New year, new house goals – amiright?! Most home buying is done on a budget! If you’ve been tired of playing the rental game but are unsure what you can get for your budget, you’ve come to the right place. Let’s plan your budget around your monthly payment!
PLEASE NOTE: These are estimates done in January 2025 with current insurance and interest rates. These home-buying-on-a-budget numbers were calculated as conventional loans with 5% down and included an estimate for PMI, taxes, and homeowners insurance only. They are always subject to change and will change if you use a VA, FHA, or RD loan, put more money down, and based on your credit score – but it’s a jumping-off point!
We want to thank one of our favorite lenders, Courtlin Donner, with NOLA Lending, for getting these numbers together for us!
$1500/month
If you want to stay under $1500/month, your home budget is around $175k. Here’s the hard truth, though: you may not find something that is move-in ready at this price point. There will be a few options, but you must be willing to explore neighborhoods. You will not be living in Uptown at this price point. (Unless you’re looking at condos!)
Check out homes and condos priced at $175k and below!
$1800/month
Willing to spend $300 more a month? Your budget jumps to $215k! You may think it won’t change what’s available for you, but it most certainly does. Jumping up to $215k offers a few more housing options that will need less work. We aren’t saying that you shouldn’t anticipate needing to do things in your new home – but this will offer some better opportunities.
Homes for Sale that are $215k or less
$2000/month
Buying on a allowance of $2000/month brings you to a house budget of $240k. This $200 more a month opens even more for you. There are plenty of move-in ready homes at this price point. Again, this doesn’t mean they are fully renovated, but the condition of these homes will be slightly better.
See homes for sale at $240k and below
$2500/month
This $500/month increase in your budget means you can bankroll a $300k home. We aren’t pretending that jumping up your monthly payment is something everyone can do. But, if you can swing it, this enables you to break into more neighborhoods and larger homes. These homes will typically be more updated as well – depending on location!
See what’s for sale at $300k and under
$3000/month
Moving up to $3000/month is where neighborhoods really start to open up for you. Your budget jumps up to $350k for a home. Neighborhoods like Fontainebleau, Mid-City, and West End have options for you now!
Check out homes at $350k and less
As your favorite New Orleans real estate agents, we work with people with ALL types of budgets. We have sold everything from starter homes to those looking for something with opulence to downtown condos. We can help you find a home that fits your budget, lifestyle, and needs.
Ready to start your home search? Contact us!
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