As rent rises in New Orleans, household incomes struggle to keep pace.
In a recent study conducted by Apartment List, researchers found that nearly half of all U.S. renters spend at least 30 percent of their income on housing. In New Orleans, 57 percent of renters spend at least 30 percent of the income on rent. Over 31 percent of the city’s renting population spend more than half of their income on housing.
Researchers rated affordability on available income and rent costs. Analyzing data from 2005 to 2016, Apartment List reported rent in New Orleans to increase by 17.6 percent, while income increased by roughly 10 percent in that 11 year period.
Out of 100 major cities in the United States, New Orleans ranks No. 93 for the most affordable for renters, according to Apartment List.
This past August, ABODO studied the effects of rent across three different generations. In New Orleans, 51.6 percent of Millennials, 49.2 percent of Generation Xers, and 55.9 percent of Baby Boomers spend more than 30 percent of their total income on rent.
In its national rent analysis, Zumper ranked New Orleans No. 21 in the metro area with the most expensive rent this past November. Since November of 2016, rent for one- and two-bedroom apartments both dropped by nearly 11 percent.
For more information on the cost-burden rent report, visit Apartment List’s official website.
- Rental Affordability Crisis: Where Is Cost Burden Worst? [Apartment List]
- This housing study shows how rent in New Orleans impacts renters by generation [Curbed NOLA]
- New Orleans rent analysis for November of 2017 [Curbed NOLA]