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How Much Will Your Mortgage Be in Louisiana?

Louisiana is a state in the Deep South region of the U.S. With a population of close to 4.6 million, Louisiana is the 25th most populous and 19th most affordable state with most Louisianians spending close to 19% of their income on their homes. Also, see FHA Loan in Louisiana for details and requirements for a home in the state. If you're looking to move to Louisiana, see First-time Homebuyer Guide for Louisiana.

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Louisiana Home and Mortgage
Stats to Know

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Factors That Can Affect Your Louisiana Mortgage Calculations

Home Prices in Louisiana

From information gathered by Zillow, home prices in Louisiana have risen at a rate of 2.4% over the past year. The current median listing for homes is $212,000.

From information gathered by Zillow, home prices in Louisiana have risen at a rate of 2.4% over the past year. The current median listing for homes is $212,000.

Baton Rouge is the second most populous city in Louisiana. Homes are cheaper than in New Orleans with the current median listing at $225,000. Home values have only risen 0.5% over the past year.

The state’s capital, Lafayette is located to the southwest of Baton Rouge. The median listing price in Lafayette is $209,900. Home values have risen 1.8% over the past year.

Shreveport, in the northwest region of the state by the border of Texas has seen a 1.6% rise in home values this past year. The median price of homes currently listed is $159,900.

Property Taxes in Louisiana

Louisiana has the third lowest property tax rate in the country. The effective rate is 0.52%, less than half the national average of 1.08%. The median annual property tax payment for Louisianans is $795.

Louisiana Job Stats to Consider

Louisiana is a very hospitable state with a strong tourism industry.

New Orleans attracts visitors from all over the world for its rich creole culture, history, jazz, food, and much more. In 2014, Louisiana was ranked as one of the most small-business friendly states in the country, which is to be expected as the state boasts “southern hospitality.”

The median household income according to the 2018 Census was $47,905. This is $14,032 lower than the national average. Unemployment rates in Louisiana are also a lot higher than the national average of 3.6%. In January 2020, the Department of Numbers recorded the rate at 5.3%.

Louisiana has three personal income brackets ranging from 2% to 6%. This is slightly higher than the average among the U.S. states. Sales tax varies throughout the state ranging between 4.45% and 11.45%.

Louisiana Job Stats

Job Stats (Civilian Labor Force, Employment, Unemployment)

Other Louisiana Costs That Can Affect Louisiana Mortgage Calculations

Closing Costs

Louisiana’s closing costs range from 3.136% to 3.41% of the final home sale price. Since most homes sell between $100,000 and $200,000, homeowners can expect to pay $1,703.50 to $6,814. The average Louisianian pays $3,407 after taxes in closing costs.

Homeowners Insurance in Louisiana

While property taxes are low in the state, homeowner’s insurance prices are some of the highest in the country. The average premium is $1,847 per year. This is because the state is prone to erratic weather conditions such as thunderstorms, hurricanes, and hailstorms. While most homeowner’s insurance policies will cover theft, fire, winds, and storms, they may not cover the cost to rebuild your home if it has been entirely destroyed by a hurricane or storm. Be sure to take appropriate measures to protect your home from Louisiana’s extreme weather conditions and check your policy for what is covered.

Homeowners by the Gulf of Mexico may wish to consider purchasing flood insurance to protect your home. A policy can be bought through the National Flood Insurance Program (NFIP).

Home Insurance in Louisiana

When shopping around for home insurance in Louisiana, watch out for how much coverage you need based on the structure of your home, your personal belongings coverage, liability protection, and coverage for your living expenses.

The actual amount you will pay in insurance will vary depending on your provider and where you live.

Title Insurance

A one-time purchase of title insurance protects the owner and mortgage lender against any future unforeseeable claims that might incur regarding the property’s title. These claims may be overlooked at the time of purchase and arise in the future. Your lender will usually require a policy that equals the amount of the loan. The nationwide average cost for title insurance is $1,000.

Home Inspection

Before final sale of your home, it is necessary to organize a home inspection to ensure the ensure the property is structurally sound. The average cost of a home inspection in Louisiana is $290 for a 2,000 square foot home. Home inspection costs will vary greatly dependent on location and square footage of the home.

Inspectors will assess the foundation, roofs, basements, plumbing, electrical aspects, grounds, fireplaces, heating, and cooling systems of a home to determine its safety. At an additional cost, other tests including termites, pests, mold, and radon can be carried out.

Real Estate Transfer Tax

Louisiana is one of the few U.S. states that does not impose real estate transfer tax on a state or local level.

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