The cost of home ownership in New Orleans is greater than almost anywhere else in the nation, according to a new analysis of U.S. census data, which shows the typical homeowner with a mortgage spends nearly one-third of their monthly income — 32.6% — on housing costs.
That’s a higher proportion than in Los Angeles, Miami or Honolulu, all much larger and more expensive cities than New Orleans, and the third-highest in the country, according to the analysis by ConsumerAffairs, a consumer research journal. New York and Hialeah, Florida, which is near Miami, topped the list.
“This really highlights that being house poor isn’t only a big-city problem driven by high home prices,” ConsumerAffairs spokesperson Dayna Edens said.
The analysis of 2024 data found New Orleans was the only one of the 10 most “house poor” cities where median home values are lower than the national average — by about 15%. Despite that, monthly housing costs — mortgage payments, insurance, taxes, utilities and various fees — are 13.6% higher than the nationwide average, driven by soaring home insurance and utility rates…