Buying a Home in Louisiana: What You Need to Know
If you're considering buying a home in Louisiana, understanding the true cost of homeownership is essential. Beyond your mortgage payment, Louisiana homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses Louisiana-specific data to give you accurate monthly payment estimates.
Louisiana Property Taxes
Louisiana has an effective property tax rate of 0.55%, ranking #37 out of 50 states (where #1 is the highest). On a median-priced home of $249,000, you'd pay approximately $1,370 per year in property taxes, or about $114/month.
Louisiana's property tax rate is near the middle nationally. Property tax rates can vary by county, so check with your local tax assessor for exact rates in your area.
Louisiana Homeowners Insurance
The average annual homeowners insurance premium in Louisiana is $6,274 for $300,000 in dwelling coverage, or about $523/month.
Louisiana has some of the highest insurance costs in the country. This is typically due to weather-related risks such as hurricanes, tornadoes, hail, or wildfires. Consider shopping multiple insurers and asking about discounts for security systems, new roofs, or bundling policies.
Louisiana Closing Costs
Closing costs in Louisiana average 1.2% of the home's purchase price. On a $249,000 home, that's approximately $2,988. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
Louisiana Housing Market
The median home price in Louisiana is $249,000. This is below the national median of approximately $410,000, making Louisiana one of the more affordable states for homebuyers. First-time buyers may find more options within their budget here.
More Louisiana Mortgage Tools
Use these additional calculators to plan your Louisiana home purchase: