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Buying a home in New Orleans, Louisiana

In New Orleans, the median value of owner-occupied homes is $324,900, Orleans Parish's effective property tax rate is 0.83%, a purchase mortgage carried a median $6,410 in total loan costs in 2025, and median gross rent is $1,251 a month.

Data as of : Census ACS 2025 1-year, Census Vintage 2024, FHFA HPI 2026Q2, Census ACS 2020-2024, HMDA 2025, HUD FY 2027. Sources

Checked on against the official sources listed at the bottom of the page.

New Orleans home costs, fact by fact

Calculate for New Orleans

If you buy

Louisiana state transfer tax

Louisiana has no state transfer tax; counties and cities may charge one. Change the price: the amount is recalculated instantly.

Price$324,900
State transfer tax$0
Share of the price—
Who paysThe seller

Default price: the New Orleans median value of owner-occupied homes, $324,900 (Census ACS 2025). Rule: No state tax. The New Orleans tax is a flat amount that does not depend on price. Who pays: The City Code names the seller as taxpayer in a cash sale or sale with concurrent mortgage. Civil Code art. 2463 puts other sale expenses on the buyer, so read the purchase agreement. Not included: county and city transfer taxes, the tax on the mortgage, recording fees, title insurance and lender charges. Louisiana transfer tax guide · all 50 states.

If you sell

Capital gain and the federal tax on it

Same federal rule in every state: Section 121 of the Internal Revenue Code excludes up to $250,000 of gain on a main home ($500,000 for a married couple filing jointly).

Capital gain$350,000
Section 121 exclusion$250,000 (limit $250,000)
Taxable gain$100,000
Type of gainLong-term (owned over 1 year), 15% chosen
Federal tax on the gain$15,000

Section 121 excludes $250,000; the rest is taxable.

Gain = sale price minus your adjusted basis (purchase price, buying costs and improvements); selling expenses reduce it (IRS Publication 523). Long-term rates for sales in 2026, by taxable income including the gain (IRS Rev. Proc. 2025-32, section 4.03): 0% up to $49,450 single or $98,900 married filing jointly, 15% up to $545,500 single or $613,700 jointly, 20% above. Not included: Louisiana state income tax on the gain (not computed), the net investment income tax, depreciation recapture on a rental or home office, and the reduced exclusion for an early sale. Agent commissions are negotiated and never set by law. Capital gains on a home sale.

In short

The median value of owner-occupied homes in the city of New Orleans is $305,100, according to the Census Bureau’s 2024 American Community Survey. The FHFA index for the New Orleans–Metairie area shows prices down 0.5% over the year to the second quarter of 2026. The City of New Orleans offers first-time buyers up to $55,000 in down payment help, as of its page updated July 31, 2026.

How much homes cost in New Orleans

The Census Bureau’s American Community Survey (ACS) asks owners how much they think their home would sell for. The median of those answers is a useful benchmark, but it is not a sale price: it covers every owner-occupied home, including homes bought long ago. Our page on Louisiana home prices explains the method in detail.

AreaMedian value, 2024 (ACS)Margin of error (90%)
City of New Orleans$305,100±$17,943
Orleans Parish$305,100±$17,943
New Orleans–Metairie metro area$267,900±$5,382
Louisiana$223,200±$2,575
United States$360,600±$618

Source: U.S. Census Bureau, ACS 1-Year Estimates 2024, table B25077. The 2025 estimates are scheduled for October 29, 2026.

Are New Orleans prices rising?

The Federal Housing Finance Agency (FHFA) tracks repeat sales of the same single-family homes. Its purchase-only, seasonally adjusted index for the New Orleans–Metairie area, published August 25, 2026, shows:

Area1-year change (Q2 2025 to Q2 2026)5-year change (Q2 2021 to Q2 2026)
New Orleans–Metairie metro area−0.5%+7.9%
Louisiana+1.6%+16.3%
United States+2.1%+33.4%

Source: FHFA House Price Index, quarterly purchase-only files. Changes calculated by Payotte from the published index values.

Prices in the New Orleans area were essentially flat over the past year and rose far less over five years than in the nation as a whole.

Help for buyers in New Orleans

Two public programs cover purchases in Orleans Parish. Both are for first-time buyers, which means no home owned in the past three years. Our first-time buyer programs page has the full comparison.

