Best Affordable Places to Live in Louisiana in 2024
(Last Updated – 12/2023)
Louisiana may be synonymous with Bourbon Street and Mardi Gras, but there’s so much more to the Bayou State than booze and beads. Everyday life here can seem like something straight out of a guidebook: streets of dramatic moss-covered oaks, sounds of live music around nearly every corner, Creole and Cajun cuisine you can’t get anywhere else, and a unique culture heavily shaped by African, French, and Spanish ancestry.
It also helps that Louisiana is easier on the wallet compared to other states. The cost of living is nearly 8% below the national average. Housing is 16.5% lower than the national average, and utilities are 13.6% lower. Basic expenses are slightly cheaper, too: Groceries are nearly 4% lower than in the rest of the country, and transportation is 3% lower. That’s good news for Louisianians, whose median household income is well below the nation’s ($53,571 vs. $69,021).
Whether you’re looking to relocate, raise a family, or relax during retirement, the state’s big cities and small towns may just fit the bill. Let’s take a look at the best places to live in Louisiana.
Best Places to Live in Louisiana
Finding the best place to live in Louisiana depends largely on your needs and wants. If you crave the nonstop activity of a city, then New Orleans, Baton Rouge, or Shreveport may be a good choice. Prefer to be closer to the water? Consider towns like Breaux Bridge and Grand Isle.
As you explore different areas, keep insurance premiums top of mind. Both homeowners and flood insurance rates have been rising in the state, making it more expensive to own a home. If you’re new to home buying and aren’t sure where to start, a first-time homebuyer guide can get you up to speed on the basics.
💡 Quick Tip: Buying a home shouldn’t be aggravating. SoFi’s online mortgage application is quick and simple, with dedicated Mortgage Loan Officers to guide you through the process.
Best Affordable Places to Live in Louisiana
Though there are expensive homes throughout the state, finding an affordable place to live is possible. The median home value in Louisiana is $174,000 — 29% lower than the U.S. median home value. And at $1,450 a month, the state’s median rent is $575 less than the national median. Plus, there are first-time homebuyer programs in Louisiana to help eligible residents break into the real estate market.
1. Abbeville
Photo credit: iStock/Alex Potemkin
Deemed “The Most Cajun Place on Earth,” Abbeville is a small town where Cajun French mingles with English, newcomers are welcomed as family, and nearly everyone turns out for a fais do do dance. Nature lovers will especially enjoy the scenic drive along Abbeville’s back roads, where alligators and other wildlife sightings are common.
Population: 10,962
Median Household Income: $36,912
Cost of Living: 88% of U.S. average
Median Rent Price: $750
Home Price-to-Income Ratio: 2.4
Average Property Tax: 0.31%
Housing Affordability: A low home price-to-income ratio — a common measure of affordability — and a low cost of living make Abbeville a solid place to live if you’re on a budget. The median home value is just over $88,000, and property taxes are a low 0.31%. The rental picture is similar: The median rent is $750.
2. Zachary
If you have a big-city job and a small budget, consider driving 25 minutes north to the Baton Rouge suburb of Zachary. No stranger to best-of lists, this small, friendly town boasts well-kept parks and a calendar full of events, including festivals and the weekly farmers’ market. Parents will like the fact that the schools receive high marks.
Population: 19,916
Median Household Income: $85,949
Cost of Living: 97% of U.S. average
Median Rent Price: $1,534
Home Price-to-Income Ratio: 2.6
Average Property Tax: 0.72%
Housing Affordability: Zachary has one of the lowest home price-to-income ratios in the state, so you can get more home for your money here. The median home value is $226,500, and the median rent is $1,534. Plus, the median household income is $85,949, which is one of the highest in the capital region.
3. Jennings
Jennings is conveniently located on Interstate 10 and U.S. Highway 90, midway between Lafayette and Lake Charles. This charming small town has a decidedly French feel, thanks to Cajun roots that influence everything from the local restaurants to music venues and festivals. Jennings is also known as the “Cradle of Louisiana Oil,” since it’s home to the state’s first oil well, and the oil and gas industry still plays a major role in the local economy today.
