5 affordable places to live in Louisiana
Living in Louisiana may be more affordable than you think. Here are a few cities that offer great bang for your buck.
About two hours west of New Orleans, Lafayette is a thriving city along the Vermilion River that attracts young professionals and families alike with its parks system and abundance of eateries. The median home value in Lafayette is $190,800, according to Niche. That’s a bit above the median statewide — $170,388, as reported by Zillow. Meanwhile, the average property tax rate in Lafayette Parish according to Tax-rates.org is 0.38% of a home’s assessed value. (Louisiana is divided into parishes, whereas most states are divided into counties.) Keep in mind that property taxes in Louisiana are generally a steal. The average property tax rate statewide is 0.18% of a home’s assessed value. The national average property tax rate is 1.08%.
In the northwestern corner of Louisiana, Shreveport is a huge college town whose downtown has seen its share of revitalization in recent years. The median home value in Shreveport is $144,800, while the average property tax rate in Caddo Parish is 0.49% of a home’s value. That’s a bit high for Louisiana, but low on a national level.
Just minutes from New Orleans, Metairie offers its own share of restaurants, coffee shops, and parks. Its median home value is $228,400, a little high for Louisiana, but proximity to New Orleans explains that price tag. The average property tax rate for Jefferson Parish is 0.43% of a home’s assessed value — high on a state level, but low on a national one.
4. Baton Rouge
Louisiana’s capital is known for its walkability and thriving economy. The city is home to an exciting arts scene, and attracts a large number of young professionals. The median home value in Baton Rouge is $169,200, while the average property tax rate in East Baton Rouge Parish, where Baton Route is located, is 0.44% of a home’s assessed value.
5. New Orleans
New Orleans just screams nightlife, with its abundance of restaurants, cafes, and bars that host live music year-round. The median home value in New Orleans is $219,600, while the average property tax rate in Orleans Parish is 0.61% of a home’s assessed value. You’ll notice that’s pretty high for Louisiana, but chalk it up to the premium you pay for all that culture and entertainment.
There are plenty of good reasons to call Louisiana home. But to buy a home, you’ll need a strong credit score, a relatively low debt-to-income ratio, and a reliable source of income. Make sure you can check these items off your list before applying for a home loan.
View more information: https://www.fool.com/the-ascent/mortgages/rates/LA/