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Fall in love with Louisiana all over again.

Home Mortgage Rates in Louisiana

Mardi Gras Float Jester.

Louisiana is the thirty-first largest state when it comes to land mass and the twenty-fifth most populous state in the nation. Louisiana features one of the most diverse cultural and ethnic backgrounds of any state. The Pelican State has strong influences from French, Africa, Spanish, and Native American Cultures, and it a mixing pot for several languages. Additionally, Louisiana is the only state in the nation to have political subdivisions called Parishes instead of counties.

Louisiana embraces a laid back and friendly attitude that spreads across every parish in the state. The city of New Orleans never sleeps, and you can easily find something going on 24 hours a day, 7 days a week. There are dozens of festivals and celebrations that draw thousands of tourists to the state each year.

People move to Louisiana for the culture, low cost of living, and dozens of different job opportunities. The housing market is also lower than the national average, and there are homes available, so competition isn't driving the costs up. The vibrant atmosphere, year-round festivals, friendly people, and the infamous southern hospitality are also big draws for people.

However, people move out of Louisiana for a few important reasons as well. The state typically gets battered by severe hurricanes and storms every few years, and this unpredictability can make it difficult to stay. These storms are hard on the local economy, and as of 2016 Baton Rouge and New Orleans ranked as two of the worst cities to find employment in the nation. The jobs that are available are also typically lower paying than in other parts of the United States.

Most of the people that find the state of Louisiana attractive are middle-aged to retiring aged people who are looking to downsize and settle down. Millenials are leaving the state at a rapid pace for more urban environments. Despite this, the population has continued to rise slowly thanks to an influx of immigrants looking for a place to live from other countries.

Louisiana is a beautiful state rich with color, culture, and character(s). It offers both large cities and small towns suitable for folks of all types looking for a new place to call home. Whether you are interested in land for farming, such as up north, prefer the scenic routes of middle Louisiana, life on the delta, or the dazzling New Orleans, there is truly something for everyone in the Pelican State.

Current Louisiana Real Estate Trends

In recent years, the Louisiana real estate market has been on a slow climb with many dips in prices and peaks. Currently, the market is doing much better than it has in the past few years, and it is way above where it was prior to the housing market collapse. Louisiana deviates from the national average as the housing market didn't hit bottom until the middle of 2011, and it wasn't a steep fall. The housing markets began their gradual decline after peaking in 2009, and it saw several peaks before completely hitting bottom.

The start of 2012 brought a slight peak in the housing market, which was followed by another slight dip before the market rose again at the end of 2012. The start of 2014 brought around the beginning of a steeper rise in the housing market, and this trend continues to hold strong today with small dips and peaks. The start of 2017 brought on one slightly significant drop but the market recovered quickly again, and it has continued to rise.

Historic Louisiana Real Estate Trends

Since 1990, the housing market in Louisiana saw a steady increase until 1994 when it experienced a slight peak and drop. After 1994, the market started on a steeper climb that leveled out slightly at the start of 2001. This trend continued until the first part of 2005, and then the housing market went on a steep climb until it hit the first peak in 2008. The end of 2008 brought a sharp drop which rebounded to the housing market's final peak before it began to fall.

In comparison, the New Orleans-Metairie area had a slightly different housing market trend, both historically and after the housing market crash. The start of 1991 saw a sharp dip in the housing market, and it came back for a quick rebound. This leads up to a steep climb until the market hit a plateau in mid-1994. When 1995 started, the housing market broke out of its plateau and began to climb until the start of the 2000s. From 2000 until 2005, the market rapidly climbed at a very steep increase, and this continued until it hit its final peak in early 2007.

Once 2007 came, the housing market began a rocky drop with many increases and falls. The first increase came in 2008, but this quickly dropped off again until the market rose sharply in 2009. This lead to another sharp drop that didn't stop until 2010 and the first part of 2011 saw the market hitting bottom.

The housing market started to rise slowly, and it had peaks in 2011, 2012, and 2013. The last dip in the market happened in mid-2014, and the market hit a minor plateau in 2015. Since the start of 2017, the New Orleans-Metairie area has been on the rise, and it is currently higher than it was pre-housing collapse in 2007 and 2008.

Homeownership across the state was 70.1% in 1984. Ownership bottomed in 1996 at 64.9% before jumping to a high of 73.5% in 2008. After the onset of the Great Recession ownership slid to a low of 63.3% in 2015 before rebounding slightly to 64.2% in 2016.

Places to Live

Metropolitan Areas

LA Rank US Rank Metropolitan Area 2016 Pop 2010 Pop Change % △
1 46 New Orleans-Metairie 1,268,883 1,189,866 79,017 6.64%
2 70 Baton Rouge 835,175 802,484 32,691 4.07%
3 108 Lafayette 491,528 466,750 24,778 5.31%
4 121 Shreveport-Bossier City 441,767 439,811 1,956 0.44%
5 211 Houma-Thibodaux 211,525 208,178 3,347 1.61%
6 214 Lake Charles 207,483 199,607 7,876 3.95%
7 235 Monroe 179,470 176,441 3,029 1.72%
8 265 Alexandria 154,789 153,922 867 0.56%
9 314 Hammond 130,710 121,097 9,613 7.94%
10 432 Opelousas 83,883 83,384 499 0.60%
11 579 Morgan City 52,093 54,650 -2,557 -4.68%
12 587 Natchez, MS-LA Micro Area 51,168 53,119 -1,951 -3.67%
13 591 Fort Polk South 50,569 52,334 -1,765 -3.37%
14 612 Ruston 47,745 46,735 1,010 2.16%
15 624 Bogalusa 46,310 47,168 -858 -1.82%
16 707 Natchitoches 39,162 39,566 -404 -1.02%
17 738 DeRidder 36,927 35,654 1,273 3.57%
18 805 Jennings 31,413 31,594 -181 -0.57%
19 855 Bastrop 26,071 27,979 -1,908 -6.82%

Popular Cities in Louisiana

Louisiana's rich history has lead to several large and popular cities in the state. They are seen as melting pots that have embraced several cultures, and it isn't unusual to hear several accents, dialects, and languages as you visit them.

Property prices really do vary throughout Louisiana. There are great deals out there spread all over the state, but for those who have a specific area in mind, that’s a great way to start.

New Orleans

New Orleans Skyline.

The city of New Orleans is the largest city in the state of Louisiana with a population of 391,495 people as of 2016. It is part of the larger New Orleans Metropolitan area, and the combined population is 1,268,883 people. This city is affectionately known as “The Big Easy,” and over ten million people come here each year to visit the hundreds of tourist attractions.

New Orleans has one of the biggest and busiest ports in the United States, and it serves as a cornerstone for the nation's oil refining industry, and the petroleum and natural gas industry. The economy is also heavily influenced by the education industry, and there are over 50,000 students enrolled across the state. Shipping and manufacturing also play a large roll in sustaining the economy. Tourism brings thousands of people through this city each year and Federal agencies along with Armed Forces round of the top economic influences.

This city has a climate that is classified as humid subtropical, and it has short, mild winters and long, hot, and humid summers. December through February are the coolest months with temperatures averaging around the mid-50s to the low 60s. Summer brings temperatures in the high 80s to low 90s, and this lasts from May until the end of September. The summer months are also the wettest months in the state and on average, the state sees almost 70 inches of rainfall. October is usually the driest month, and snow is a rare occurrence.

The state is very hurricane prone, and its lower elevation leads to the state routinely getting battered by strong tropical storms. New Orleans was named the most vulnerable city in the nation when it comes to hurricanes. In 2005, Hurricane Katrina caused catastrophic failure of the levees that protected the city, and as a result over 80% of the city flooded, and it was classified as one of the biggest engineering failures in the nation's history.

