New Orleans, Louisiana is situated in the Southern portion of the United States. It is located in the Southeastern part of the state of the Louisiana next to the Mississippi. New Orleans is considered one of the most interesting cities in the country. Nicknamed The Big Easy, the city, is home to the French Quarter, Bourbon Street, and diverse cultures. New Orleans is boasts some of the best cuisine in the country, and the city is vibrant with music and culture. New Orleans was devastated by Hurricane Katrina in 2005, but it has recovered nicely. The Southern portion of the country is attracting many people who want to move to the area. If you are planning to move to the city, you need to research the area to see what options are available to you.
Demographics and Median Income
389,617 people call New Orleans home, according to https://www.census.gov/quickfacts/table/PST045215/2255000. The majority of people in the city are black at 60%. 30.5% are white, and 5.2% are Hispanic. 2.9% are Asian. The manufacturing industry makes up a good portion of the economy. The unemployment rate in New Orleans stands at 9.4%, which is above the nation’s average. The median income is $36,964, which is below the national average.
Median Home Prices in New Orleans
The median price of a home in New Orleans stands at $223,000. There are almost 3,500 homes for sale. The housing market is still recovering from Hurricane Katrina. Home values are expected to rise over the next year.
Just over 19,000 crimes are reported in New Orleans each year. About 3,700 of those are violent crimes. The crime rate in New Orleans is almost 70% above the national average. 96% of other cities in the country are safer than New Orleans.
Schools in New Orleans
The average test scores in New Orleans is 54%. This is below the national average. There are 139 public schools and 74 private schools in New Orleans. Benjamin Franklin High School and Alice M. Harte Elementary Charter School are two of the best schools in New Orleans.
Mortgage Loan Options in New Orleans
Numerous lenders are offering mortgages to people in New Orleans. Some of these choices include:
- Government loans: Some of the mortgages insured by the Federal Government include FHA loans, VA loans, and USDA loans. FHA loans are a good option for first-time homebuyers. You will need a minimal down payment amount and the credit requirements are lenient. VA loans are for individuals who have served in the armed forces. No down payment is required. USDA loans are intended for people who reside in rural areas and have low income.
- Conventional loans: These loans are not insured by the Federal Government. You will need a larger down payment and good credit.
- Fixed-rate loans: Your rate will stay the same throughout the term of the loan. Your monthly payment amount will also stay the same. These loans usually come in 30, 15, or 10-year terms.
- Adjustable-rate loans: Your rate will fluctuate throughout the life of the loan. The interest rate could increase or decrease depending on the current rate.
New Orleans is home to the New Orleans Saints, Mardi Gras, and southern charm. The city really knows how to party and have fun. If you are moving to The Big Easy, you have numerous housing options available to you. Research your options and lenders to see what works for you.