Housing in New Orleans
New Orleans has traditionally been considered an affordable alternative to markets with similar attributes, thanks in large part to its affordable and varied housing options.
Average rent for a one-bedroom apartment is $924, and the median home price is $192,400. In response to the rising popularity of New Orleans and the increase in migration to the city’s urban areas, home prices in the city are increasing. However, neighboring parishes offer an abundance of options to meet your price point and preferences.
Housing options in the Greater New Orleans region range from sophisticated downtown lofts, to charming Uptown Victorians, to traditional suburban single-family homes, to rural farms.
Beyond the price of housing itself, residential utility costs are extremely affordable, coming in as the second lowest in the country. Plus: a homestead property tax exemption on the first $75,000 in value for the primary residence of Louisiana homeowners further lowers an already palatable tax rate.
Prospective homeowners interested in living among the historic architecture New Orleans is known for will want to focus their search on the city proper and its older-construction homes, while newer home construction awaits buyers in areas like Gentilly, Lakeview, and St. Tammany Parish, where significant population increases since the 1990s have resulted in the steady development of new homes in planned communities.
In surrounding areas, like Jefferson Parish, residents can find the familiar look and feel of suburban communities that were planned anywhere from the 1950s to today.
Finally, downtown New Orleans has recently experienced a spike in housing development, bringing to market thousands of apartments and high-end condominiums – traditionally difficult to find in the region – as well as an influx of shared housing developments.
Real estate rentals in the city itself are a combination of small home apartments and duplexes found in residential neighborhoods and the French Quarter, along with condos and newly constructed units downtown. Outside of the city, in neighboring parishes like Jefferson, St. Bernard, and St. Tammany, the rental market features more multi-unit complexes.
Utility rates in Greater New Orleans are some of the most affordable rates in the country. In fact, the average residential electricity rate in New Orleans is 17% less than the national average, while rates in other cities such as Hammond or Mandeville are upwards of 35% below the national average. Altogether, the average home in New Orleans will spend approximately $110 a month on total energy costs, the third lowest in the country.