Hurricanes not only add uncertainty to daily life, but they also significantly impact the balance of real estate supply and demand. When some homes are flooded nearby neighborhoods which did not get flooded often see a significant pricing boost as many of the people who lived in flooded dwellings need to live elsewhere during clean up after the storm & some buildings which are severely damaged are torn down.

New Orleans is one of the top ten biggest tourist states in the United States, and there are hundreds of cultural attractions, museums, festivals, and activities to attend year round. Additionally, you'll find a huge variety of attractions including parties, singles scenes, music festivals, cocktail bars, and antique or vintage shops. People come to participate in Mardi Gras, which is one of the largest festivals in the state. They also come for the New Orleans Jazz and Heritage Festival, and to visit the National WWII Museum. Sports fans cant watch NBA and NFL games locally, as the Pelicans and Saints call the city home. The Audubon Aquarium of the Americas opened in 1990 and is located on the edge of the French Quarter.

Bourbon Street.

This city also has a specific dialect that you can't find anywhere else in the United States. It is classified as neither Cajun or the traditional southern accent, but a unique mix of both. It is described as being the local dialect of New Orleans, and it's stronger in other parishes.

The state of Louisiana is home to more than fourteen higher education institutions, and the education sector makes up a large portion of the local economy. There are also dozens of charter schools, and large public school districts for kids to attend. Tulane University is one of the oldest and the largest research universities in the state. The University of New Orleans and Dillard University are two other well-known universities in the state.

The top three sectors that support the local economy are the transportation industry, healthcare industry, and the education industry. The largest employer in New Orleans is Ochsner Health System and this health system employees over 10,000 people. The second largest employer comes from the education industry, and it is Tulane University with almost 4,000 staff members. Finally, the third-largest employer in the state is from the transportation industry, and it is Acme Truck Line with over 2,100 employees.

New Orleans has a diverse economy that has the ability to rebound fairly quickly after disasters, and it has done so several times in the past 20 years. In 2018, it is projected that New Orleans will become one of the top three fastest growing economies in the state thanks to three huge industrial projects that are coming to the city. It is projected to add as much as 4,600 jobs in 2018 and up to 2,700 jobs in 2019. This represents a 0.8% and a 1.3% growth respectively in the coming years.

The median local home value for the city of New Orleans is sitting currently around $174,500, and this is a 0.1% decline over the past year. The price per square foot is $241, and this is higher than the New Orleans Metro price per square foot of $129. The New Orleans Metro area median home price is $240,000, and this represents a 1.2% increase over the past year.

For those looking to live in the Big Easy, prices are going to depend on which part of the city you are looking at. There are multi-million dollar mansions available in the French Quarter, and great shotgun house deals around $25,000. The median price of homes in the greater New Orleans area (excluding the French Quarter) is $153,000; the average price for properties inside the French Quarter is between $650,000 and $700,000. The population of New Oreleans peaked at 627,525 in 1960. Population continued to decline into the current century after the devistating impacts of Hurricane Katrina and Hurricane Rita in August & September of 2005. The city's population has since begun to recover, growing 3.86% between 2010 & 2016.

Baton Rouge

Huey Long Statue in Baton Rouge.

The second-largest city in the state of Louisiana is Baton Rouge with a population of 227,715 people. Baton Rouge is also the capital city of Louisiana, and it is part of the larger Greater Baton Rouge Metropolitan area. Together this city and the metro area have a combined population of 835,175 people, and this makes it the second-largest metro in the state.

This city is the major political hub for the state of Louisiana, and its economy is very diverse. Baton Rouge is one of the leading industrial, motion picture, petrochemical, medical research, and technology cities in the southern United States. Additionally, the city's port is the tenth-largest in the nation. There are also several businesses that came here and opened because Baton Rouge is located up on a bluff, and this makes it less prone to flooding or disasters than other cities in Louisiana.

You'll experience a humid subtropical climate here, and this means you'll get short, mild winters with long, hot, humid summer months. November through March typically sees temperatures in the low 50s, and this is usually as low as it goes. It doesn't experience wild temperature fluctuations and generally stays very mild. May through September brings very hot temperatures that range up in the high 80s to the low 90s. You also see heavier rainfall during the summer, but it isn't unusual to get rainfall year round.

Baton Rouge is also in an area that is prone to having damaging winds and tornado activity year round. The spring months are particularly active times for these more extreme weather conditions.

There are several cultures found in this city, and they range from Cajun and Creole to Hispanic and Vietnamese. You'll find a large visual arts scene in the city's downtown area with the Shaw Center for the Arts. You can also take in a variety of performances ranging from classical music to ballet in the Raising Cane's River Center. There are several events that go on throughout the year as well including the Blues Festival and the Bayou Country Superfest.

Baton Rouge has several premier public school systems including fifteen charter schools that enroll over 15,000 students each year. The East Baton Rouge Parish School District is the largest in the state of Louisiana. There are also several public and private colleges and universities, as well as several technical colleges located here. The Louisiana State University has over 31,100 enrolled students and the Baton Rouge Community College are both big influences on the city. You can also find a University of Phoenix campus and the Pennington Biomedical Research Center around this city.

The biggest employer in Baton Rouge is the State of Louisiana, and it employs over 22,120 people year round. The second-largest company is a manufacturer company called Turner Industries. This company has 9,671 employees, and it deals with heavy-duty piping, construction, heavy hauling, and rigging. The employer that rounds out the top three largest employers in Baton Rouge is the East Baton Rouge Parish School District with 6,250 staff members.

Baton Rouge's economy has continued to slowly improve despite the flood of 2016. In October, jobs grew by 2.2%, and this beat the entire year's projection of 1.5%. The unemployment rate is also below the national average, and its projected to add an additional 4,800 jobs to the area in 2018. There will be great demand for nursing, carpenters, and electricians in the coming year.

The median home price in Baton Rouge is 162,900, and this is an increase of 7.5% in the past year alone. The market is predicted to rise another 2.1% in the coming year, and the price per square foot is $125. The Baton Rouge Metro area has a median home price of $170,900 and a price per square foot of $123. These prices have gone up 5.3% in the past year, and they're projected to rise another 2.5% within the coming year

Shreveport & Bossier City

Shreveport Skyline.

Shreveport has the third-largest population in the state of Louisiana with 194,920 people. This population makes it the 113th largest city in the United States. This city is also apart of the Shreveport-Bossier Metropolitan area, and the combined population of 441,767 people makes it the 111th largest metro area in the nation.

The economy of this city was largely depending on the oil industry until the mid-1930s when it began to shift. Today, the service industry plays a huge role in the strength of the local economy, with a special emphasis on the gambling and gaming industry. The Louisiana Boardwalk is a large 550,000 square foot shopping center that is found in Shreveport. Additionally, the medical field is a very large economic contributor as well.

The climate of this city is classified as humid subtropical, and this means you can experience hot, humid summers and mild winters. June through August are the hottest months with temperatures ranging in the mid-90s, and December through February are the coldest months with temperatures ranging in the upper 30s. The spring and summer months also typically see hail, damaging winds, and severe thunderstorms.

There are several prominent theaters, museums, and performing arts groups all over the city, and Shreveport has a big art community in the downtown sector. You can visit the Academy of Children's Theatre or you can take a walk through the Meadows Museum of Art. Additionally, there are dozens of festivals and events including Holiday in Dixie and the State Fair of Louisiana.

There are several colleges and public school systems located throughout Shreveport. The Caddo Parish Public School District is the main public school system in this city. Also, there are several community colleges and universities for students to attend. These include the Louisiana State University Health Sciences Center Shreveport, and the Louisiana Tech University.

The economy in this city is very diverse, and this reflects in the top three largest employers in the city. The largest employer is the Barksdale Air Force Base, and they employ 10,284 people. The second-largest employer in the city is education based, and it is the Caddo Parish Public School District with 6,815 employees. The third-largest employer in Shreveport is the State of Louisiana with 6,549 people.

The economic outlook for Shreveport is generally poor. The unemployment rate is higher than the national average, and the economy isn't adding many more jobs to support the workforce. However, this may improve as the city is projected to add 30% more jobs in the next ten years.

The Shreveport/Bossier City area is both beautiful and lively, with everything from scenic historic districts to an exciting nightlife scene. There are homes in this area for those looking for homes that are more luxurious; magnificent homes in the $750,000 dollar range are available in this area. For those interested in the other end of the spectrum, there are fantastic buys available for properties with land and quaint homes in the $50,000 range. Bossier City is currently undergoing a great deal of suburban expansion, so it definitely has up-and-coming potential.

The median local home price in this city is $102,500, and this is a growth of 4.1% over the past year. The housing market has an average price per square foot of $93. This price per square foot is lower than the Shreveport Metro area because the Metro's price per square foot is $104. The median local home price in the Metro area is $124,500, and this is a 2.8% increase over the past year.

Metairie

St. Patrick's Day Float in Metairie, LA.

Metairie is the fourth-largest city in Louisiana, and it has a population of 142,715 people. This city is a Census Designated Place which is part of the larger New Orleans Metropolitan area, and it is the largest community in Jefferson Parish.

The local economy relies heavily on the education and service industry, with the public school district employing the majority of the residents of Metairie. The gaming industry is also a big part of the economy, with a focus on gambling. Finally, sports and recreation round out the top three driving economic sectors of this city.

The climate of this city is classified as humid subtropical, and there are long, humid summers and mild, short winters. June through September are the hottest months with an average high in the mid-90s. December through February are the winter months, and temperatures usually stay in the low-60s.

There are several places to visit, and sports are a big draw for tourists in the area. You can visit several notable parks including Lafreniere Park and Cleary Playground. These parks are stationed all over the city, and they offer everything from low-cost piano lessons to minor league sporting events.

Metairie has a large public school system that has over 14,000 students enrolled year round. There are also several charter schools for students to attend, and a few colleges as well. The Jefferson Parish Public School System serves the area and the International School of Louisiana is based in this city.

The biggest employer in the city is Ochsner Health System, and it has over 10,000 employees. The second-largest employer is Tulane University with almost 4,000 staff members. Finally, the third-largest employer in Metairie is AT&T with over 2,000 staff members.

The unemployment rate in this city is higher than the national average, and the past year only saw a growth of just over 1%. This may improve over the next decade as job growth is projected to rise by over 30%.

Currently, Metairie is experiencing a buyer's market, and the home prices are at $230,500, and this is a 2.1% raise over the past year. When you compare this to the New Orleans Metro area median home price, it is higher at $240,000, and this represents a 1.2% increase over the past year.

Lafayette

St. Johns Cathedral in Lafayette, LA.

The fifth-largest city in Louisiana is Lafayette, and the population as of 2016 was 127,626 people. It is part of the Lafayette-Louisiana Metro area, and the combined population of these areas is 491,528 people.

The humid subtropical climate that marks this region is categorized by hot, moist summers and damp, mild winter months. June through September is the hottest and wettest months with the average temperatures ranging in the mid-90s. The winter months are November through February, and the temperatures typically stay in the mid-40s.

You'll find several cultural organizations and institutes scattered around Lafayette. The Acadiana Symphony Orchestra and Conservatory of Music puts on concerts and shows year round. You can also enjoy several museums including the Lafayette Natural History Museum & Planetarium, and Downtown Lafayette.

The Lafayette Parish School System has over 33 schools, 21 elementary schools, and 12 middle schools throughout the city. There are also several charter schools, and there are a few universities as well. The University of Louisiana at Lafayette enrolls over 10,000 students and the South Louisiana Community College are higher education options located in this city.

The Lafayette Parish School System is the largest employer in the city with over 4,556 employees. The second-largest employer in the city is the Lafayette Consolidated Government with 2,237 employees. Finally, the Lafayette General Medical Center rounds out the top three largest employers with 1,990 staff members.

Lafayette's economy has been on a downward slide for the past few years, and it isn't improving. The unemployment rate is higher than the national average, and it is expected to go higher before it bottoms out. Additionally, the local median home price is $229,000, and this is a slight increase over the past year of 1.3%.

Smaller Cities & Other Options to Consider

Monroe

Monroe and its outlying areas offer quaint farmland and a more rural setting for those looking to be away from the hustle and bustle. Monroe’s beautiful setting places the perfect backdrop for real estate in the area; again, for those looking for something more luxurious, Monroe offers beautiful plantation-style homes in the million-dollar range; for those looking for properties that are a steal, cute homes on large lots can be found in the $15,000 to $20,000 range. The median home price in and around Monroe is approximately $111,000, compared to the national average of $177,900.

Alexandria/Pineville

This area sits on the banks of the Red River and is deep in the heart of the state. With famous places like the Alexandria Zoological Park, marshes, swamps, and bayous teeming with wildlife such as alligators and cougars, and a Mardi Gras parade all of Alexandria’s own, this area is an excellent choice. Median home prices in the cities of Alexandria and Pineville are around $170,000; prices in the more rustic outlying areas, such as Boyce, are in the range of $135,000.

Houma

Terrebonne Parish, known as Cajun Country is a popular choice for people who are looking for a relatively low living cost but do not need to seek employment. This includes areas such as Chacahoula, Cocodrie, Oak Forest, Sarah Plantation, Magnolia Plantation, and Woodlawn. This area is very beautiful and historic, but can lack in job opportunities.

In the heart of Cajun Country, located in Terrebonne Parish, Houma is the parish seat and economic center of its parish. Houma is famous for its food, swamps, music, and hospitality. It even has its own Mardi Gras celebrations! While Houma is at the southern end of Louisiana, it is close to the larger cities of New Orleans, Baton Rouge, and Lafayette, and the local economy, once dependent on the oil industry, is now thriving thanks to seafood production, tourists, and the medical industry. It currently has an unemployment rate of 4.8%, well under the national average of 9.7%. The average household income has risen over 25% in recent years, and the increase in households is more than 20% in the last ten years.

Houma is growing mainly due to the change in their economic situation. In the past, the majority of Houma’s employment as well as the smaller, unincorporated surrounding areas depended heavily on the oil industry and those industries touched directly by it. Recently, an increase in seafood fishing and production, as well as more tourism and an influx of medical professionals due to money received by the state from the federal government for storm-related damages has created a shift in Houma’s economic opportunities. With more high-paying professional jobs and more varied employment opportunities, residents from other, less economically diverse areas of Louisiana and its surrounding states are moving to Houma to take advantage of its offerings.

Louisiana Census Data

According to the United States Census an estimated 4,681,666 people live in the state of Louisiana. The state has 43,203.9 mi² of land area, which gave it a population density of 108.36 per mi². Here is a list of cities, towns, townships, villages & Census Designated Places with more than 1,000 residents, with their estimated population as of June 2016 & the 2010 United States Census. For Census Designated Places (CDP) where there was no population estimate available for 2016 the 2011-2015 American Community Survey 5-Year Estimates data was used.

All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.

