New Orleans Home Prices Could Hurt Longtime Residents
Longtime residents may be forced out of New Orleans due to a rise in home prices, according to a recent report.
Vacant properties are on the decline and the median family income of $63,300 is no longer enough to sustain a family in some of the top neighborhoods, reports National Mortgage News.
"Those with the highest median home sale prices are usually considered the city's strongest neighborhoods, while those with the lowest are considered the most troubled," according to market value analysis from Reinvestment Fund, cited by NMN.
The overall message from the data shows that as areas continue to develop, the cost of living and home prices are climbing to a point where it is unrealistic for longtime residents to stay in their neighborhoods.
"In New Orleans East, it really is the story of not keeping pace with the rest of the city," said Emily Dowdall of the Reinvestment Fund, according to the report.
"Citywide, the number of blighted and empty properties has decreased, while the city's homeownership rate has remained stable — two signs of market strength."
To learn more the effects that increased home prices and development has on longtime New Orleans residents, click on the image above.