clock menu more-arrow no yes

Filed under:

New Orleans homeownership rates have dropped, while rents are on the rise

The homeownership rate in New Orleans fell from 67.9 percent to 61.4 since 2007

The site Apartment List released a study illustrating how the housing market has changed since the recession. Around the country homeownership rates are hitting record lows—especially among minorities—even though the costs of homeownership have gone down. At the same time as more and more Americans are renting, rents have gone up.

In New Orleans, it’s no different: The homeownership rate in New Orleans fell from 67.9 percent to 61.4 percent from 2007-2016. Mirroring a national trend, the drop was biggest in New Orleans among Hispanics, where homeownership fell by 8.4 percent. Rents increased by 3.7 percent since 2007, even as owner costs (including mortgage, maintenance, and other factors) fell by 13 percent.

If you can afford it, now is a good time to buy a home. But because only the wealthy can buy, the gap between homeowners and renters is widening.