It’s been over ten years since Hurricane Katrina devastated the city, and real estate in New Orleans is now one of the best housing markets in the country for investors. With the rapid growth of technology, the housing market is continually changing.
However, location is and will always be the most critical factor when it comes to investing. The location determines the value, potential rental income, expenses, and other crucial factors a property investor should consider.
Why Invest In NOLA Real Estate
As an investor, the primary goal is to yield the highest return on your investment. While Katrina did take a heavy toll on the city and its growth, it didn’t take long for a successful recovery, especially regards to real property.
Home prices have skyrocketed upwards of 40% and are still considered the most affordable compared to the national average. This statistic alone is attracting more property investors to Louisiana every year making it a great time to buy a home.
Also above the national average, is the job growth rate of 2%. New Orleans or (NOLA), is home to millennials and young entrepreneurs looking for employment in the tourism and technology sector. Even though construction and inventory have slowed on investment properties, the demand is still high.
For 2018, the industry outlook is definitely suggesting that we will continue to see high demand, affordable home prices, modest appreciation, and strong housing development. Another positive outlook for the NOLA market is the increase in popularity of the suburbs compared to the city.
The suburbs have affordable investment property prices with high rental income. If you’re an investor or a first-time homebuyer, NOLA is the perfect location to own a home or vacation condo. It’s also an excellent time to sell a home, as prices are at the best they’ve been in years.
What’s The Lifestyle Like In NOLA?
Residents of Louisiana agree that the four seasons in NOLA are football, crawfish, hurricane, and Carnival. They look at these as rewards for enduring the humid and sweltering summer.
NOLA is full of diverse cuisine, music, and cultural traditions. It’s more than just about Mardi Gras and partying down Bourbon Street. There are plenty of family-friendly celebrations that make true New Orleanians proud.
NOLA is a pretty easy area to get around. The Uptown and Mid-City neighborhoods are connected to downtown by the streetcar line. You can also get around quickly on the bus system. Urban commuters love biking to work, and there are over 100 miles of bikeways.
The Louis Armstrong New Orleans International Airport provides flights around the country daily. NOLA is such a friendly city where everyone knows everyone. The population has risen since the devastation of Hurricane Katrina, with a good number of residents approaching middle age.
Things To Do
There are two large outdoor spaces Audubon Park and City Park. Residents have access to many cultural attractions such as the Chalmette Battlefield, and the New Orleans Museum of Art.
The world-famous French Quarter is home to art galleries, specialty shops, historic houses, and a line of historic bars on Bourbon Street.
NOLA likes to stay up late, being the birthplace for Mardi Gras, jazz, and cocktails. The universal language is music and it’s spoken any time of the day or night.
From sunrise to sundown, NOLA offers many opportunities to dance and listen to live music or watch a sexy cabaret show.
NOLA is known around the world for its food. People from all over the country come to Louisiana solely to experience the Southern cuisine. The favorite pastime among locals is eating the foods that put their state on the map. Dining in NOLA means you’re experiencing the most unique and vibrant foods you can find in America.
New Orleanians’ love for food is infectious, and their friendly nature is welcoming to all visitors of the city. The culinary scene is all about Cajun, and savory soul food that is constantly evolving with new flavors and textures. The only downside is that there are so many fabulous restaurants, it’s hard to choose.
Here are some of the foods NOLA is famous for:
These are a quintessential Louisiana treat. Beignets are french donuts, fried dough fritters covered in powdered sugar, a treat that many think goes best with a good cup of coffee or espresso.
Overstuffed sandwiches served on fresh New Orleans French bread. This NOLA tradition is a must-have for residents and any visitor. You can get sandwiches everywhere, but a po-boy is just as much about the bread as it is the rest of the sandwich, and you’d be hard-pressed to find bread just like this anywhere.
Ingredients may vary by restaurant, from sausage, seafood, chicken, or a combination of the three. However, the bold spices and perfect flavors are always present. In some ways, a thicker version of gumbo, but with tomato sauce.
NOLA has a variety of crawfish dishes including etouffee. This is a thicker stew chock full of crawfish or shrimp similar to gumbo. Served over rice and made with a rich roux, you’ll never eat anything else like it.
You simply can’t leave NOLA without experiencing the best international specialties including red beans and rice, gumbo, and lobster po’boys. New Orleanians are eager to show you what makes their food second to none. If you’d like to make New Orleans your home, contact your local trusted Realtor.