Rank Geography Parish 2016 Pop 2010 Pop Change % △ Land mi² Pop Den mi²
1 New Orleans Orleans 391,495 343,829 47,666 13.86% 169.42 2,310.80
2 Baton Rouge East Baton Rouge 227,715 229,493 -1,778 -0.77% 76.95 2,959.26
3 Shreveport Caddo & Bossier 194,920 199,311 -4,391 -2.20% 105.38 1,849.69
Metairie CDP Jefferson 142,715 138,481 4,234 3.06% 23.22 6,146.21
4 Lafayette Lafayette 127,626 120,623 7,003 5.81% 49.23 2,592.44
5 Lake Charles Calcasieu 76,848 71,993 4,855 6.74% 42.06 1,827.10
6 Bossier City Bossier 68,485 61,315 7,170 11.69% 42.34 1,617.50
7 Kenner Jefferson 67,089 66,702 387 0.58% 14.87 4,511.70
8 Monroe Ouachita 49,297 48,815 482 0.99% 29.21 1,687.68
9 Alexandria Rapides 47,832 47,723 109 0.23% 28.41 1,683.63
10 Houma Terrebonne 34,024 33,727 297 0.88% 14.42 2,359.50
Marrero CDP Jefferson 31,738 33,141 -1,403 -4.23% 7.94 3,997.23
11 New Iberia Iberia 30,386 30,617 -231 -0.75% 11.14 2,727.65
Prairieville CDP Ascension 29,721 26,895 2,826 10.51% 22 1,350.95
Laplace CDP St. John the Baptist 28,640 29,872 -1,232 -4.12% 21.19 1,351.58
12 Central East Baton Rouge 28,529 26,864 1,665 6.20% 62.24 458.37
13 Slidell St. Tammany 28,013 27,068 945 3.49% 14.84 1,887.67
Terrytown CDP Jefferson 24,910 23,319 1,591 6.82% 3.67 6,787.47
14 Ruston Lincoln 22,370 21,859 511 2.34% 20.85 1,072.90
Chalmette CDP St. Bernard 21,311 16,751 4,560 27.22% 7.15 2,980.56
Harvey CDP Jefferson 21,085 20,348 737 3.62% 6.57 3,209.28
Bayou Cane CDP Terrebonne 21,067 19,355 1,712 8.85% 7.61 2,768.33
15 Hammond Tangipahoa 20,609 20,019 590 2.95% 14.01 1,471.02
16 Sulphur Calcasieu 20,272 20,410 -138 -0.68% 9.99 2,029.23
Shenandoah CDP East Baton Rouge 18,874 18,399 475 2.58% 6.21 3,039.29
17 Natchitoches Natchitoches 18,319 18,323 -4 -0.02% 22.63 809.50
18 Gretna Jefferson 17,897 17,736 161 0.91% 4.04 4,429.95
19 Zachary East Baton Rouge 16,760 14,960 1,800 12.03% 23.93 700.38
20 Opelousas St. Landry 16,541 16,634 -93 -0.56% 7.91 2,091.15
Estelle CDP Jefferson 15,355 16,377 -1,022 -6.24% 5.01 3,064.87
21 Thibodaux Lafourche 14,610 14,566 44 0.30% 6.03 2,422.89
22 Pineville Rapides 14,480 14,555 -75 -0.52% 12.63 1,146.48
River Ridge CDP Jefferson 13,636 13,494 142 1.05% 2.8 4,870.00
23 Baker East Baton Rouge 13,628 13,895 -267 -1.92% 8.3 1,641.93
Belle Chasse CDP Plaquemines 13,610 12,679 931 7.34% 24.91 546.37
24 Crowley Acadia 13,060 13,265 -205 -1.55% 5.75 2,271.30
25 West Monroe Ouachita 12,922 13,065 -143 -1.09% 7.94 1,627.46
Luling CDP St. Charles 12,825 12,119 706 5.83% 23.3 550.43
26 Youngsville Lafayette 12,709 8,105 4,604 56.80% 10.95 1,160.64
Moss Bluff CDP Calcasieu 12,595 11,557 1,038 8.98% 15.22 827.53
27 Minden Webster 12,577 13,082 -505 -3.86% 14.97 840.15
Bayou Blue CDP Lafourche & Terrebonne 12,574 12,352 222 1.80% 23.26 540.58
28 Abbeville Vermilion 12,452 12,257 195 1.59% 6.04 2,061.59
29 Mandeville St. Tammany 12,424 11,560 864 7.47% 6.71 1,851.56
Woodmere CDP Jefferson 12,161 12,080 81 0.67% 3.65 3,331.78
30 Bogalusa Washington 11,913 12,232 -319 -2.61% 9.5 1,254.00
Claiborne CDP Ouachita 11,760 11,507 253 2.20% 9.96 1,180.72
31 Morgan City St. Mary & St. Martin 11,646 12,404 -758 -6.11% 5.98 1,947.49
32 Broussard Lafayette & St. Martin 11,507 8,197 3,310 40.38% 16.4 701.65
Jefferson CDP Jefferson 11,061 11,193 -132 -1.18% 2.71 4,081.55
33 DeRidder Beauregard & Vernon 11,048 10,578 470 4.44% 9.14 1,208.75
Timberlane CDP Jefferson 10,996 10,243 753 7.35% 1.5 7,330.67
Destrehan CDP St. Charles 10,994 11,535 -541 -4.69% 5.91 1,860.24
Gardere CDP East Baton Rouge 10,908 10,580 328 3.10% 3.39 3,217.70
34 Gonzales Ascension 10,832 9,781 1,051 10.75% 8.38 1,292.60
35 Bastrop Morehouse 10,578 11,365 -787 -6.92% 8.9 1,188.54
Raceland CDP Lafourche 10,556 10,193 363 3.56% 21.57 489.38
36 Denham Springs Livingston 10,335 10,215 120 1.17% 7.29 1,417.70
37 Covington St. Tammany 10,310 8,765 1,545 17.63% 7.98 1,291.98
38 Eunice St. Landry & Acadia 10,279 10,398 -119 -1.14% 5.13 2,003.70
39 Jennings Jefferson Davis 10,118 10,383 -265 -2.55% 10.4 972.88
Fort Polk South CDP Vernon 9,684 9,038 646 7.15% 6.16 1,572.08
Reserve CDP St. John the Baptist 9,615 9,766 -151 -1.55% 14.56 660.37
40 Harahan Jefferson 9,360 9,277 83 0.89% 2.01 4,656.72
Waggaman CDP Jefferson 9,334 10,015 -681 -6.80% 5.5 1,697.09
Merrydale CDP East Baton Rouge 9,008 9,772 -764 -7.82% 4.24 2,124.53
St. Rose CDP St. Charles 8,868 8,122 746 9.18% 6.33 1,400.95
41 Carencro Lafayette 8,752 7,526 1,226 16.29% 7.61 1,150.07
42 Scott Lafayette 8,733 8,614 119 1.38% 11.12 785.34
43 Westwego Jefferson 8,533 8,534 -1 -0.01% 3.11 2,743.73
Oak Hills Place CDP East Baton Rouge 8,487 8,195 292 3.56% 3.11 2,728.94
44 Breaux Bridge St. Martin 8,407 8,139 268 3.29% 7.72 1,088.99
45 Donaldsonville Ascension 8,218 7,436 782 10.52% 3.79 2,168.34
46 Rayne Acadia 8,134 7,953 181 2.28% 3.81 2,134.91
Prien CDP Calcasieu 8,114 7,810 304 3.89% 6 1,352.33
Lacombe CDP St. Tammany 8,038 8,679 -641 -7.39% 26.45 303.89
47 Oakdale Allen 7,704 7,780 -76 -0.98% 5.19 1,484.39
Galliano CDP Lafourche 7,510 7,676 -166 -2.16% 11.15 673.54
Village St. George CDP East Baton Rouge 7,294 7,104 190 2.67% 2.24 3,256.25
48 Ville Platte Evangeline 7,270 7,430 -160 -2.15% 4.02 1,808.46
Larose CDP Lafourche 7,217 7,400 -183 -2.47% 10.87 663.94
49 Ponchatoula Tangipahoa 7,209 6,559 650 9.91% 4.75 1,517.68
50 St. Gabriel Iberville 7,205 6,677 528 7.91% 29.66 242.92
Eden Isle CDP St. Tammany 7,183 7,041 142 2.02% 3.23 2,223.84
51 Franklin St. Mary 7,182 7,660 -478 -6.24% 9.92 723.99
Schriever CDP Terrebonne 7,142 6,853 289 4.22% 14.31 499.09
Bridge City CDP Jefferson 7,027 7,706 -679 -8.81% 4.18 1,681.10
52 Tallulah Madison 7,020 7,335 -315 -4.29% 2.78 2,525.18
