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Louisiana real estate

Louisiana – A Housing Market That’s Used to Overcoming Adversity

While most of the country was plagued by the effects of the Great Recession, Louisiana spent a great deal of time missing the brunt of it. In fact, for years, economic experts said that the Pelican State had, somehow, avoided the worst. But by 2011, Louisiana has America’s third-worst poverty rate and its seventh-worst median income – not exactly a recipe for a healthy housing market!

So, what does Louisiana’s housing market look like today?

New Orleans looks nothing like the city that was ravaged by Hurricane Katrina back in 2005, then hit again by a recession just a few years later. Instead, realtors in New Orleans say this city is chock full of optimism. One thing that will work in homeowners’ favor in the early part of 2013 is the Super Bowl. New Orleans is getting an estimated $1.2 billion in infrastructure improvements in anticipation for the big game – all of which will help boost property values all over town. So, when houses go up for sale around New Orleans anytime in the near future, owners will be able to add a little more to their asking prices.

And if you’re planning on moving to the Big Easy anytime soon, it may be more cost-effective to buy than it is to rent. Like most other areas around the country, the average apartments for rent in New Orleans have gotten more expensive over the past few months. By the end of 2012, the average apartment rent in New Orleans was over $1,000 per month!

In Shreveport, the homes for sale have been getting plenty of attention, and realtors around northwest Louisiana say they expect that to continue for the foreseeable future. Unlike many other parts of the country, the Shreveport area has a large inventory of homes – especially in the $150,000 to $250,000 range. Because the supply is so large, prices aren’t increasing at all. However, thanks to an ever-growing increase in demand, realtors in northwest Louisiana don’t think sellers here will have any problem finding interested buyers.

Meanwhile, realtors in Baton Rouge are looking to carry 2012’s momentum into 2013. The number of home sales here increased 15% from 2011 to 2012, and selling prices went up a whopping 17%.Realtors in southern Louisiana say homeowners here took notice – which could lead to a big increase in listings in 2013.

Finally, there’s great news for Louisiana’s housing market as a whole – it’s got a strong forecast. Because the Pelican State’s economy is driven by the natural gas industry, it’s a lot more stable than other states. So, people who live here can feel a lot more comfortable committing to mortgages, without wondering if their jobs are going to be eliminated.

Living in Louisiana

Want some Southern charm mixed in with your beaches? Move to Louisiana, and you’ll get just that!

Louisiana’s people are completely unique. Some of them live behind the iron gates that make you think of the Old South, while others speak French as a tribute to the state’s history. Others, still, have a Cajun flavor that’s as spicy as the local dishes!

Before you make a break for the Bayou, though, let’s go over some of Louisiana’s fast facts:

  • What is the population of Louisiana?
  • The population of Louisiana is 4,601,893
  • What is the capital of Louisiana?
  • The capital of Louisiana is Baton Rouge
  • What is the biggest city in Louisiana?
  • The biggest city in Louisiana is New Orleans

Because Louisiana sits right on the Gulf of Mexico, you can expect it to be humid year-round. The summers are long and hot, while the winters are short and mild. Snow is incredibly rare.

Louisiana’s location doesn’t just lend itself to good weather. It also lends itself to good food! If you like fresh fish, you will love living here – as catfish, crawfish, shrimp, oysters, and snapper are all very popular. And, of course, much of the food here has a distinct Cajun flavor, so get used to spices like cayenne pepper, garlic powder, and paprika.

Louisiana’s most famous city is New Orleans, and it certainly lives up to the phrase “Laissez les bon temps rouler” – or, “Let the good times roll”! New Orleans has worked hard to rebuild after it was destroyed by Hurricane Katrina, and now the city is back to its thriving self. Known for its jazz scene, French Quarter, and Mardi Gras, there are family-friendly things to do here, too – like the Audubon Zoo and the Louisiana Children’s Museum.

If you want to live in the lap of luxury, Baton Rouge is the place to be. From its sprawling plantations, to its museums, to its symphony orchestra, Baton Rouge offers big-time culture in a less-congested city. It’s also the home to Louisiana State University, so you’ll also get the fun of living in a college town – including nearby casinos!

History mixed with a unique flavor… Does it get any better than that?!

This is the Census data for Louisiana

Population

Total population estimate for Louisiana (July 1) 2012
4,601,893
Total population change for Louisiana- April 1, 2010 to July 1, 2012
1.5%

Age

Percentage of the population that's under 5 years old in Louisiana, 2011
6.9%
Percentage of the population that's under 18 years years old in Louisiana, 2011
24.4%
Percentage of the population that's 65 years and over Louisiana, 2011
12.5%

Gender

Percentage of the population that are females in Louisiana, 2011
51.1%

Race breakdown for Louisiana in percentages

White alone, 2011
63.8%
Black alone, 2011
32.4%
American Indian and Alaska Native alone,2011
0.7%
Asian alone, percent, 2011
1.6%
Native Hawaiian and Other Pacific Islander alone, 2011
0.1%
Two or more races, 2011
1.4%
Hispanic or Latino Origin, 2011
4.4%
Not Hispanic, White alone, 2011
60.1%

A little more about the residents of Louisiana

Percentage of residents who lived in the same house 1 year ago, 2007-2011
85.1%
Percent of residents who are foreign born 2007-2011
3.7%
Percent speaking a language other than English at home, 2007-2011
8.8%

Education

Percent high school graduates or higher for residents 25 years old and over in Louisiana, 2007-2011
81.6%
Percent with a bachelor's degree or higher for residents 25 years old and over in Louisiana, 2007-2011
21.1%

Veterans

Total number of Veterans living in Louisiana 2007-2011
314,677

Communting

The average travel time to work for workers in Louisiana (16 years and over not working at home), 2007-2011
24.9 mins

Real estate stats in Louisiana

Housing unit estimates, 2011
1,978,848
Owner-occupied housing units - percent of total occupied housing units, 2007-2011
67.9%
Housing units by units in structure - multi-dwelling structure, percent, 2007-2011
18.1%
Median value of specified owner-occupied housing units, 2007-2011
$135,400.00
Households, 2007-2011
1,675,097
Average household size, 2007-2011
2.60

Income

Per capita income for Louisiana in the past 12 months (in 2011 inflation-adjusted dollars), 2007-2011
$23,853.00
Median household income in Louisiana, 2007-2011
$44,086.00
Percentage of people living in poverty in Louisiana 2007-2011
18.4%

Business and commerce info for Louisiana

Private nonfarm establishments, 2010
103,365
Private nonfarm employment for pay period including March 12, 2010
1,599,551
Private nonfarm employment for pay period including March 12, 2010, percent change, 2000-2010
0.5%
Total number of businesses in Louisiana, 2007
375,808
Percentage of Black-owned businesses in Louisiana, 2007
15.9%
Percentage of American Indian- and Alaska Native-owned businesses in Louisiana , 2007
0.7%
Percentage of Asian-owned businesses in Louisiana, 2007
2.8%
Percentage of Native Hawaiian- and Other Pacific Islander-owned businesses in Louisiana, 2007
NA
Percentage of Hispanic-owned businesses in Louisiana, 2007
2.9%
Percentage of Women-owned businesses in Louisiana, 2007
27.4%

Land size and population

Size of Louisiana in Square Miles, 2010
43,203.90 mi²
Population per square mile in Louisiana, 2010
104.9

Louisiana real estate

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Saint Amant