ProgramWhat it offersMain limit
City of New Orleans, Direct Homebuyer Soft Second Mortgage AssistanceUp to $55,000 in down payment help, or up to $5,000 for closing costsIncome at or below 80% of area median; maximum sales price $324,000 in Orleans Parish
Louisiana Housing Corporation, HomeStart PlusUp to 20% of the price (maximum $55,000) plus up to $5,000 for closing costsIncome at or below 80% of HUD median; homes in Special Flood Hazard Areas are not eligible

Sources: City of New Orleans Office of Community Development; Louisiana Housing Corporation.

HUD’s 2026 median family income for New Orleans is $88,600, effective June 1, 2026. At 80%, the City’s chart gives $49,650 for one person, $63,850 for three people and $70,900 for four people. The City reported $1,000,000 of federal Community Development Block Grant funds available as of January 2026, so ask whether money remains before you rely on it.

The City’s price cap of $324,000 sits above the $305,100 median, so a median-priced home fits, but many homes will not. HomeStart Plus follows the applicable FHA loan limit instead.

Closing costs, property tax and transfer tax

On top of the price, buyers and sellers pay closing costs. Several depend on your loan and the providers you choose, so there is no single official figure. The rules and a worked example are in our guide to closing costs in Louisiana. Property tax and transfer tax have their own pages: property tax in Louisiana and transfer tax in Louisiana. We do not repeat those figures here, so they stay consistent across the site.

Louisiana guides for New Orleans buyers

Frequently asked questions

What is the median home price in New Orleans?

The Census Bureau’s 2024 American Community Survey puts the median value of owner-occupied homes in the city of New Orleans at $305,100 (±$17,943). This is what owners think their home is worth, not the median sale price of recent sales.

Are home prices in New Orleans going down?

According to the FHFA purchase-only index, prices in the New Orleans–Metairie area fell 0.5% between the second quarter of 2025 and the second quarter of 2026, which is essentially flat. Over five years, they rose 7.9%.

Is there down payment help in New Orleans?

Yes. The City’s Direct Homebuyer program offers up to $55,000 for first-time buyers at or below 80% of area median income, and the state’s HomeStart Plus offers up to $55,000 plus up to $5,000 for closing costs in Orleans Parish. Both have income limits and funding caps.

Can I use HomeStart Plus on a home in a flood zone?

Not if the home is in a Special Flood Hazard Area. The Louisiana Housing Corporation says properties in Flood Zones A, AE or V are not eligible. See our page on natural hazards and insurance for flood risk.

Is Orleans Parish the same as the city of New Orleans?

For ACS home values, the Census Bureau reports the same median ($305,100) and margin of error for both. The metro area is larger and includes the surrounding parishes.

More Louisiana guides

Sources

Questions about buying a home in New Orleans

How much is property tax in New Orleans?

Homeowners in Orleans Parish pay a median $2,606 a year in property tax, 0.83% of the county median home value of $315,700 (Census ACS 2020-2024). Your bill depends on your assessed value and local rates.

What are closing costs on a mortgage in New Orleans?

Home-purchase mortgages in Orleans Parish carried median total loan costs of $6,410 in 2025; half of the 1,878 loans fell between $4,797 and $9,306 (HMDA). Total loan costs are the lender and settlement-service charges of the Closing Disclosure; transfer taxes and prepaid items come on top.

Is there a transfer tax when you buy a home in New Orleans?

Louisiana has no state transfer tax; its Constitution bars any new state or local tax on the sale of real estate after November 30, 2011. New Orleans keeps an older documentary transaction tax of $300 on the sale of a single-family home under the City Code, paid by the seller.

Is it cheaper to rent or buy in New Orleans?

It depends on your mortgage rate, down payment and how long you stay. As a benchmark, the median value of owner-occupied homes in New Orleans ($315,700) equals 21 years of the median gross rent ($1,251 a month), both from Census ACS 2020-2024.

What natural hazards affect home insurance in New Orleans?

Across Louisiana, the main hazards for home insurance are flood, hurricane wind and hail, and the insurer of last resort is Louisiana Citizens Property Insurance Corporation. A standard Louisiana homeowners policy does not cover flood; the NFIP covers up to $250,000 for a house and $100,000 for contents, and Louisiana Citizens runs the Coastal Plan and the FAIR Plan.

Run your own numbers: rent vs buy calculator · closing costs calculator.

Professionals by sector of New Orleans

Who licenses each trade in Louisiana

Other large cities: see cities in Louisiana.

Data sources for the figures above

Louisiana · All states · Federal guides