Population: 9,594
Median Household Income: $37,301
Cost of Living: 88% of U.S. average
Median Rent Price: $625
Home Price-to-Income Ratio: 3.3
Average Property Tax: 0.31%
Housing Affordability: Your housing dollar tends to go farther in Jennings than in other places in Cajun Country. An average property tax of 0.31% and a median home value of $124,300 may help put homeownership within easier reach for those on a smaller budget. Renting is also more economical compared to neighboring towns; the median rent price is $625 a month.
4. Bastrop
Photo credit: Flickr/J. Stephen Conn , Creative Commons Attribution-NonCommercial 2.0 Generic
You’d be hard-pressed to find a more affordable place in Louisiana than Bastrop. But don’t worry, the low cost of living doesn’t require sacrificing a high quality of life. In fact, this northeast town is known for its stunning architecture, abundance of outdoor activities, and easy way of life.
Population: 9,169
Median Household Income: $23,955
Cost of Living: 87% of U.S. average
Median Rent Price: $396
Home Price-to-Income Ratio: 3.4
Average Property Tax: 0.41%
Housing Affordability: It’s not just the cost of living that’s low in Bastrop — housing prices are, too. Home buyers will appreciate the low median home value of $82,000 and 0.41% average property tax. Good news for renters, too. The median monthly rent price is under $400.
5. Monroe
Photo credit: iStock/DenisTangneyJr
Monroe is another affordable place to live in northeastern Louisiana. But unlike the slower pace of life in Bastrop, this vibrant city of nearly 47,000 is brimming with indoor and outdoor adventures. Culture-seekers will especially enjoy wandering through Monroe’s many museums or taking in a performance by the Monroe Symphony Orchestra. Looking for more casual entertainment? The city is chock-full of restaurants, breweries, shops, and clubs.
Population: 46,820
Median Household Income: $33,925
Cost of Living: 87% of U.S. average
Median Rent Price: $950
Home Price-to-Income Ratio: 4.4
Average Property Tax: 0.62%
Housing Affordability: With a median rent price of $950 a month and a low cost of living, Monroe makes city living more affordable. The housing market is warming up, and currently, the median home value is $149,000. If your home search is just starting, it’s important to understand the difference between mortgage prequalification vs. preapproval.
Recommended: What to Know About Getting Preapproved for a Home Loan
Best Places to Live in Louisiana for Families
Eager to raise your children in the Bayou State? These five spots have a winning combination of well-regarded schools, lots of outdoor space, and plenty of ways to keep little ones entertained.
1. Mandeville
Photo credit: iStock/Judy Darby
Mandeville is situated just across the lake from New Orleans and Metairie, which makes it a popular place for commuters to live. But with its oak tree-filled lakefront area, pretty downtown, and slower pace, this well-heeled city feels like a world away from Bourbon Street. Mandeville’s peaceful setting has long attracted families, and today, nearly one-third of local households have children.
Population: 13,343
Median Household Income: $79,149
Cost of Living: 111.5% of U.S. average
Median Rent Price: $1,681
Home Price-to-Income Ratio: 4
Average Property Tax: 0.89%
Housing Affordability: Rents and home prices tend to be higher in Mandeville, partially due to its prime spot near the Causeway, a 24-mile bridge that connects the area to New Orleans and Metairie. If you’re planning to lease a place, keep in mind that the median rent price is nearly $1,700 a month. Meanwhile, the median home value is $323,200, and nearly 70% of residents own their home.
2. Zachary
Want to raise your crew away from the hustle and bustle of Baton Rouge? Consider Zachary. Located a short 25-minute drive from the capital city, this small town boasts well-maintained community parks and playgrounds. Parents will be drawn to its top-performing schools.
Population: 19,916
Median Household Income: $85,949
Cost of Living: 97% of U.S. average
Median Rent Price: $1,534
Home Price-to-Income Ratio: 2.6
Average Property Tax: 0.72%
Housing Affordability: You can get more house for your money in Zachary, which helps make it an attractive place for families to live. The median rent is $1,534, while the median home value is $226,500. The town also has one of the highest median household incomes in the region.
3. Sulphur
If you’re looking for a family-friendly alternative to Lake Charles, head west to Sulphur, where home prices are low, median incomes are good, and the number of families may be more plentiful. What’s more, the metro area’s amenities (and jobs) are just a short, 15-minute drive away — just one reason why it landed on our list of the best places to live in Louisiana for families.
