Quick facts: New orleans, LA

Quick Facts

105.3
Cost of Living
above US average
369,749
Population
60.91
Crime Rate per 1000
above US average
$51,116
Median Income
below US average
$265,000
Median House Price
above US average
$2125.87
Average Rent
above US average
19%
Poverty Rate
above US average
5.3%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $51,116.

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Income Needed to Buy

βœ— Stretch
$83k/year
Based on $265,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $83k vs median $51,116
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Income Needed to Rent

⚠ Stretch
$91k/year
Based on $2125.87/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $91k vs median $51,116
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for New orleans, LA

New Orleans, Louisiana, known for its vibrant culture, rich history, and distinctive cuisine, is a unique city situated in the southeastern U.S. along the Mississippi River. Renowned for its lively music scene, particularly jazz, New Orleans is often referred to as the birthplace of this genre. The city's architectural style reflects its diverse heritage, featuring Spanish, French, and Creole influences, with the historic French Quarter being the most famous neighborhood. Visitors flock to New Orleans for its annual celebrations and festivals, most notably Mardi Gras, where elaborate parades and colorful costumes fill the streets. The culinary scene here is world-famous, offering delights such as gumbo, jambalaya, and beignets. The city's climate is characterized by hot, humid summers and mild winters, making it an attractive destination year-round. With a rich tapestry of cultures and traditions, New Orleans also faces challenges like hurricane risks and population changes but remains a resilient city full of spirit and charm. Whether indulging in local delicacies or enjoying live music, there’s no shortage of experiences in this remarkable city.

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