At a time when many Americans are struggling to find homes to purchase, one housing market has emerged as offering the best deal for buyers based on historic trends. That market is New Orleans, Louisiana. This conclusion is based on housing premium/discount and price-to-rent ratios, according to data from Florida Atlantic University College of Business.

The Top 100 U.S. Housing Markets and the BH&J National Price-to-Rent Report are two monthly reports that help determine best housing markets. The Top 100 U.S. Housing Markets Report looks at factors such as the actual average home price in a city and the long-term pricing trends and calculates how overvalued or undervalued housing markets are. The National Price-to-Rent Report determines whether renting or ownership is preferable in a market, based on a price-to-rent ratio.

Currently, housing prices in New Orleans are selling at 5.09% below that area's long-term pricing trend. The average home price in New Orleans is $235,105 currently. However, based on statistical estimates, the average home price should be $247,721. This suggests today's pricing gives buyers a nice discount.