Population: 20,342
Median Household Income: $50,797
Cost of Living: 85% of U.S. average
Median Rent Price: $1,025
Home Price-to-Income Ratio: 2.9
Average Property Tax: 0.68%
Housing Affordability: A low cost of living and low home price-to-index ratio helps make life more affordable for families in Sulphur. A typical home price is around $124,000, while the median rent is $1,025 a month.
What goes into qualifying for a home loan can be confusing. Help take out some of the mystery surrounding the process by reading up on tips to qualify for a mortgage.
4. Jennings
Families in Jennings don’t have to go far to find things to do — the town is full of kid-friendly activities. The playgrounds, walking track, and 10-acre fishing pond of the Louisiana Oil and Gas Park are popular attractions. On chilly or rainy days, you can take your crew to visit the baby alligators at Gator Chateau, soak in the world-class art collection in the Zigler Museum, or catch a live country music variety show at the Strand Theatre.
Population: 9,594
Median Household Income: $37,301
Cost of Living: 88% of U.S. average
Median Rent Price: $625
Home Price-to-Income Ratio: 3.3
Average Property Tax: 0.31%
Housing Affordability: If you want to raise your family in picturesque Cajun Country, Jennings may be a viable option. The median home value is around $124,000, and median rentals are a budget-friendly $625 a month.
5. Shreveport
Photo credit: iStock/Sean Pavone
Far from New Orleans in both location and culture, Shreveport’s culture, food, and street names reflect its close proximity to Arkansas and Texas. While Little Rock and Dallas make for good day trips, you’d be forgiven for not wanting to leave this vibrant city. Known for its jazz and blues scene, diverse dining options, and important historical sites, Shreveport offers more than enough to keep families of all ages entertained.
Population: 180,153
Median Household Income: $41,782
Cost of Living: 93% of U.S. average
Median Rent Price: $950
Home Price-to-Income Ratio: 3.7
Average Property Tax: 0.61%
Housing Affordability: Shreveport is a relative bargain compared to other major metro areas in Louisiana. The median home value is $155,000, and the median rent price clocks in at under $1,000 a month.
Best Places to Live in Louisiana for Young Adults
Louisiana has a little something for everyone, particularly young people just starting out. Whether you’re in a city, suburb, or small town, you’ll likely have fantastic food and nightlife options, and a mortgage or rent that won’t consume your budget. Bonus: The state skews young, with a median age of 37.4.
1. New Orleans
Photo credit: iStock/Larry Gibson
Sultry, festive, historic, and stunning New Orleans is a popular place to be if you’re striking out on your own for the first time. After all, the city is in permanent party mode. Bars stay open around the clock, live music spills out into the street at all hours, and the number of renowned restaurants on any given block is practically illegal.
Population: 369,749
Median Household Income: $45,594
Cost of Living: 111.5% of U.S. average
Median Rent Price: $1,695
Home Price-to-Income Ratio: 5.6
Average Property Tax: 0.79%
Housing Affordability: Living in one of the country’s best party cities doesn’t come cheap. The median rent price of $1,695 is nearly $250 more than the state’s median. Home prices are also higher than elsewhere in the state (the median value is $255,500). Just starting out? You may do better splitting costs with a roommate, as recent college grads in New Orleans earn an average of $43,560 a year.
If home values are rising where you want to live, a jumbo mortgage loan may help you buy a home
2. Elmwood
Maybe you want to be within easy driving distance of New Orleans, but far enough away to get more space and cheaper housing. If so, Elmwood might be the place for you.
Population: 5,649
Median Household Income: $75,526
Cost of Living: 111.5% of U.S. average
Median Rent Price: $2,200
Home Price-to-Income Ratio: 2.7
Average Property Tax: 0.59%
Housing Affordability: Elmwood residents may not notice much of a difference in the price of groceries, gas, and utilities compared to New Orleans. But they’ll likely see savings in their monthly mortgage payments. The median home value is $202,000 — nearly $50,000 lower than New Orleans — and property taxes are cheaper, too.
3. Metairie
Photo credit: iStock/Art Wager
There was a time when Metairie was where city dwellers moved as they got older and started a family. But these days, the sprawling New Orleans suburb is attracting younger residents right off the bat with noteworthy restaurants, a revitalized lakefront area, and a convenient location.
