7-Year Rent vs Buy in New Orleans, LA
If you plan to stay in New Orleans for 7 years, here's how renting and buying compare.
⚖️ It's Close Either Way
Potential savings by buying: $6,837
Total Rent Paid
$133,327
Total Owner Costs
$243,887
Equity After Selling
$117,398
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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7 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 Horizon7 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 $6,837 by buying
Over 7 years
Monthly Cost (Rent)
$1,587
Average
Monthly Cost (Own)
$2,150
Average (excl. equity)
Total Rent Paid
$133,327
Total Owner Costs
$243,887
Final Equity
$117,398
After selling costs
Break-Even Year
Year 7
Within 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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