Most Expensive Places to Buy Property in Louisiana

Louisiana is widely known for its large number of festivals and carnivals some of which are the Mardi gras, Islenos fiesta, French quarter festival, and Strawberry festival. It has such a beautiful landscape that inspires the creativity of its residents. Louisiana has fifteen major lakes including Caddo lake, White lake, Charles lake which makes it the Venice of the United States.

The average temperature in Louisiana ranges from 0.6 C to 16.7 C which concludes it as a cold state. The average household salary in Louisiana is about $45,277 that is quite less as compared to Texas which is a neighboring state.

Expensive places to buy property in Louisiana:

If you are in search of expensive property in Louisiana, then this the right place for you. The following cities have the most expensive real estate in Louisiana.

  1. Zachary:

In Zachary, you could expect an average cost of a house of about $358,752, which compared to the average annual income of the United States, is not too expensive. Zachary is the fifth most expensive city to buy property in Louisiana.

At the time of now, there are only 5,517 houses and apartments in Zachary and the average rent is $1,368/month. The appreciation rates from 2000 to 2020, were 70.20% and are currently increasing by 2.60% yearly.

  1. Metairie:

The average home price in Metairie is $360,278 ranking it as the fourth most expensive city to buy or rent property in Louisiana. There are 59,798 apartments and houses in Metairie with an average rent of $1,421.

Metairie has an appreciation rate of 72.83% and increasing at the rate of 2.67% on yearly basis. Lake Ave, Town Centre, and Metairie Terrace are some of the most expensive places to buy property in Metairie.

  1. Mandeville:

There are 4,679 homes and apartments currently in Mandeville. An average home could cost about $384,435 and appreciation rates in the last twenty years were 78.37% with a yearly increase rate of 2.83%. Average home rent in Mandeville ranges from $1400 to $1500 with 38.5% of houses occupied by renters. Chinchuba, Houltonville, Pear ST, and City center are the most expensive and prestigious places to buy property in Mandeville.

  1. Covington:

Covington has the title of having the most expensive home in Louisiana. Covington has an estimated average home price of $402,821 by which it takes the second position in this list. Currently, there are approximately 3,650 apartments and homes in Covington. The average appreciation rate in Covington over the last twenty years was 86.89% with an annual increment of 3.06%.

Average home rent in Covington is estimated at about $1,558 and the reason behind this is that very few homes are available for rent. About 39.4% of the houses in Covington are occupied by renters and the remaining by the owners.

  1. New Orleans:

The jazz capital of the world has the title of most expensive city in Louisiana because of many reasons. Due to high property loan interest and an immense increase in property taxes New Orleans has become the most expensive state to buy property in Louisiana.

The average house price in New Orleans has reached up to 451,249 which is about half a million dollars and is expected to rise more and more. According to neighborhood scout, in the past ten years, the appreciation rate in New Orleans has been 46.15%. The average home rent in the city is about $1,336 and about 52% of the houses are rented.