Population: 143,507
Median Household Income: $65,740
Cost of Living: 111.5% of U.S. average
Median Rent Price: $1,750
Home Price-to-Income Ratio: 4
Average Property Tax: 0.59%
Housing Affordability: Metairie’s close proximity to New Orleans tends to drive up housing prices. The median home value is $261,000, though the median household income is higher than in other parts of the state ($65,740). The rental picture is a bit brighter, especially compared to neighboring suburbs. The median monthly rent is $1,750, $450 less than what you’d pay in nearby Elmwood.
4. Lafayette
Photo credit: iStock/DenisTangneyJr
When most people picture the graceful oaks, spicy food, and upbeat music of Cajun Country, Lafayette often comes to mind. But this unique city isn’t just the stuff of travel books, it’s also a good place for young adults to call home. The University of Louisiana at Lafayette is in the center of town, and graduates often decide to stay and work here. Not surprisingly, Lafayette residents are on the younger side — the median age is 36.3 — and three quarters of households don’t have children.
Population: 121,389
Median Household Income: $55,329
Cost of Living: 88% of U.S. average
Median Rent Price: $1,500
Home Price-to-Income Ratio: 3.8
Average Property Tax: 0.68%
Housing Affordability: With a median home value of $209,100 and property taxes that are on the higher end for the state, Lafayette’s housing isn’t necessarily cheap. Thinking about renting? You’re not alone: Only 56% of Lafayette residents are homeowners, and the median rent is $1,500.
When you’re ready to get serious about home buying, a good place to start is learning about the different types of mortgage loans to make sure you get the one that fits your needs.
5. Baton Rouge
Photo credit: iStock/felixmizioznikov
As with Lafayette, many people who move to Baton Rouge to attend Louisiana State University decide to start a career there after graduation. So it makes sense that the second-most populated city in the state is young, with a median age of 32.1. The government is the top employer — Baton Rouge is the capital city, after all — but jobs in energy, manufacturing, education, and software development are also common.
Population: 221,453
Median Household Income: $46,282
Cost of Living: 97% of U.S. average
Median Rent Price: $1,250
Home Price-to-Income Ratio: 4.1
Average Property Tax: 0.72%
Housing Affordability: Housing can be expensive in the capital city, especially if you’re buying a home. Property taxes are on the higher end for the state (though still cheaper than New Orleans), and the median home value is $191,100. Despite the warm market, Baton Rouge’s median monthly rent price is $1,250, compared to nearly $1,700 in New Orleans.
💡 Quick Tip: Backed by the Federal Housing Administration (FHA), FHA loans provide those with a fair credit score the opportunity to buy a home. They’re a great option for first-time homebuyers.
Best Places to Live in Louisiana for Retirees
Thanks to its warm climate, decadent food, and friendly people, Louisiana is a popular spot to retire. In fact, the state has one of the largest retirement populations in the country, with more than 17% of the population over the age of 65. The tax situation is also appealing for those on a fixed income. Louisiana doesn’t tax Social Security benefits, federal retirement benefits, or several state retirement benefits. As you consider where in Louisiana to spend your golden years, keep these five places in mind.
1. Bastrop
Photo credit: Flickr/J. Stephen Conn , Creative Commons Attribution-NonCommercial 2.0 Generic
Retiring doesn’t have to mean slowing down, especially if you decide to settle in Bastrop. This bucolic town is known for its outdoor adventures, thanks to its proximity to the Upper Ouachita National Wildlife Refuge and the Georgia Pacific Wildlife Management Center.
Population: 9,169
Median Household Income: $23,955
Cost of Living: 87% of U.S. average
Median Rent Price: $396
Home Price-to-Income Ratio: 3.42
Average Property Tax: 0.41%
Housing Affordability: Retirees on a budget will appreciate Bastrop’s low cost of living and affordable housing prices. The median home value is $82,000, and the median rent is just under $400 per month.
2. River Ridge
Retirees living in River Ridge, a bedroom community east of New Orleans, enjoy the kind of amenities found in larger towns. Community parks play host to local sporting teams, and family-owned restaurants, upscale boutiques, and grocery stores are sprinkled throughout town. The New Orleans International Airport is also within easy reach, a bonus when you’re hopping on a plane to visit friends and family.
