Buying a House In New Orleans

With interest rates trickling up, those looking to buy a home in post-Katrina New Orleans need to take a serious look at doing so soon, before a combination of rising prices, insurance changes and higher interest rates closes the door forever.

With mortgage interest rates averaging at well above six percent for most buyers in the city and homeowner’s insurance in some cases over six thousand dollars per year, the time to act is now. As hurricane season approaches and the fallout from the housing market collapse continues, both will insurance and interest rates will be climbing.

Unlike other cities, in New Orleans, the increase in interest rates will not be offset by falling costs. Following Katrina, there is still a lot of eager buyers and a lack of available property. Though prices vary from area to area, they have overall remained high and are only falling slightly in some areas and rising in others.

Rental rates are also not improving. The average rental property in New Orleans costs over one dollar per square foot per month. An average size home will cost more than $1000 per month to rent, more than most mortgages.

If you are thinking about buying in New Orleans or escaping your landlord, now is the time to do so! The next opportunity might be a long time away.

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