5-Year Rent vs Buy in New Orleans, LA
If you plan to stay in New Orleans for 5 years, here's how renting and buying compare.
⚖️ It's Close Either Way
Potential savings by renting: $6,604
Total Rent Paid
$92,379
Total Owner Costs
$191,566
Equity After Selling
$92,583
Customize Your Analysis
The above results use default assumptions. Adjust the inputs below to match your specific situation.
Rent vs Buy in New Orleans, Louisiana
Should you rent or buy a home? Calculate your best option.
Your Scenario
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5 years
1 years30 years
Explore Scenarios
Adjust these sliders to see how different assumptions affect your decision.
Mortgage Rate7.00%
5%7%9%
Home Appreciation3.0%
0%3%5%
Rent Growth3.0%
0%3%6%
Time Horizon5 years
35710
💡 Tips
- • Higher mortgage rates favor renting
- • Higher home appreciation favors buying
- • Higher rent growth favors buying
- • Longer time horizons typically favor buying
⚖️It's a Toss-Up
You could save $6,604 by renting
Over 5 years
Monthly Cost (Rent)
$1,540
Average
Monthly Cost (Own)
$2,139
Average (excl. equity)
Total Rent Paid
$92,379
Total Owner Costs
$191,566
Final Equity
$92,583
After selling costs
Break-Even Year
Never
Beyond horizon
Upfront Costs to Buy
Down Payment (20%)$55,000
Closing Costs (3%)$8,250
Total Needed$63,250
Cost Comparison Over Time
Total Rent Paid
Total Owner Costs
Net Cost (After Equity)
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