Let’s be frank: Living in New Orleans can be expensive. In fact, in a recent Zumper study, the analytics branch found New Orleans to rank No. 20 in the cities with the most expensive rent. In April, New Orleans ranked No. 16.
A few weeks ago, SmartAsset published a study supporting New Orleans as one of 10 cities in the nation where it is cheaper to buy a home than rent. However, as the study pointed out, it’s only cheaper in an hypothetical scenario where the buyer has an ideal interest rate of 4.5 precent, closeout cost of $2,000, and a $20,000 downpayment. On top of that, the buyer would have to buy a home near the city’s average of $235,127.
In recognition of the New Orleans’s average house price, here is a list of five homes on the market with a price tag under $250,000.
Built in 1957, this 1,575-square-foot Broadmoor cottage is priced at $219,000. The home has three bedrooms and two bathrooms. Inside is a completely overhauled interior, including its new kitchen with ample counter and cabinet space. While the backyard isn’t perfect, it has some potential with a little TLC and imagination. The home also has off-street parking, which is always a plus.
Located in Treme, $235,900 buys this modest cottage. The home is one street away from Orleans Avenue and two blocks from the Lafitte Greenway. At 1,240 square feet, the home has three bedrooms and 2.5 bathrooms. Beyond its electric blue facade, the camelback has a completely remodeled interior, with an airy and open floor layout.
Right in Holy Cross, this cozy cottage asks $249,000. At first glance, the home has a wrought iron gate. Inside is a completely restored interior, with original elements including heart of pine flooring, classic light fixtures. and a unique kitchen. Other highlights include’s the home’s original wood walls and exposed ceiling.
Featured in Curbed NOLA’s Shotgun Homes for Sale Map, $229,000 buys this beautiful shotgun in St. Roch. At 1,200 square feet, this home has two bedrooms and one bathroom. Recently, the home (like most on the list) is the result of exterior and interior remodeling. At the rear is a wooden deck, but there’s not much of a front or back yard.
Rated the least expensive on this list, this St. Roch cottage asks $199,000. The 1,245-square-foot home has two bedrooms and two bathrooms. The cottage has its original hardwood floors throughout. Beyond its high ceilings and decorative fireplace, the home has a huge master bedroom complete with a walk-in closet. Other highlights include a bonus room and a dedicated laundry room.
- New Orleans rent slightly increases, ranking falls [Curbed NOLA]
- New Orleans rent cost analysis April 2017 [ Curbed NOLA]
- New Orleans ranks as a city that’s cheaper to buy than rent [Curbed NOLA]
- Shotgun homes for sale in New Orleans, mapped [Curbed NOLA]