Old Jefferson CDP East Baton Rouge 6,999 6,980 19 0.27% 3.52 1,988.35
53 Plaquemine Iberville 6,780 7,119 -339 -4.76% 2.92 2,321.92
Inniswold CDP East Baton Rouge 6,583 6,180 403 6.52% 2.24 2,938.84
54 Walker Livingston 6,404 6,138 266 4.33% 6.23 1,027.93
Meraux CDP St. Bernard 6,397 5,816 581 9.99% 4.15 1,541.45
55 Leesville Vernon 6,286 6,612 -326 -4.93% 5.6 1,122.50
Red Chute CDP Bossier 6,206 6,261 -55 -0.88% 9.16 677.51
Violet CDP St. Bernard 6,119 4,973 1,146 23.04% 3.93 1,557.00
56 St. Martinville St. Martin 6,095 6,114 -19 -0.31% 3.09 1,972.49
57 Patterson St. Mary 6,061 6,112 -51 -0.83% 2.52 2,405.16
Cut Off CDP Lafourche 5,857 5,976 -119 -1.99% 14.64 400.07
58 Marksville Avoyelles 5,518 5,702 -184 -3.23% 4.82 1,144.81
Gray CDP Terrebonne 5,515 5,584 -69 -1.24% 11.64 473.80
Brownfields CDP East Baton Rouge 5,456 5,401 55 1.02% 4.14 1,317.87
59 Jeanerette Iberia 5,447 5,530 -83 -1.50% 2.29 2,378.60
Monticello CDP East Baton Rouge 5,260 5,172 88 1.70% 2.39 2,200.84
60 Grambling Lincoln 5,217 4,949 268 5.42% 5.91 882.74
Chackbay CDP Lafourche 5,162 5,177 -15 -0.29% 28.52 181.00
Avondale CDP Jefferson 5,117 4,954 163 3.29% 5.56 920.32
Bayou Vista CDP St. Mary 5,103 4,652 451 9.69% 1.8 2,835.00
61 Port Allen West Baton Rouge 5,102 5,180 -78 -1.51% 2.83 1,802.83
62 Springhill Webster 5,048 5,269 -221 -4.19% 6.21 812.88
Eastwood CDP Bossier 4,986 4,093 893 21.82% 6.41 777.85
Swartz CDP Ouachita 4,936 4,536 400 8.82% 8.13 607.13
63 Mansfield De Soto 4,913 5,001 -88 -1.76% 3.65 1,346.03
Carlyss CDP Calcasieu 4,896 4,670 226 4.84% 11.91 411.08
64 Addis West Baton Rouge 4,873 3,593 1,280 35.62% 4.2 1,160.24
65 Winnsboro Franklin 4,732 4,910 -178 -3.63% 4.08 1,159.80
66 Berwick St. Mary 4,689 4,946 -257 -5.20% 5.9 794.75
67 New Roads  Pointe Coupee 4,673 4,831 -158 -3.27% 4.58 1,020.31
68 Westlake Calcasieu 4,659 4,568 91 1.99% 3.65 1,276.44
69 Kaplan Vermilion 4,619 4,600 19 0.41% 2.32 1,990.95
70 Jonesboro Jackson 4,571 4,704 -133 -2.83% 4.84 944.42
Elmwood CDP Jefferson 4,552 4,635 -83 -1.79% 3.77 1,207.43
Arabi CDP St. Bernard 4,544 3,635 909 25.01% 1.77 2,567.23
71 Winnfield Winn 4,495 4,840 -345 -7.13% 3.64 1,234.89
72 Church Point Acadia 4,495 4,560 -65 -1.43% 2.89 1,555.36
73 Amite City Tangipahoa 4,429 4,141 288 6.95% 3.87 1,144.44
Brownsville CDP Ouachita 4,193 4,317 -124 -2.87% 3.49 1,201.43
74 Bunkie Avoyelles 4,064 4,171 -107 -2.57% 2.68 1,516.42
75 Vidalia Concordia 4,054 4,299 -245 -5.70% 2.59 1,565.25
76 Ball Rapides 4,009 4,000 9 0.23% 8.08 496.16
77 Farmerville Union 3,853 3,860 -7 -0.18% 5.78 666.61
78 Jackson East Feliciana 3,786 3,842 -56 -1.46% 4.46 848.88
79 Franklinton Washington 3,781 3,857 -76 -1.97% 4.37 865.22
80 Lake Providence East Carroll 3,693 3,991 -298 -7.47% 3.59 1,028.69
81 Rayville Richland 3,634 3,695 -61 -1.65% 2.31 1,573.16
82 Vivian Caddo 3,585 3,671 -86 -2.34% 5.5 651.82
South Vacherie CDP St. James 3,577 3,642 -65 -1.78% 5.12 698.63
Hahnville CDP St. Charles 3,540 3,344 196 5.86% 5.56 636.69
83 Gramercy St. James 3,449 3,613 -164 -4.54% 2.03 1,699.01
84 Richwood Ouachita 3,446 3,392 54 1.59% 2.55 1,351.37
85 Jena La Salle 3,435 3,398 37 1.09% 5.5 624.55
Bawcomville CDP Ouachita 3,404 3,588 -184 -5.13% 3.17 1,073.82
86 Lutcher St. James 3,362 3,559 -197 -5.54% 3.36 1,000.60
87 Vinton Calcasieu 3,356 3,212 144 4.48% 5 671.20
88 Ferriday Concordia 3,330 3,511 -181 -5.16% 1.63 2,042.94
89 Haughton Bossier 3,325 3,454 -129 -3.73% 5.27 630.93
90 Iowa Calcasieu 3,291 2,996 295 9.85% 3.15 1,044.76
91 Welsh Jefferson Davis 3,232 3,226 6 0.19% 6.32 511.39
92 Mamou Evangeline 3,187 3,242 -55 -1.70% 1.4 2,276.43
93 Greenwood Caddo 3,157 3,219 -62 -1.93% 8.98 351.56
94 DeQuincy Calcasieu 3,152 3,235 -83 -2.57% 3.18 991.19
95 Blanchard Caddo 3,144 2,899 245 8.45% 3.99 787.97
Westminster CDP East Baton Rouge 2,996 3,008 -12 -0.40% 1.14 2,628.07
Norco CDP St. Charles 2,994 3,074 -80 -2.60% 3.44 870.35
96 Sunset St. Landry 2,974 2,897 77 2.66% 3.11 956.27
97 Homer Claiborne 2,964 3,237 -273 -8.43% 4.65 637.42
Chauvin CDP Terrebonne 2,945 2,912 33 1.13% 4.76 618.70
98 Delhi Richland 2,879 2,919 -40 -1.37% 2.88 999.65
99 Arcadia Bienville 2,875 2,919 -44 -1.51% 3.05 942.62
Milton CDP Lafayette 2,854 3,030 -176 -5.81% 5.07 562.92
100 Brusly West Baton Rouge 2,794 2,589 205 7.92% 2.21 1,264.25
101 Many Sabine 2,790 2,853 -63 -2.21% 3.46 806.36
102 Lake Arthur Jefferson Davis 2,746 2,738 8 0.29% 1.85 1,484.32
Natalbany CDP Tangipahoa 2,587 2,984 -397 -13.30% 4.45 581.35
Pierre Part CDP Assumption 2,555 3,169 -614 -19.38% 3.07 832.25
103 Pearl River St. Tammany 2,552 2,506 46 1.84% 3.49 731.23
Edgard CDP St. John the Baptist 2,531 2,441 90 3.69% 11.6 218.19
104 Sterlington Ouachita 2,530 1,594 936 58.72% 2.85 887.72
105 Abita Springs St. Tammany 2,529 2,365 164 6.93% 4.48 564.51
Ossun CDP Lafayette 2,528 2,144 384 17.91% 3.39 745.72
106 Lockport Lafourche 2,504 2,578 -74 -2.87% 0.64 3,912.50
North Vacherie CDP St. James 2,462 2,346 116 4.94% 5.54 444.40
Boutte CDP St. Charles 2,450 3,075 -625 -20.33% 13.79 177.66
107 New Llano Vernon 2,447 2,504 -57 -2.28% 0.97 2,522.68
Bourg CDP Terrebonne 2,444 2,579 -135 -5.23% 5.65 432.57
108 Kinder Allen 2,436 2,477 -41 -1.66% 5.53 440.51
Amelia CDP St. Mary 2,408 2,459 -51 -2.07% 2.57 936.96
Fort Polk North CDP Vernon 2,391 2,864 -473 -16.52% 8.38 285.32
Mathews CDP Lafourche 2,387 2,209 178 8.06% 3.99 598.25
Grand Point CDP St. James 2,383 2,473 -90 -3.64% 4.25 560.71
109 Kentwood Tangipahoa 2,377 2,198 179 8.14% 7.07 336.21
Garyville CDP St. John the Baptist 2,314 2,811 -497 -17.68% 14.27 162.16
110 Baldwin St. Mary 2,312 2,436 -124 -5.09% 3.22 718.01
Poydras CDP St. Bernard 2,271 2,351 -80 -3.40% 3.91 580.82
111 Stonewall De Soto 2,188 1,814 374 20.62% 7.49 292.12
