Rent to own Homes in New Orleans, LA
In the past few years, New Orleans has been affected by a series of natural catastrophes that caused significant material damage as well as the loss of lives. The real estate market was also affected by the hurricane and is only now beginning to recuperate. Even so, at $130,000, the median home sale price in New Orleans remains noticeably lower than the national average. Ever since Hurricane Katrina, the city has witnessed a drop in population along with an increase in apartment vacancy rates. In fact, until a couple of years ago, New Orleans had one of the highest vacancy rates in the entire country. However, things have come a long way since then. With the development of new housing units and reconstruction of hurricane-damaged property, occupancy rates have been on the rise. Since a large number of people are starting over from the scratch, rent-to-own plans have emerged as a popular option.
New Orleans, LA is a great place for affordable rent-to-own homes! With a median household income of over $43,258 and a median rent of $1,025, the New Orleans, LA rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in New Orleans, LA. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
More New Orleans, LA Property Resources
Rent to own Homes in Cities Near New Orleans, LA
- Ama
- Arabi
- Avondale
- Barataria
- Belle Chasse
- Braithwaite
- Bridge City
- Chalmette
- Delacroix
- Eden Isle
- Elmwood
- Estelle
- Gretna
- Harahan
- Harvey
- Jean Lafitte
- Jefferson
- Kenner
- Lacombe
- Lafitte
- Luling
- Marrero
- Meraux
- Metairie
- New Orleans
- New Orleans Station
- Poydras
- River Ridge
- Saint Bernard
- Slidell
- St. Rose
- Terrytown
- Timberlane
- Violet
- Waggaman
- Westwego
- Woodmere
Neighborhoods in New Orleans, LA
East Riverside rent to own homes Touro rent to own homes Milan rent to own homes Black Pearl rent to own homes Audubon rent to own homes Freret rent to own homes Uptown rent to own homes West Riverside rent to own homes B. W. Cooper rent to own homes City Park rent to own homesMedian Home Price in New Orleans, LA
Median Rent in New Orleans, LA
School SystemsAs with other sectors, school systems have also improved significantly in the years following Hurricane Katrina. Prior to the hurricane, the New Orleans Public School system was among the worst performing education systems in the country. However, in the wake of Katrina, RSD, or the Recovery School District of Louisiana, took matters into its hands, making some drastic reforms and overhauling the entire bureaucracy. Soon enough, results were evident as the graduation rate rose from a disappointing 55 percent to a healthy 75 percent. RSD directly runs close to 30 schools and grants charters to another 30 or so, thus controlling a majority of the education system and making New Orleans the only city where more than half the children go to public chartered schools. Even when the positive changes in the school system are taken into consideration, the truth is that New Orleans school system is still lagging behind in terms of hard statistics, infrastructure, and overall student development. However, if recent trends are anything to go by, this could soon be a thing of the past.
Weather and ClimateGeographically, New Orleans is surrounded by water on three sides and is situated at latitude 29.9 N, which means that it has a typical subtropical climate. Summers are hot and humid while winters last for only a short time and are moderately cold. July and August are extremely humid (sometimes, unbearably so) while other months are fairly pleasant with the average temperature hovering somewhere around the 70 F mark. Having said that, it's hard to make definitive statements about New Orleans weather as temperatures fluctuate significantly within a single day. Rainfall is usually sudden and can cause a dip in temperatures. It's no secret that the city is prone to hurricanes, especially in the months between June to November.
Neighborhood GuideThe neighborhoods of New Orleans reflect the cultural vibrancy of the city. Besides boasting of French architecture and antique houses, most neighborhoods also have a high walk score (an index of how pedestrian friendly an area is and how much work you can get done on foot). Here is a brief list of some of the most prominent areas in the city:
