While all evidence seems to suggest that New Orleans is becoming more expensive to live in than ever, it may be smarter choice to buy a home here than in many other U.S. cities, according to a recent report. Trulia's latest Rent vs. Buy report, reported by The Advocate, buying a home in New Orleans is 52 percent cheaper than renting one, ranking the city in the top five in the U.S., along with Baton Rouge at number 3.
The report assumes a traditional 30-year fixed rate mortgage with a 20 percent down payment, but notes that homeowner association (HOA) fees can often make renting a more attractive option — luckily, the report ranks New Orleans in the top 3 cities where "HOA fees are a drop in the bucket." New Orleans homeowners: has this been your experience, or does this report seem fishy to you?
· Report: In rent-vs.-buy debate, Baton Rouge, New Orleans housing markets lead nation in key metric[The Advocate]
· Where HOA Fees Make Renting Cheaper Than Buying a Home (Where HOA Fees Make Renting Cheaper Than Buying a Home) [Trulia]