Many people are considering relocating to the city of New Orleans, LA. The Big Easy is one of the South's most iconic cities, thanks to the dynamic aspects it offers. These elements include the country's best live music scene and beautiful architecture. The city also has Cajun and Creole influences and the city's Mardi Gras celebrations. Thousands of people attend these events, one of the best celebrations in the country. NOLA is also one of the fastest-growing cities in the United States among millennials. Still, no big city is perfect, and The Big Easy offers certain drawbacks and advantages.
Quick Facts
- The Krewe of Comus organized the first Mardi Gras procession in New Orleans on February 24, 1857.
- The average household income in New Orleans is $71,938, with a 23.03% poverty rate.
- In recent years, the median rental cost has been $1,025 per month, with a median housing value of $250,000.
- New Orleans' population is now falling at a rate of -0.22% each year, but it has climbed by 11.44% since the most recent census.
- With a population of 387,564, New Orleans is Louisiana's largest city and metro region.
New Orleans, LA in a Nutshell
New Orleans is a wild nightlife destination. It is a happy place that brings up images of parades and beads, music, and Creole cuisine. These are only a few of the reasons why over 17.47 million people visited New Orleans in 2017. Additionally, thousands of corporate thought leaders and professional organizations attend conventions. New Orleans has a high concentration of biotech and medical districts and universities. The city's professional and college football spirit rivals any other state in America. But New Orleans is everything but ordinary. Moving to New Orleans will, of course, feel different than moving to other cities. Though New Orleans is only roughly 350 square miles in size, the city feels much more extensive. The city has 13 distinct districts and 72 distinct neighborhoods. For example, areas such as the French Quarter and Esplanade Ridge exist. There are also newer growing suburbs like New Orleans East and Metairie. Each area of the Big Easy has its own distinctive ambiance and things to do.
Economy
The main revenue generator in the city, bringing in an average of $8.7 billion each year, is hospitality. Service industry opportunities abound. In January 2019, the city established the world-class New Orleans Culinary & Hospitality Institute. It has raised the city's training game in all things related to hospitality. According to the Department of Labor, the city's hospitality business remains strong. The industry produces more than 87,000 jobs. According to the New Orleans Advocate, the New Orleans economy is also continuing to grow. The city's broad economy includes oil and gas, international trade, seafaring, and healthcare. Tulane, Loyola, and Xaviar are among the city's private and public institutions. These places consist of students and teachers. Additionally, the $1.1 billion University Medical Center opened in 2015. And the long-awaited Veterans Affairs Hospital opened in 2016. They are both parts of the healthcare sector. According to Greater New Orleans Inc. data, the medical business employs three-fifths of the state's 50 largest private employers.
Employment
New Orleans has changed six years after Hurricane Katrina's devastation and flooding. It grew and became different, but it is also bigger and stronger. NOLA raises the bar and shines in more ways than one. For a reason, NerdWallet named it the best city for jobs, income, and population. When it comes to the economy of New Orleans, we can state that it is pretty diverse. There are industries ranging from marine, international trade, healthcare, oil, and gas.
Furthermore, New Orleans is home to eight private and public universities. These places have outstanding students and world-class professors. And, when it comes to the job market, some of the top employers are in New Orleans. These companies include Ochsner Health System and Woodward Design + Build. Whitney Holding Corp., and Superior Energy Services are also on the list. Living in New Orleans will provide various work opportunities and low living costs.
Real Estate in New Orleans, LA
There are geographical boundaries that keep New Orleans confined to a specific location. For those who wish to buy a home within the city, their monthly living expenditures will be much higher. Rental prices are competitive outside of the city center. Insurance is higher here than in neighboring regions due to the city's history of floods. Investors' owned properties must get separate flood insurance to protect their investments. Property taxes are also high since they relate to the value rather than the assessment of land.
The median listed home price in New Orleans ranges from $250,000 to $350,00, making it cheap to buy a home in the city. The median rent in the area is around $1,025 to $ 1,650, which is comparable to the national average. New Orleans was a buyer's market in April 2022. So, this situation means more houses are on the market than buyers. As a result, this could be a perfect moment for buyers to buy a home. The types of homes in the city are creole cottages, (double) shotguns, and townhouses. These coexist with double-gallery homes, central-hall houses, and bungalows.
Real Estate Trends
According to Redfin, in December 2021, New Orleans home prices were up 10.4% over the previous year. There was a median price of $300K. On average, homes in New Orleans sell after 31 days on the market, compared to 39 days last year. From the previous month of this year, 475 properties sold, up from 473 in December of last year. The housing market prognosis for the one year ending in the fourth quarter of 2022 is optimistic. Many expect this housing market projection to be accurate. If it becomes true, property values in the fourth quarter this year will be higher than last year. According to statistics, home appreciation rates in New Orleans have been above average. In fact, NeighborhoodScout says it has been growing over the last decade. The cumulative appreciation rate over the last decade has been 65.57%. It is a competitive rate placing it in the top 30% of the country. This rate amounts to a 5.17% annual average appreciation rate for New Orleans residences.
Final Thoughts
New Orleans is a thriving metropolis with opportunities around every corner. People fall in love with NOLA for various reasons, including its dynamic music scene. Its gorgeous architecture, delectable food, and thrilling festivals add to the reasons. Aside from that, the city's economy and jobs are also competitive compared to other states. This outcome signifies a high number of career prospects and a low cost of living. Many will learn that New Orleans is still a prosperous city of culture and influence. People here are proud of their heritage and care for their homes and neighborhoods. This city comes to life via its music, gastronomy, and events. The benefits and drawbacks of living in New Orleans are very subjective. Those who do not mind a slower pace of life and can deal with the weather will love being here.
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