There are a total of 215,091 housing units in the New Orleans area, and 46.5% of the population are homeowners. The homeowner vacancy rate stands at 2.2%, while the rental vacancy rate is 7.9%. Of course, some of the vacancies are attributable to the seasonal flux of temporary rentals, as New Orleans is a popular spot for tourists, and the tourist industry is a strong part of New Orleans industry. The average cost of purchase for a 2,000 square foot home is $162,000, with an average property tax cost of $2,755 yearly. Property taxes average $6 per $1,000 of home value, well below the national average of $15.64.
There are many neighborhoods in New Orleans, offering a wide variety of lifestyles and price ranges. In the heart of downtown is the Downtown/Warehouse district. While there are not many single-family homes in this district, it is popular as an exciting place to live and there are many upscale condos with beautiful views. The average cost here is around $200/square foot, with average sales prices from the year 2002 at $282,119, a modest appreciation of 12% in the last 7 years.
The French Quarter is another popular district, considered by many to be home to some of America's finest authentic colonial, Spanish, and antebellum structures. Again, condominiums are what are primarily available. The French Quarter is considered an upscale area known for its beautiful architecture and ambiance, with prices starting around $238/square foot (up 50% in the last 7 years), and an average sales price of $186,849, up 31% in the last 7 years. It is still possible to purchase a condo starting at around $100,000.
The appropriately named Garden District is another beautiful and popular area that has seen strong appreciation in the last 7 years. Here, single-family residences can be found, with an average sales price for year 2002 at $318,461, up 54%. Average price per square foot is $119.
The area known as uptown is located near universities and the Audubon Park, as well as the streetcars running along St. Charles Avenue. Houses in the Uptown area are, on average, nearly 100 years old! This area has seen appreciation of 58% in the last 7 years, with an average sales price at $303,535. Average price per square foot is $127.
The Lakeview area is so named for its proximity to Lake Pontchartrain and is an excellent location for families, close to the University of New Orleans as well as many popular restaurants and nightspots. The average price in Lakeview is $238,699, up 31% in the last 7 years.
East New Orleans is a popular place for those who must commute, as it is near downtown (though far enough away to provide for a more serene lifestyle) and provides easy access to I-10. With an average sales price at $106,734 (up 30% in the last 7 years), it is also more affordable.
The Algiers neighborhood offers proximity to downtown, several golf courses, and neighborhood amenities. Algiers is one of the fastest appreciating areas, having experienced appreciation of 72% in the last seven years, yet, with an average price of $112,514, it is still very affordable. Price per square foot averages $68.
Lastly, the English Turn area, known as an upscale golf community, was designed by Jack Nicholas. It is home to some of the finest golf courses in the world as well as the location of the Freeport-McMoran Golf Tournament. This exclusive neighborhood saw an average 2002 sales price of $575,335, up 37% in the last 7 years.
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