on your principal, and will be building your equity much quicker. So if the interest rate has dropped 2% or more since you purchased your home, talk to your broker about refinancing.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.