Bayou Gauche CDP St. Charles 2,154 2,071 83 4.01% 12.85 167.63
Labadieville CDP Assumption 2,149 1,854 295 15.91% 3.9 551.03
112 Haynesville Claiborne 2,148 2,327 -179 -7.69% 4.83 444.72
113 Jonesville Catahoula 2,128 2,265 -137 -6.05% 1.92 1,108.33
114 Simmesport Avoyelles 2,120 2,161 -41 -1.90% 2.18 972.48
115 Port Barre St. Landry 2,119 2,055 64 3.11% 1.07 1,980.37
116 Erath Vermilion 2,109 2,114 -5 -0.24% 1.76 1,198.30
117 Benton Bossier 2,060 1,948 112 5.75% 1.95 1,056.41
Des Allemands CDP St. Charles & Lafourche 2,054 2,505 -451 -18.00% 9.94 206.64
Port Sulphur CDP Plaquemines 2,053 1,760 293 16.65% 5.47 375.32
118 Golden Meadow Lafourche 2,038 2,101 -63 -3.00% 2.45 831.84
Lafourche Crossing CDP Lafourche 2,035 2,002 33 1.65% 4.21 483.37
Montz CDP St. Charles 2,033 1,918 115 6.00% 2.14 950.00
Erwinville CDP West Baton Rouge 2,010 2,192 -182 -8.30% 7.97 252.20
119 Jean Lafitte Jefferson 1,977 1,903 74 3.89% 5.86 337.37
120 Cottonport Avoyelles 1,954 2,006 -52 -2.59% 2.01 972.14
121 Zwolle Sabine 1,950 1,759 191 10.86% 3.25 600.00
Minorca CDP Concordia 1,942 2,317 -375 -16.18% 4.47 434.45
122 Livingston Livingston 1,937 1,769 168 9.50% 3.22 601.55
123 Delcambre Vermilion & Iberia 1,888 1,866 22 1.18% 1.16 1,627.59
124 Independence Tangipahoa 1,888 1,665 223 13.39% 2.27 831.72
125 Coushatta Red River 1,841 1,964 -123 -6.26% 3.34 551.20
126 Basile Evangeline & Acadia 1,812 1,821 -9 -0.49% 1.16 1,562.07
127 White Castle Iberville 1,799 1,883 -84 -4.46% 0.73 2,464.38
128 Duson Lafayette & Acadia 1,754 1,716 38 2.21% 2.76 635.51
129 Henderson St. Martin 1,750 1,674 76 4.54% 1.85 945.95
130 Oberlin Allen 1,749 1,770 -21 -1.19% 4.38 399.32
Lawtell CDP St. Landry 1,744 1,198 546 45.58% 4.15 420.24
Charenton CDP St. Mary 1,731 1,903 -172 -9.04% 4.97 348.29
Presquille CDP Terrebonne 1,730 1,807 -77 -4.26% 0.78 2,217.95
Belle Rose CDP Assumption 1,722 1,902 -180 -9.46% 5.35 321.87
Lakeshore CDP Ouachita 1,717 1,930 -213 -11.04% 0.85 2,020.00
131 St. Francisville West Feliciana 1,675 1,765 -90 -5.10% 1.81 925.41
132 Bernice Union 1,654 1,689 -35 -2.07% 3.23 512.07
133 Rosepine Vernon 1,641 1,692 -51 -3.01% 2.39 686.61
134 Oak Grove  West Carroll 1,634 1,727 -93 -5.39% 1.72 950.00
135 Sorrento Ascension 1,615 1,401 214 15.27% 3.42 472.22
136 Clinton East Feliciana 1,581 1,653 -72 -4.36% 2.74 577.01
Deville CDP Rapides 1,577 1,764 -187 -10.60% 13.14 120.02
Banks Springs CDP Caldwell 1,568 1,192 376 31.54% 3.13 500.96
137 Logansport De Soto 1,565 1,555 10 0.64% 3.26 480.06
Bayou L'Ourse CDP Assumption 1,563 1,978 -415 -20.98% 2.72 574.63
Montegut CDP Terrebonne 1,560 1,540 20 1.30% 4.19 372.32
138 Colfax Grant 1,518 1,558 -40 -2.57% 1.49 1,018.79
139 Iota Acadia 1,473 1,500 -27 -1.80% 1.27 1,159.84
140 Pine Prairie Evangeline 1,465 1,610 -145 -9.01% 1.61 909.94
Midway CDP La Salle 1,458 1,291 167 12.94% 3.03 481.19
New Sarpy CDP St. Charles 1,453 1,464 -11 -0.75% 1.17 1,241.88
141 Ringgold Bienville 1,441 1,495 -54 -3.61% 2.32 621.12
Cade CDP St. Martin 1,428 1,723 -295 -17.12% 6.63 215.38
142 Mansura Avoyelles 1,422 1,419 3 0.21% 2.7 526.67
143 Grand Isle Jefferson 1,416 1,296 120 9.26% 6.4 221.25
144 Livonia Pointe Coupee 1,405 1,442 -37 -2.57% 1.89 743.39
145 Gueydan Vermilion 1,404 1,398 6 0.43% 0.91 1,542.86
146 Olla La Salle 1,393 1,385 8 0.58% 3.93 354.45
Lockport Heights CDP Lafourche 1,386 1,286 100 7.78% 1.31 1,058.02
Bayou Country Club CDP Lafourche 1,375 1,396 -21 -1.50% 0.83 1,656.63
147 Glenmora Rapides 1,354 1,342 12 0.89% 1.73 782.66
Vienna Bend CDP Natchitoches 1,335 1,251 84 6.71% 2.16 618.06
148 Killian Livingston 1,326 1,206 120 9.95% 10.88 121.88
149 Urania La Salle 1,319 1,313 6 0.46% 1.37 962.77
Paradis CDP St. Charles 1,304 1,298 6 0.46% 6.43 202.80
150 Maurice Vermilion 1,283 964 319 33.09% 2.12 605.19
Ama CDP St. Charles 1,241 1,316 -75 -5.70% 3.52 352.56
151 Roseland Tangipahoa 1,220 1,123 97 8.64% 2.08 586.54
Hackberry CDP Cameron 1,211 1,261 -50 -3.97% 28.08 43.13
152 Krotz Springs St. Landry 1,204 1,198 6 0.50% 1.73 695.95
153 French Settlement Livingston 1,192 1,116 76 6.81% 2.73 436.63
154 Lecompte Rapides 1,186 1,227 -41 -3.34% 1.06 1,118.87
Cecilia CDP St. Martin 1,183 1,980 -797 -40.25% 2.12 558.02
155 Sibley Webster 1,176 1,218 -42 -3.45% 3.86 304.66
Paulina CDP St. James 1,149 1,178 -29 -2.46% 4.62 248.70
156 Elton Jefferson Davis 1,130 1,128 2 0.18% 1.64 689.02
157 Merryville Beauregard 1,130 1,103 27 2.45% 9.79 115.42
Ventress CDP Pointe Coupee 1,121 890 231 25.96% 2.03 552.22
158 Cullen Webster 1,115 1,163 -48 -4.13% 1.15 969.57
159 Albany Livingston 1,114 1,088 26 2.39% 1.12 994.64
160 Woodworth Rapides 1,109 1,096 13 1.19% 8.57 129.40
161 Leonville St. Landry 1,105 1,084 21 1.94% 2.73 404.76
Dulac CDP Terrebonne 1,088 1,463 -375 -25.63% 16.01 67.96
Lakeview CDP Caddo 1,072 948 124 13.08% 0.84 1,276.19
162 Arnaudville St. Landry & St. Martin 1,069 1,057 12 1.14% 0.69 1,549.28
163 Melville St. Landry 1,053 1,041 12 1.15% 1.26 835.71
Union CDP St. James 1,051 892 159 17.83% 9.51 110.52
164 Maringouin Iberville 1,046 1,098 -52 -4.74% 0.74 1,413.51
165 Campti Natchitoches 1,046 1,056 -10 -0.95% 1.04 1,005.77
Start CDP Richland 1,041 905 136 15.03% 3.51 296.58
166 Newellton Tensas 1,040 1,187 -147 -12.38% 0.76 1,368.42
Supreme CDP Assumption 1,036 1,052 -16 -1.52% 3.39 305.60
167 St. Joseph Tensas 1,029 1,176 -147 -12.50% 0.89 1,156.18
Paincourtville CDP Assumption 1,017 911 106 11.64% 1.74 584.48
168 Clarks Caldwell 1,012 1,017 -5 -0.49% 0.96 1,054.17
169 Boyce Rapides 1,008 1,004 4 0.40% 0.46 2,191.30
Buras CDP Plaquemines 1,001 945 56 5.93% 2.3 435.22
Empire CDP Plaquemines 999 993 6 0.60% 5.22 191.38
170 Oil City Caddo 986 1,008 -22 -2.18% 1.78 553.93

Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.

Jackson Square & the St. Louis Cathedral in New Orleans.

Types of Louisiana Mortgage Loans

As of 2018 the conforming loan limit across the United States is set to $453,100, with a ceiling of 150% that amount in areas where median home values are higher. High local affordability makes the $453,100 ceiling apply statewide for single unit homes. Dual unit homes have a limit of $580,150, triple unit homes have a limit of $701,250 & quadruple unit homes have a limit of $871,450. Jumbo loans typically have a slightly higher rate of interest than conforming mortgages, though spreads vary based on credit market conditions.

Qualifying for a Home Loan in Louisiana

Conforming Mortgages

As of 2018 the conforming loan limit across the United States is set to $453,100, with a ceiling of 150% that amount in areas where median home values are higher. High local affordability makes the $453,100 ceiling apply statewide for single unit homes. Dual unit homes have a limit of $580,150, triple unit homes have a limit of $701,250 & quadruple unit homes have a limit of $871,450. Loans above these limits are considered jumbo loans. Those seeking properties in the French Quarter or other exclusive neighborhoods may need to seek jumbo mortgages. Jumbo loans typically have a slightly higher rate of interest than conforming mortgages, though spreads vary based on credit market conditions.

Several different types of home loans are available in the Pelican State. Fixed-rate loans are very common, and the terms include thirty, twenty, fifteen, and ten years. The longer the life of the mortgage, the lower the monthly payment will be, which is why the 30-year loan is the most popular. The downside of this, however, is that the APR is higher compared to shorter-term loans. The difference can be as large as a full percentage point.

In addition to conventional 30-year and 15-year fixed-rate mortgages, lenders offer a wide variety of adjustable rate mortgages (ARM’s). While these instruments have lost some of their attractiveness during the recession, there are still circumstances where they offer the only way for a borrower to qualify. Properly structured (that is, with strict limits on how much the rate can fluctuate), such loans are still a legitimate way for borrowers to purchase a home and start building equity while establishing their credit so as to qualify for conventional loans upon the ARM’s expiration. These loans provide interest rates that fluctuate, as the name implies. The APR is usually fixed for an initial term, such as three, five, seven or ten years. Then the rate adjusts depending on the performance of a referenced index rate, usually once per year; but it can change more frequently. The loan agreement may state in detail how frequently the APR can change, and it may also include a rate cap to prevent large changes.

Balloon mortgages are another route for aspiring homeowners. Balloon mortgages are when a large portion of the borrowed principle is repaid in a single payment at the end of the loan period. Balloon loans are not common for most residential buyers, but are more common for commercial loans and people with significant financial assets.

A few lenders in the Pelican State offer interest-only loans, but usually only for periods of three years. These are mortgages where payments are applied only to interest for a period of time. The loan's principal isn't paid down, so the monthly payments are very low. The low monthly payments only lasts a few years, however. Typically, it's about three years. After this period, monthly payments spike because the loan's principal hasn't been reduced & the remainder of the loan must be paid off in a compressed period of time. For example, on a 3 year IO 30-year loan, the first 3 years are interest only payments, then the loan principal must be paid in full in the subsequent 27 years.

When qualifying for a loan, a credit score of 720 or better can help secure a favorable loan. Some mortgage lenders in the New Orleans area have approved borrowers with credit scores around 640. The best rates and deals will be obtained with a score above 740. There is a lot of competition among lenders, and this environment can create nice perks for borrowers. For example, some banks will offer special deals on closing costs for borrowers who qualify. The cost might be added to the mortgage or the bank will pay the closing costs but add a few basis points to the APR.

A debt-to-income ratio of 40% and a down payment of 20% are what most banks want to see on a home loan application. They will accept worse numbers, but fees and APR's could go up as a result. Also, a down payment of less than 20% typically results in required mortgage insurance. This down payment requirement does not apply for Federal assistance programs such as FHA, in which applicants can have a lower credit score and income but still receive financing.

The piggyback loan is another type of mortgage which is simply two mortgages in one. The piggyback loan can eliminate the need for private mortgage insurance by covering 80% of the home's value with the first loan, while the second loan helps to pay for part of the down payment.

