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New Orleans ranks 13th among 500 counties/parishes for the amount of income that renters will pay in 2015, according to a report by real estate data service RealtyTrac, reports Nola.com.
Renters in New Orleans will pay 41% of the income in rent next year, which is higher than the national average of 27 percent.
The article states that millenials now make up an astounding 33% of New Orleans’ population. That’s amazing for the city, yet hard to believe.
“These millenials will be driving strong demand for rents in the next few years,” said RealtyTrac vice president Daren Blomquist in a video explaining the report.
Another very interesting nugget in the report: it’s more expensive to rent than to buy in New Orleans. Fair market rent in New Orleans for a three-bedroom home is $1,192 for 2015.
RealtyTrac analyzed fair market rent data for 2015 issued by the U.S. Housing and Urban Development. Read RealtyTrac’s report here.
about the author: CSB Staff
Being a real estate agent, Many times it is better to buy than to rent. You just have to be willing to at areas that are not hitting the tops….