The typical owner-occupied home in Monroe is worth about $198,900, 8% below the Louisiana median of $216,500 and 40% below the national median of $332,700. Owners pay a median $1,001 a year in property taxes, about 0.50% of their home's value, lower than the Louisiana rate of 0.55%. The median household earns $40,505 a year, so the median home costs 4.9 times the median income (3.6 times for Louisiana). 48% of occupied homes here are lived in by their owners, and 47% of those owners still have a mortgage.
Monroe at a glance
| Monroe | Louisiana | U.S. | |
|---|---|---|---|
| Median home value | $198,900 | $216,500 | $332,700 |
| Median property tax paid per year | $1,001 | $1,180 | $3,119 |
| Property tax as a share of value | 0.50% | 0.55% | 0.94% |
| Median household income | $40,505 | $60,756 | $80,734 |
| Homes lived in by their owners | 48% | 67% | 65% |
| Owner homes with a mortgage | 47% | 52% | 61% |
| Median monthly costs, owners with a mortgage | $1,495 | $1,604 | $1,963 |
| Those costs as a share of the owners' income | 18.3% | 20.4% | 21.0% |
| Median rent | $886 | $1,064 | $1,413 |
| Rent as a share of renters' income | 41.5% | 32.8% | 30.6% |
| Median year homes were built | 1971 | 1983 | 1980 |
| Vacant homes | 15.0% | 14.4% | 10.1% |
| Population | 47,004 | 4,611,961 | 334,922,499 |
What a typical home costs per month in Monroe
At this week's average 30-year rate of 7.11%, buying the median Monroe home of $198,900 with 20% down costs about $1,236 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,568, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $52,978 for the 20%-down payment. That payment is 37% of the median Monroe household income of $40,505; at that income and 20% down, the 28% guideline points to a home of about $152,000.
The median rent here is $886 a month, so owning the median home costs about $350 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $39,780 |
|---|---|
| Loan amount | $159,120 |
| Principal and interest | $1,070 |
| Property taxes (0.50% a year) | $83 |
| Homeowners insurance (our estimate, 0.5% a year) | $83 |
| PMI | $0 |
| Total per month | $1,236 |
Change the numbers in the calculator
| Down payment | $6,962 |
|---|---|
| Loan amount | $195,297 |
| Principal and interest | $1,314 |
| Property taxes (0.50% a year) | $83 |
| Homeowners insurance (our estimate, 0.5% a year) | $83 |
| FHA mortgage insurance | $88 |
| Total per month | $1,568 |
Change the numbers in the calculator
Questions about home buying in Monroe
What is the median home value in Monroe?
About $198,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Monroe?
Homeowners pay a median $1,001 a year, which is about 0.50% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Monroe?
For the median home with 20% down at 7.11%, the payment is about $1,236 a month. Keeping that under 28% of gross income takes about $52,978 a year.
More about Monroe
- Mortgage Refinance in Monroe
- Debt Relief in Monroe
- Home Equity Loans in Monroe
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data