Government Programs

Federal Assistance Programs

Prospective home buyers who don't find what they're looking for at one of the state's private banks may want to take a look at some of the mortgage options the federal government offers. One of them is the loan program at the Veterans Administration, which provides mortgages with zero down. On top of that great deal, VA loans do not require private mortgage insurance. The agency does, however, charge a funding fee, and this varies from 1.2% to 3.3%. Making a voluntary down payment will reduce this charge. And in case you're wondering, yes you do have to be a qualified veteran to get one of these unbeatable deals.

If you're not a vet, you may want to consider the Federal Housing Administration's home loan services. The FHA offers loans to people who have a credit score of at least 580 and who can put at least 3.5% down. The government agency also offers mortgages for lower credit scores, but it requires more money down with these loans.

USDA loans can help people with low incomes in rural parts of the state qualify for a subsidized low-interest loan. Given the low population density throughout most of the state, most areas qualify.

Louisiana Home Loan Programs

Louisiana Boardwalk in Shreveport.

Louisiana has several programs designed to help low to moderate income families purchase a home.

LHC Choice Conventional Program

The LHC Choice Conventional Program helps borrowers with income limits below $99,000 to get downpayment assistance and lower interest rates. Once you've applied for the program, you'll go through a pre-approved lender and advisor service that will help you get the maximum assistance possible.

This program isn't limited to first-time homebuyers, and you can choose where the funds are allocated to. You can choose from downpayment assistance, closing costs, or prepaid assistance. The eligibility and assistance levels vary by counties, so it's important that any potential participants check with their local agencies before they apply.

Louisiana Mortgage Credit Certificate

Another program the state of Louisiana offers is the Mortgage Credit Certificate program. This program is designed to help homeowners afford their annual property taxes. In Louisiana, you have to be a first-time homebuyer, a veteran, or you have to purchase a home in a specific area to be eligible.

If you apply and you're accepted, you'll get a Federal tax credit on your annual taxes that is equal to 40% of your annual mortgage interest rates up to $2,000 per tax year. If you have leftover funding, it can carry forward up to three years.

Mortgage Revenue Bond

The Mortgage Revenue Bond program is one that most homeowners don't seem to know much about. Options are available for both developers serving low-income residents and home buyers. This program lets anyone who is eligible get a loan with interest rates that are below the current market price. You can pair this program with a conventional loan, FHA, or USDA loan.

The property in question must be your primary residence, and you have to meet the income limits that vary by county. Additionally, the home you want to purchase has to be below the county's purchase price limit, and you can't have owned a home in the past three years.

Soft Second Homebuyers Program

The Soft Second Homebuyers Program gives low to moderately low-income applicants funding to buy their first homes in one of the 13 hurricane-impacted parishes in Louisiana. The government purchases the properties and demolishes them, and the applicants apply for the properties. Once they've been accepted to the program, they'll get funding to rebuild a home on the old property.

Be sure to look for local programs as well. For example, the Finance Authority of New Orleans offers down payment loans and grants. Many parishes also have their own specific programs.

Natural Disasters

Flood Insurance

Homeowner's insurance policies typically do not cover flooding. The southern coast, areas near the Mississipi river & the northwest corner of the state are considered to have high to very high flooding risk. Here is a parish-by-parish breakdown of parishes with an elevated risk of flooding.

Natchez Steamboat on the Mississippi River.

  • Low risk of flooding: Saint Tammany
  • Moderate risk of flooding: Allen, Beauregard, De Soto, Evangeline, Saint Helena, Vernon, Webster
  • High risk of flooding: Avoyelles, Caddo, Calcasieu, East Feliciana, Jefferson Davis, Ouachita, Washington
  • Very high risk of flooding: Acadia, Ascension, Assumption, Bossier, Caldwell, East Baton Rouge, Iberia, Livingston, Saint Martin, Saint Mary, Tangipahoa, Vermilion
  • Low risk of hurricane storm surges: Acadia
  • Moderate risk of hurricane storm surges: Calcasieu, Saint Tammany
  • Very high risk of hurricane storm surges: Iberita, Vermilion

Home buyers with mortgages in high-risk areas are required to buy flood insurance. Most flood insurance policies are sold by the United States federal government through The National Flood Insurance Program. Under-priced flood insurance in high-risk areas act as a subsidy to wealthy homeowners.

The NFIP does not charge nearly enough to cover the expected costs of its liabilities. The assessments are not sufficient to build any buffer to cover an extraordinary year, such as what occurred with Hurricane Katrina in 2005 or Hurricane Sandy in 2012. Because homeowners don€™t incur the full cost of building in a flood zone we end up with more houses there than if homeowners incurred the full cost of the flood risk, which exacerbates the government€™s costs in the next disaster.

Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.

Wildfires

The risk of wildfires is considered moderate to very high near the Texas border region. Fire damages from wildfires & other types of fires are typically covered in most homeowner's insurance policies. If you own expensive items you may want to keep an up-to-date household inventory list which lists specific valuables, such as fine art & jewelry.

Tornadoes

The area near the southwest Mississippi border is considered to have a high tornado risk while some other parts of the state - particularly along the rest of the border with Mississippi - are considered to have a moderate risk. A basic homeowners policy should cover financial damages from tornadoes.

Hail

Hail damage is common along the northern border of the state along with the southwest corner of the state. Damage from hail is typically covered by home insurance policies.

Louisiana Real Estate Laws

The Houmas House Plantation in Darrow, LA.

Property Taxes

Louisiana has a relatively low property tax rate of 0.71%, which led to an assessment of $1,302 across the state in 2016.  This value fluctuates depending on the parish, and St. Tammany Parish collects the highest property taxes each year. Residents of New Orleans paid $1,864 on the median local home in 2016. When you compare the amount of property taxes collected against the median income, it is also one of the lowest in the nation at 0.45%. Nationwide properties are taxed at an average of 1.24%, leading to an annual assessment of $3,313.

Louisiana Homestead Statutes

If you're a homeowner that has to declare bankruptcy due to illness, injury, or disability, you may be protected under Louisiana's Homestead Statutes. These statutes were put in place, so a homeowner doesn't lose everything in the event of an unexpected bankruptcy.

Under these statutes, a homeowner can save up to 160 acres and up to $7,500 in property value can be saved as a homestead. If the homeowner is a disabled military veteran and you have been rated as being 100% unemployable, you may get an exemption up to $150,000.

Louisiana Foreclosures

Louisiana is a recourse state, and this means that if you lose your home to foreclosure, the lender can come after you for any money they may have lost from selling the property. Additionally, Louisiana is a judicial state so the mortgage holders must go through the courts to start the foreclosure process.

There are two processes that a mortgage lender can choose to go through in this state. The first one is the ordinary foreclosure process, and the less common one is the executory process.

The executory process is where the mortgage company sues the borrower to take back the property that the borrower defaulted on. This process only happens when the borrower either can't or won't pay their mortgage payments.

The process starts when the buyer defaults and the mortgage company files a lawsuit with the court system in order to repossess the property. The mortgage company will include the original note and a certified copy of the original mortgage documents.

As soon as the lawsuit has been filed, the courts can step in and enter an order for the executory process to proceed. The defaulted borrower will then be served with documents that demand the buyer immediately pay any money they owe, and any money they are delinquent on. The borrower is left with three days to come up with the money.

If the borrower can't come up with the money, the court system sides with the mortgage lender, and it'll issue a seizure and sale notice. These documents allow the local sheriff department to seize the property.

The final steps to the executory process are the mortgage company must advertise the sale for four consecutive weeks, and the sheriff's sale at the end of the four week period. The sheriff sells the property at an auction and the money is used to pay down the original mortgage. Lenders prefer this mortgage process as it goes very quickly compared to the ordinary foreclosure process.

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