Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Counties in Louisiana
Housing Market Overview
| Metric | Louisiana | US Average |
|---|---|---|
| Median Home Price | $166,764 | $242,182 |
| Price Trend (Annual %) | 4.5% | 8.2% |
| Median Gross Rent | $1,038 | $1,342 |
| Rent Trend (Annual %) | 3.8% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in Louisiana is about 31% lower than in US. Rent is about 23% lower than the US average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Louisiana, up about 4.5% and 3.8% a year respectively. Home prices are changing faster.
Median rent in Louisiana rose about 31.9% between 2015 and 2023, from $787 to $1,038. Over the same span, rent in US rose about 45.1%.
Affordability
On average, housing unit costs 2.8 yearly household incomes in Louisiana.
Buying the median-priced home in Louisiana costs roughly 13.4 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Louisiana. The price-to-rent ratio in US is about 15.0.
| Metric | Louisiana | US Average |
|---|---|---|
| Median Home Price | $166,764 | $242,182 |
| Median Household Income | $60,029 | $78,145 |
| Price-to-Income Ratio | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Louisiana rose about 35.6%, while median household income rose about 41.8% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Louisiana | US Average |
|---|---|---|
| Homeownership Rate | 57.3% | 58.2% |
| Rental Rate | 27.8% | 31.3% |
| Vacancy Rate | 14.8% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 |
Louisiana has a homeownership rate of 57.3%, lower than the US average of 58.2%. Its housing vacancy rate is 14.8%, compared with 10.6% in US.
Housing Stock
| Metric | Louisiana | US Average |
|---|---|---|
| Average Household Size | 2.52 people | 2.54 people |
| Median Structure Built Year | 1982 | 1978 |
| Median Number of Rooms | 5.5 | 5.5 |
The typical housing unit in Louisiana was built around 1982. On average, 2.5 people live in a home with about 5.5 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Louisiana.
What is the median home price in Louisiana?
The median home price in Louisiana is $166,764, lower than the US average of $242,182.
What is the average home price in Louisiana?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Louisiana?
The median gross rent in Louisiana is $1,038 per month, lower than the US average of $1,342.
What was the median gross rent in Louisiana in 2020?
In 2020, the median gross rent in Louisiana was $876 per month.
What is the price-to-rent ratio in Louisiana?
The price-to-rent ratio in Louisiana is about 13.4, meaning it would take roughly 13.4 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Louisiana.
Are home prices or rent rising faster in Louisiana?
Both home prices and rent are rising in Louisiana, up about 4.5% and 3.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Louisiana?
57.3% of households in Louisiana own their home, lower than the US average of 58.2%.
What is the vacancy rate in Louisiana?
The housing vacancy rate in Louisiana is 14.8%, higher than the US average of 10.6%.