Costs to buy a house in Louisiana | Louisiana closing costs | Louisiana house buying calculator | Homeownership costs | How to save when buying a home in Louisiana
The average home buyer in Louisiana spends between $19,809 and $64,781 when purchasing a $218,008 home — the state median value.
Keep in mind, this is just the cost of buying a home. After you close, you'll still need to budget for all the ongoing costs of homeownership.
If you're looking for ways to cut down on the costs of buying a home, Clever Real Estate can help. We're an agent-matching service that can help you compare real estate agents in your local area. All of our agents offer local expertise to keep more money in your pocket.
Average cost to buy a house in Louisiana
Expense | Amount |
|---|---|
$2,180 to $6,540 | |
$7,630 to $43,602 | |
$2,000 to $3,000 | |
$6,120 | |
$314 | |
$314 | |
$1,250 to $4,890 | |
Total | $19,809 to $64,781 |
Buyer closing costs in Louisiana
While the other costs to buy a house in Louisiana are pretty transparent, Louisiana closing costs are a bit more nuanced. They're actually a series of smaller costs lumped together into one total. Here's a breakdown of all of the Louisiana closing costs you'll likely pay when buying a home.
Closing cost | Amount |
|---|---|
Closing fee | $218 |
Recording fee | $235 |
Title service fees | $880 |
Origination fee | $1,090 |
Underwriting fee | $600 |
Discount points | $1,744 per point |
Lender's title insurance | $100 |
Owner's title insurance | $1,253 |
Prorated property tax | Varies |
Transfer tax | No transfer tax in Louisiana |
Total | $6,120 |
Keep in mind, closing costs are often negotiable. However, to win the negotiation battle, you'll need a great agent who can work out a deal with the seller. Clever can match you with a top agent in your area that can get the seller to shoulder more of the above costs.
Contact us at Clever for top agent recommendations.
Cost to buy a house in Louisiana calculator
Ongoing costs of homeownership in Louisiana
Unfortunately, the cost to buy a house is just the beginning. After closing, you'll officially own the home and begin paying for the ongoing costs of homeownership.
Expense | Average monthly cost |
|---|---|
Mortgage (principle and interest) | $1,000 |
Homeowners insurance | $147 |
Taxes | Varies but averages $100 statewide |
Maintenance | $181 |
Utilities | $398 |
Total | $1,826 |
Note: All numbers are estimates based on state averages and a median home value of $218,008 and a down payment of 20%. | |
Besides the expenses outlined above, you'll also want to consider private mortgage insurance (PMI) and homeowner's association (HOA) fees.
- If you pay less than 20% as a down payment on your house, you'll probably have to pay PMI monthly until you get to 20% equity. For the average Louisiana homeowner, this is between $95 to $321 a month.
- Some neighborhoods have HOA fees for the care and maintenance of common areas. The national average is around $250 per month.
» MORE: The true cost of homeownership
Top ways to save money when buying a house in Louisiana
1. Look into better financing options
Paying off debts and getting your credit in the best shape possible before applying for a loan will help you get a better interest rate, which will lower your monthly payments for the life of the loan.
You can also shop around to compare lenders so you get the lowest fees and interest rates available. It may be a good idea to enlist the help of a mortgage broker if you're not sure how to go about vetting lenders.
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Get matched with a lender who can tell you how much house you can afford. To get started, where do you plan on buying?
2. Participate in home buyer programs Louisiana
Louisiana has a few programs available to make homeownership more affordable. For instance, the Louisiana Housing Corporation offers four programs depending on your need and eligibility: the MRB Home, MRB Assisted, RSS, and MCC. The USDA Rural Housing program is also an option for those buying or renting in select rural areas in the state.
There are also several local programs dependent on the area or parish you’re buying in — HUD lists several options on its website.
» MORE: First-time home buyer programs everyone should know about
3. Partner with an expert agent
Having an expert agent on your side can ensure you win the negotiating battle with the seller.
Clever can help match you with a knowledgeable, hyper-local agent that knows the ins and outs of how to save you money on your local fees. And best of all, our service is totally free!