A median Louisiana home costs $223,200 (47th of 51). Borrowing 80% at 7.40% gives $1,587.15 per month once $98.58 of tax and $252.25 of insurance are added to $1,236.31 of principal and interest; at 5% down with PMI, budget $1,907.31.
Homestead exemptions and property tax relief
The homestead exemption removes $7,500 of assessed value, equal to $75,000 of market value, from most parish and state taxes. Municipal taxes generally do not get the exemption. Apply with the parish assessor.
First-time buyer programs
The Louisiana Housing Corporation's HomeStart Assist pairs a 30-year fixed mortgage with 4% assistance as a 0% second mortgage, forgiven after 60 months if requirements are met.
Transfer and recording taxes
Louisiana has no percentage-based transfer tax; parish recording fees apply.
Closing costs to plan for
The biggest buyer cash item is often the first year of homeowners and flood insurance. Add lender and title costs.
When property tax bills are due
Louisiana parishes bill property tax at the end of the year. Taxes are due as soon as the roll reaches the tax collector and must be paid by December 31. Orleans Parish is different: its bills usually go out around January 1 and are due by January 31. Land and residential buildings are assessed at 10% of market value, and the tax is the assessed value, minus exemptions, multiplied by the combined millage.
Before you buy in Louisiana
Inside city limits the math is more complicated, because the homestead exemption generally does not reduce municipal taxes. Your bill may be figured in two parts, one with the exemption and one without. New Orleans is an exception: its taxes do get the exemption, except for certain police and fire millages. Apply with the parish assessor once you own and live in the home. Before you buy, ask for a flood zone determination and an insurance quote, since both can cost more than the tax bill.
2026 loan limit in Louisiana
FHFA 2026 one-unit conforming limits: the $832,750 baseline covers each of the 64 counties. The typical $178,560 loan stays conforming.
Louisiana numbers used above
| Measure | Louisiana | U.S. |
|---|---|---|
| Median home value (ACS 2024) | $223,200 | $360,600 |
| Effective property tax rate | 0.53% (39th highest) | 0.89% |
| Average HO-3 premium (NAIC 2023) | $3,027 | $1,737 |
| Median household income | $60,986 | $81,604 |
| Median gross rent | $1,064 | $1,487 |
| Income needed at 28% (20% down) | $68,021 | – |
Frequently asked questions
How much is Louisiana's homestead exemption worth?
It removes $7,500 of assessed value, which equals $75,000 of market value at Louisiana's 10% residential assessment ratio.
When are Louisiana property taxes due?
By December 31 in most parishes. Orleans Parish bills are usually due by January 31.
Does the homestead exemption apply to city taxes?
Generally no; municipal millages are charged on the full assessed value. New Orleans is the main exception.
What is the median-home payment in Louisiana?
About $1,587.15 a month on a $223,200 home with 20% down at 7.40%, including tax and insurance.
Sources
- La. Const. art. VII, §20
- Louisiana Legislative Auditor, ad valorem time table
- Louisiana DOR, homestead exemption
- LHC HomeStart Assist
- FHFA, 2026 conforming loan limits
- Census ACS 2024 1-year (B25077, B25103, B19013, B25064); NAIC homeowners report (2023); Freddie Mac PMMS.
See also: all states · house affordability · Louisiana paycheck