While New Orleans is known for its architecture, food and music, It’s not known for being affordable. At least not anymore.
Nearly 57 percent of renters in the New Orleans Metro area reported they were burdened by rent cost. In the study conducted by Apartment List, who evaluated data between 2005 to 2015, New Orleans ranked No. 90 out of 100 of the largest metro cities in the United States in its rent affordability.
Between 2005 and 2015, rent in New Orleans increased by 18.6 percent. In that same time period, renter income in the New Orleans metro area increased on average by 14.6 percent.
New Orleans joins cities like San Diego, Los Angeles, Miami and New York in being the least affordable in the United States. According to the research, cost burdened renters across the nation are a result of rising rent and abundance of low-paying employment.
The Midwest and Texas scored the highest in rent affordability.
New Orleans has recognized its affordable housing issue and has taken steps to solve it. In September, HousingNOLA evaluated affordable housing in the city for the 2015-16 year. The city scored a B rating for its progress, with high rent continuing to plague the city.
In October, City Council requested that the City Planning Commission study the effectiveness of adding incentives to encourage developers to build more affordable housing.
The Lafitte Greenway apartment development recently secured a tax break from the Industrial Development Board on its apartment development in exchange for including affordable housing units in its development.
Click here for more information on Apartment List’s Study.
Which Metros Have the Most Cost-Burdened Renters? [Apartment List]
New Orleans affordable housing evaluated in report [Curbed NOLA]
City Council commissions study on affordable housing [Curbed NOLA]
Lafitte Greenway development secures tax break, affordable housing [Curbed NOLA]