With Rents Soaring, Buying a Home May Be an Affordable Option For New Orleanians

    For rent in new orleans

    Rents in New Orleans continue to climb as demand is starting to outpace the supply.

    In 2014, the median 1 bedroom rental price in New Orleans was over $2,000 per month.

    What can $2,000 a month buy for you? A lot and you might even save money on your housing costs by purchasing instead of renting.

    For example:

    $200,000 loan amount at 4% interest rate over 30 years = a monthly mortgage payment of $954.83. Now, that’s principle and interest only. Add on the cost of taxes and insurance and you’ll still be paying less than the median rent in the city.

    Ready to find out how much home you can buy? Give us a call at 504-327-5303 and we’ll connect you with one of our local lenders that specializes in first time home buyers.

     

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