Highlights
- Lafayette homeowners spend 24.6% of monthly income on housing costs, just above the national average of 24.2%
- New Orleans ranks third-most “house poor” city nationally, with homeowners spending 32.6% of income on housing
- Baton Rouge homeowners spend 27.4% of income on housing, ranking 25th-highest in the nation
- Being “house poor” means spending more than 28% of monthly income on mortgage, insurance, taxes, and utilities
- Lafayette’s median home price sits at approximately $245,000, with median household income around $61,454
Lafayette Homeowners Dodge “House Poor” Label, But Housing Costs Still Bite Hard
Study shows Lafayette residents spend below national average on housing, while New Orleans ranks third-worst nationwide
LAFAYETTE, La. (KPEL News) — Lafayette homeowners are managing housing costs better than their neighbors in New Orleans and Baton Rouge, according to a national analysis of the most financially strained homeowners across America.
The ConsumerAffairs study found Lafayette homeowners with mortgages spend 24.6% of their monthly income on housing costs—just above the national average of 24.2% and below the 28% threshold that defines being “house poor.”
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Lafayette didn’t qualify for the full rankings because its population falls below the study’s 175,000 minimum, but the Hub City’s numbers would have tied it with Cleveland and Aurora, Colorado.
What Louisiana Homeowners Need to Know
The numbers show a big gap between Louisiana cities on housing affordability. New Orleans homeowners face the third-highest housing cost burden in America, behind Hialeah, Florida, and New York City. Despite having median home values 15% below the national average at $305,100, according to The Advocate, Big Easy residents pay monthly housing costs 13.6% higher than the national average…