Calculate using real New Orleans data. Median home price: $240,000. Property tax rate: 0.55%.
With the median household income of $45,615 in New Orleans, LA, following the 28% rule, you could afford a monthly payment of about $1,064.
The cost of living index in New Orleans, LA is 95 (national average = 100). A home at the median price of $240,000 would require roughly 5.3x the median income.
A conventional 20% down payment on the median New Orleans, LA home ($240,000) would be $48,000. FHA loans may require as little as 3.5% ($8,400).