New Orleans renters looking for the least expensive areas to rent should look for the areas towards the red end of the spectrum on the rent cost map. Those who don't mind paying for high-end and luxury apartments should seek out apartments in dark green areas.
On average, the cost of rent in New Orleans is about $1,197 per month. This puts it in the 96th percentile compared to the state average cost of rent, which is $991. Households in New Orleans have a median income of $5,873 per month so the average renter in New Orleans is spending roughly 20% of their earnings on housing.
Nationally, and in New Orleans, home values are the data point most closely correlated with the cost of rent. The median price of a home in New Orleans is $247,441 right now, which is higher than nearby cities, meaning that rents in New Orleans also tend to be higher versus these nearby cities.
Higher rent prices are common in the northern parts of New Orleans while lower rent rates are often available in eastern areas.
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