Deciding on whether buying vs. renting home in New Orleans or any other city can be a difficult thing to do. Especially if you are on a verge of buying a property, that decision is sometimes extremely challenging. There are so many things to account for. Usually, there are no right or wrong answers in general. New Orleans moving and storage will cover some major pros and cons when it comes to the New Orleans housing market both in terms of buying and renting. However, we still can’t make a decision for you. This has to be your call so make sure to read the text thoroughly.
Pros and cons of living in New Orleans
Like any other big city, living in New Orleans has its pros and cons. Before we get into the housing market situation let’s check out why people decide to live or move from New Orleans. To start with the good things – living in New Orleans means there is fun accessible to you basically everywhere. After all, this city is the birthplace of jazz and a host to Mardi Gras. This is why many millennials decide to move to this city.
Drinking outside and just chilling with your friends is another thing that the citizens of New Orleans are proud of. What they are not proud of is the economy – after Hurricane Katrina, the economy has been repairing itself but it’s still very low. Also, although the city is relatively close to a beach, it’s still not close enough. It takes around 90 minutes of driving to get there so we can’t really say that you can enjoy the beaches in New Orleans.
Buying a home in New Orleans
Same as in other states, the real estate market in the last year has been varying. Two major world crises happened and still are happening so this information should not surprise you. That being said, the New Orleans housing market has seen 4,3% growth over the last year. That means that the market is recovering. It is advisable to consider buying a property here. The median price for a home was $365k in August 2022.
The market is market as a positive trend. Speaking of buying a home in New Orleans, there are several things besides the price that you have to account for:
- Flood Insurance – this one is important because the area is commonly flooded
- Termites – due to the floods and the eco-system, the entire NOLA is considered infested with various insects – including termites
- Mold – another potential problem that you might encounter and that you need to check before buying a house
- Insurance Prices – there are many old picturesque places here, but you need to check how much is insurance for those
- Neighborhoods of New Orleans – same as any other big city, New Orleans has its “good and bad neighborhoods”
Renting a home in New Orleans
In case you want to rent a home in New Orleans, the situation is not that simple. The thing is the prices of rent vary greatly depending on a part of the city where you are located in. Neighborhoods such as New Orleans East, Middle Woods, and Tall Timbers offer 1-bedroom apartments for around $800 per month on average. On other hand, Bourbon Street, Bayou St. John, and Warehouse district neighborhoods are pricy – the average 1 bedroom apartment is around $2300. That means that before you relocate with long distance movers New Orleans has to offer, you need to choose – you need to carefully calculate your budget and see what suits you the most.
Don’t forget that you can always use storage containers New Orleans has to offer for the extra things that don’t fit in your new home. Sometimes it’s better to rent a smaller apartment and put some things in containers than to pay for a bigger apartment just so that you can put your things in it. This decision is completely yours – just be sure to do the math before making a final call.
Buying vs. renting home in New Orleans -comparison
These two things are very difficult to compare. When we are talking strictly about the price, yes, buying a home is much better. However, buying a home is never easy and not all people can do it, especially in today’s market.
Many of us nowadays consider taking several loans in order to buy a home – and those loans always come with an interest. This is why we have to take that interest into the equation – and they vary greatly. As long as you can buy a home with a low-interest rate and without making too much sacrifice you should go for it. If you can’t then renting in New Orleans is a better option for you. Renting a home is not a permanent solution and should not be seen in that way. It’s just that it’s better to rent a home and save some money or wait for the market to stabilize than to rush into a very expensive buy.
Moving to New Orleans
If you are buying or renting a home in New Orleans one thing is certain – you will have to move there somehow. Moving can be a very stressful process and that’s why we advise you to hire a professional. Time is money – and your time is no different. In our experience, it is much more cost-effective to at least hire a professional for the moving day and get some packing supplies New Orleans moving companies can offer and take care of the packing yourself. In this way, you will have more time to decide whether you want to buy or rent a home in New Orleans.
What would you choose- buying vs. renting home in New Orleans?
Whatever you decide, whatever you call is – we are sure that you will make the right one. Trust in yourself – no matter what you read online. You are the one who is going to live in that home. Buying vs. renting home in New Orleans or any other city is, as we said, a difficult call. We are positive that you will make the right one.