Just Matched in New Orleans? Rent vs Buy for Incoming Doctors
How incoming doctors weigh flexibility, risk, and financial sanity during training
Every spring I talk to incoming residents and fellows moving to New Orleans who are asking the same thing:
“Should I rent for a year, or does buying actually make sense?”
You’ll hear loud opinions on both sides. The reality is more practical, and more local, than most advice makes it sound.
Here’s what I’ve seen working with doctors over the past few years:
🏡 One resident bought a modest home near Ochsner using a physician loan. They stayed four years and sold with a small gain, not life-changing, but enough to walk away with about $6k instead of losing ~$70k+ to rent.
🏡 Another bought a condo near Children’s, moved out of state for fellowship, and kept it as a rental. It doesn’t cash flow much, but the rent covers the note and they’re building equity over time.
🏡 After renting their first year, one new doctor bought in Kenner. A few years later they matched into a contract in Nevada during a softer market. We sold below their original asking price, not great, but because they’d built equity over time, they still walked away with about $1,500 instead of bringing money to the table.
🏡 And plenty of residents rent, especially year one. New city, new hospital, new schedule. For some, simplicity and flexibility are absolutely worth it.
Financing options I see residents use most often:
Physician loans (0–3% down, no PMI) Designed for MDs/DOs. Flexible with student loans. Slightly higher rates, primary residence only.
FHA (3.5% down) Easier credit, but monthly PMI adds up.
Conventional (3–20% down) More stable long-term; PMI can be removed later.
The questions that usually decide this:
Do you realistically think you’ll stay 3–4+ years?
Would you consider renting it out if you leave?
Do you want the simplicity of renting — or optionality later?
Right now, New Orleans is still giving buyers. Inventory is sitting in certain pockets, prices have softened, and sellers are offering real concessions but it’s very neighborhood-specific. Where you buy matters a lot more here than people expect.
For many incoming doctors, renting the first year makes total sense.
For others, buying thoughtfully, in the right area, can preserve flexibility rather than lock you in.
Curious to hear from those who’ve been through it:
If you trained in New Orleans, did you rent or buy? What would you do differently now?
If this was helpful and you know someone moving to New Orleans for training, feel free to share this or pass along their info here, I’m always happy to be a sounding board.