Looking to Buy a House? Try Louisiana!
A recent study by Badeloft found that Louisiana required the second lowest annual income to buy a median-priced home. Louisiana's median home sale price of $254,400 means that someone looking to buy would only have to earn $47,061 annually.
The study considered six major factors to calculate affordability beyond house price alone: Median Home Price per State (Redfin Data Center), Mortgage Rate (Freddie Mac's Primary Mortgage Market Survey), Property Tax Rate (Tax Foundation), Debt-to-Income Ratio (Federal Reserve), Insurance Premium (Insurance Information Institute), and Cost of Living Index (Missouri Economic Research and Information Center).
What Makes Louisiana Affordable?
Louisiana's median home sale price and effective tax rate both rank fifth lowest in the country. This combined with our moderate average debt-to-income ratio and cost of living index balances out the higher average home insurance. Beat out only by Mississippi, their advantage comes from their cheaper home cost and their lower average home insurance cost. Other Southern states, such as Alabama and Arkansas, were also ranked as affordable options but none ranked above Louisiana in affordability overall.
Why Louisiana?
Louisiana is not only one of the most affordable states in the country, it also offers a variety of experiences and advantages. Whether you love the beach, history, food, or being out in nature, Louisiana has something for you.
If you've been thinking about moving, take some time and consider Louisiana.
