Despite reports of New Orleans' skyrocketing real estate prices and how millennials—who are earning low salaries and are burdened with student debt—can only afford homes unless their parents help them, a report from CNN/Money says that New Orleans is among the top 10 U.S. spots for millennial home buyers.
The report comes from mortgage data from the National Association of Realtors. New Orleans ranks no. 9 on the list, and fellow Louisiana cities Baton Rouge, Shreveport and Lafayette are on there, too.
So, where in New Orleans are these millennials buying homes? A real estate source quoted in a NOLA.com article on the study says these 25-34 year-olds are buying in Gentilly Terrace, Mid-City, St. Roch and the 9th Ward. Because of New Orleans' high prices, millennials are also reportedly looking in—gasp!—Jefferson Parish! From NOLA.com:
Higher prices in New Orleans are also pushing millennial buyers into Jefferson Parish, where she said they are only interested in certain homes. For example, the Old Jefferson area is seeing buyers who can't afford to own in Riverbend and Black Pearl. Its housing stock is closer in comparison to smaller Uptown listings than, say, the ranch-style homes that are prominent in Bucktown. · Where Millennials are buying homes [CNN/Money via NOLA.com]
· Sky-high home costs leave many priced out of New Orleans [WWL-TV]
· We're Making Life Too Hard for Millennials [New York Times]
· Millennials Who Are Thriving Financially Have One Thing in Common [The Atlantic]