Population: 13,591
Median Household Income: $78,003
Cost of Living: 111.5% of U.S. average
Median Rent Price: $1,250
Home Price-to-Income Ratio: 3.57
Average Property Tax: 0.59%
Housing Affordability: Home prices in River Ridge are on par with other suburbs of New Orleans. The median home value is nearly $279,000, though the median household income of $78,003 is among the highest in the area. If you’re renting, you may be surprised to see that the median monthly rent is a comparatively low $1,250 vs. $1,750 in nearby Metairie.
3. Metairie
Photo credit: iStock/Art Wager
Nearly 21% of Metairie residents are 65 and older, and it’s easy to see why. This well-appointed suburb offers the highest level of convenience: to grocery stores and doctor’s offices, to major interstates and walking paths, and to everything New Orleans offers.
Population: 143,507
Median Household Income: $65,740
Cost of Living: 111.5% of U.S. average
Median Rent Price: $1,750
Home Price-to-Income Ratio: 3.98
Average Property Tax: 0.59%
Housing Affordability: If you want the level of convenience that Metairie provides, be prepared to pay. The city’s median home value of $261,000 is higher than many other places in the state, though property tax is still lower than in New Orleans. (If you’re a homeowner and are looking to save money, you may want to explore a mortgage refinance.) If you’d rather rent, the median rent price is $1,750 a month, though that amount can vary depending on the neighborhood.
4. Abbeville
Photo credit: iStock/Alex Potemkin
This adorable suburb of Lafayette is also a lovely place to spend your golden years, as it offers a tight-knit community, a slower-paced lifestyle, and a whopping eight hospitals within 25 miles. Plus, 19 percent of Abbeville residents are aged 65 or older.
Population: 10,962
Median Household Income: 36,912
Cost of Living: 88% of U.S. average
Median Rent Price: $750
Home Price-to-Income Ratio: 2.4
Average Property Tax: 0.31%
Housing Affordability: Abbeville enjoys a low cost of living and affordable homes. The median home value is just over $88,000, and property taxes are a low 0.31%. Rentals are also budget-friendly, with a median monthly price of $750.
5. Bogalusa
Tucked away from New Orleans, but within 25 miles of two hospitals, Bogalusa is the kind of place where you can truly unwind. Pass an afternoon enjoying the shops, art galleries, and restaurants lining downtown. Or enjoy the best of what Mother Nature has to offer in the beautiful Bogue Chitto National Wildlife refuge.
Population: 10,419
Median Household Income: $32,613
Cost of Living: 111.5% of U.S. average
Median Rent Price: $900
Home Price-to-Income Ratio: 3
Average Property Tax: 0.41%
Housing Affordability: Low property taxes and a median home value of $96,500 helped land Bogalusa on the list of best places to retire in Louisiana. Renters may also have an easier time finding a place that fits their budget: The city’s median rent price is $1,000 a month.
Recommended: Refinance Your Mortgage and Save
Best Places to Live in Louisiana Near the Water
Louisiana fully earns its Bayou State nickname, as the famous swamps cover some 3 million acres of ground. But bayous aren’t the only bodies of water here. The Mississippi River, Gulf of Mexico, Lake Pontchartrain, and many smaller rivers and reservoirs also meander throughout the state. Bottom line: If you’re looking to put down roots near the water, you’ll have no shortage of options in Louisiana. Here are five that are among the best places in Louisiana to live.
1. Mandeville
Photo credit: iStock/Judy Darby
Mandeville’s prime location provides easy access to Lake Pontchartrain, where fishing and boating opportunities abound. When it’s time to raise the anchor and head back to shore, you can grab a bite at one of the many top-flight restaurants or take in the million-dollar views along the lakefront.
Population: 13,343
Median Household Income: $79,149
Cost of Living: 111.5% of U.S. average
Median Rent Price: $1,681
Home Price-to-Income Ratio: 4.1
Average Property Tax: 0.89%
Housing Affordability: Like many waterfront towns, Mandeville isn’t cheap. The median home value is $323,200, and the median rent price is nearly $1,700 a month.
2. Lake Charles
Photo credit: iStock/halbergman
Grab your rod and reel: Lake Charles is a well-established fishing destination, where anglers try their luck in Calcasieu Lake, Holly Beach, and (of course) Lake Charles. And because this southwestern Louisiana enjoys mild winters, you can cast your line year-round. After a day on the boat or shore, take a load off at one of the many restaurants in this fast-growing city.
