New Orleans-area income needed to afford rent
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Renters in the New Orleans metro need an income of $66,100 to afford the rent on a typical monthly lease, according to a report from Zillow.
Why it matters: That means renters have needed a 28.7% increase in their income to keep pace with rent in the New Orleans area since 2020, Zillow says.
What they're saying: "Housing costs have surged since pre-pandemic, with rents growing quite a bit faster than wages," Zillow senior economist Orphe Divounguy said in a news release.
- "This often leaves little room for other expenses, making it particularly difficult for those hoping to save for a down payment on a future home."
How they did it: Zillow calculated its numbers based on a standard affordability measure of rent not exceeding about 30% of income.
- For New Orleans, Zillow's number indicates an April 2025 rent index of $1,654 per month.
The big picture: New Orleans-area renters are at least in far better shape than those who live in places like New York or Seattle, who need well beyond $100,000 to afford rent, Zillow reports.