Population: 79,113
Median Household Income: $49,913
Cost of Living: 85% of U.S. average
Median Rent Price: $950
Home Price-to-Income Ratio: 3.4
Average Property Tax: 0.68%
Housing Affordability: While you may pay more to live in upscale neighborhoods like Graywood or MorganField, home prices in Lake Charles are generally affordable. The median home value is around $169,000, and a typical rent price is about $950 a month. Lake Charles experienced a major hurricane in 2020 and the area is, to some extent, still rebuilding. Prospective homeowners will want to keep an eye on insurance costs and flooding risk here.
3. Grand Isle
Photo credit: iStock/UWMadison
The tiny coastal town south of New Orleans is another magnet for fishing fans. Thanks to its mild winters, you can test your luck by casting a line into the Gulf of Mexico year-round. After a day on the boat, you can unwind on one of the dozens of footpaths and trails that wind through Grand Isle.
Population: 1,003
Median Household Income: $49,126
Cost of Living: 86% of U.S. average
Median Rent Price: $1,750
Home Price-to-Income Ratio: 4.5
Average Property Tax: 0.59%
Housing Affordability: A typical home in Grand Isle is nearly $221,000, and the median monthly rent is $1,750. This makes sense considering the town’s small size and remote location. Keep in mind that Grand Isle and surrounding towns are particularly vulnerable to hurricanes and other natural disasters. If you plan on buying a home here, you’ll want to factor in the rising prices of flood and home insurance. And if you need help making sense of your financing options, a home loan help center may be a good place to start.
4. Thibodaux
Thibodaux may be closely associated with its Cajun heritage, but just as vital to its identity is Bayou Lafourche, which splits this charming town in half. You can paddleboard across the calm waters, go fishing, or take a boat tour and get an up-close look at the natural beauty of the area.
Population: 15,543
Median Household Income: $46,658
Cost of Living: 96% of U.S. average
Median Rent Price: $994
Home Price-to-Income Ratio: 4
Average Property Tax: 0.52%
Housing Affordability: Though the housing market in Thibodaux is heating up, you may still be able to find homes that fit your budget. If you’re planning on leasing, the median rent price is under $1,000 a month. Interested in buying? A typical home runs around $188,000.
5. Breaux Bridge
Photo credit: Flickr/jc.winkler , Creative Commons Attribution 2.0 Generic
Bayou Teche winds through the beautiful town of Breaux Bridge and plays host to activities and events throughout the year. If you prefer lots of outdoor action, you can get your fill of hunting, paddling, bird watching, and fishing. Once you’ve worked up an appetite, load up on the local specialty: crawfish. In fact, Breaux Bridge’s crawfish farming and cooking is so renowned, the town was officially designated the crawfish capital of the world.
Population: 7,436
Median Household Income: $44,155
Cost of Living: 88% of U.S. average
Median Rent Price: $1,500
Home Price-to-Income Ratio: 3.5
Average Property Tax: 0.43%
Housing Affordability: Housing costs in Breaux Bridge are higher than other areas in Cajun Country, such as Jennings. The median rent price is $1,500 a month, and the median home value is $155,200. That said, the town enjoys a lower-than-average property tax of 0.43%, which could help make home ownership more affordable.
The Takeaway
If you’re considering relocating to Louisiana, rest assured there are lots of big cities, small towns, and vibrant suburbs worthy of calling home. And while the cost of living varies by state, Bayou State residents typically pay less for everyday expenses and housing. But keep in mind that rising flood and insurance premiums may add to the cost of homeownership here, so you may want to adjust your budget accordingly.
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FAQ
Where is the cheapest and nicest place to live in Louisiana?
Bastrop is considered the most affordable city in Louisiana, with a median home value of $82,000 and a median monthly rent price of under $400.
How much money do you need to live comfortably in Louisiana?
If you’re a single adult in Louisiana, you’d need about $26,000 per year before taxes to live comfortably. A family of four would need around $60,000 per year before taxes.
Are Louisiana home prices coming down?
As of September 2023, Louisiana home prices were down 1.3% compared to 2022. The average home value here has dropped since the summer of 2022, after years of steady increases.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
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