The New Orleans neighborhoods that appeal the most to young professionals all have shopping and dining options within walking distance. What else is driving the home purchasing trends for this group?
The neighborhoods young professionals are finding most desirable have a few things in common: they are historic, walkable, and have thriving shopping and dining scenes.
As the latest data show, the New Orleans housing market looks healthy, although not without its issues. Property investment activity is up, driven in part by historically low mortgage interest rates and the continuing condo boom. Housing shortage is driving rents up, as the demand for single-family homes increases.
Housing demand remains strong, especially among first-time homebuyers, and millennials in particular. Part of the national trend, millennials are increasingly moving to New Orleans due to higher housing prices and stiffer competition for jobs elsewhere in the country, particularly the East and West coasts. Last year, New Orleans was ranked the fifth fastest-growing city for millennials in the country.
What’s Driving Housing Choices for Young Professionals?
Some reasons young professionals are moving to New Orleans aren’t unique to the younger set or to the New Orleans area, for instance, how much space you get for the price. Other factors are defined by age and the fact that younger professionals are likely to be first-time homebuyers and interested in starting a family.
That means they’re looking closely at the availability and quality of schools, how easy the area is to navigate on foot, and the proximity of restaurants, green spaces, and retail and entertainment venues. Ease of navigation by public transit, sense of community, parking, the lure of urban lifestyle — all are part of the big picture.
Yet other factors are New Orleans-specific — like culture and whether the area is flood-prone. The opportunity to invest in a historic neighborhood or proximity to festivals grounds and parade routes could also be among the deciding factors.
The Winners
So, which New Orleans neighborhoods appeal to young professionals most?
Population: 2,634
Median home value: $433,471
Median rent: $1,186
Median household income: $70,950
Average price per square foot: $375
Walk score/bike score: 88/66
This quiet, leafy residential area is full of stunning architecture in Italianate, Greek Revival, and Victorian styles. It’s also a thriving, highly walkable shopping and dining destination, made accessible in part by the St. Charles Avenue streetcar. A popular tourist haven, the Garden District enchants with its landmarks, historic homes, and stunning gardens. Iconic restaurants, charming cafes, and locally owned shops pepper the area, with Magazine Street among its most popular shopping and dining destinations.
Population: 4,319
Median home value: $269,729
Median rent: $1,140
Median household income: $52,382
Average price per square foot: $257
Walk score/bike score: 87/64
The historically working-class Irish Channel got its name thanks to having the largest population of Irish immigrants in the American South back in the 19th century. Today, the area, studded with shotguns and camelbacks, still boasts a strong sense of community and tradition, but also a vibrant dining and entertainment scene. Many restaurants, bars, and coffee shops that dot the area cater to the college set, especially on Magazine Street. It’s also ground zero for the Irish Channel St. Patrick’s Day parade.
Population: 6,546
Median home value: $433,471
Median rent: $1,186
Median household income: $70,950
Average price per square foot: $281
Walk score/bike score: 86/68
The leafy Uptown needs no introduction. Its spectacular 19th-century architecture and thriving shopping and dining scenes speak for themselves. Uptown has been one of the most recognizable and most desirable places to live for decades. Its renter population skews young, thanks to its proximity to the University District. The neighborhood is always bustling with visitors and residents but truly comes alive during the Carnival season.
Population: 14,169
Median home value: $226,970
Median rent: $962
Median household income: $33,623
Average price per square foot: $181
Walk score/bike score: 76/72
Consistently touted as one of the most diverse neighborhoods in New Orleans, the beautiful, friendly Mid-City has a lot to offer. This includes central location and proximity to the French Quarter, fine and casual dining within walking distance, booming retail centers, gorgeous green spaces and bodies of water (City Park and Bayou St. John), popular festivals, and plenty of well-preserved Creole cottages. Kid- and dog-friendly, Mid-City has everything you’d want from urban living, at the same time offering plenty of space to grow your garden or picnic on Bayou St. John. Mid-City property values have increased recently, in part due to the city’s investment in transportation and recreation, with projects like the Lafitte Greenway and the Regional Transit Authority’s Cemeteries Transfer Center.
Population: 3,331
Median home value: $495,904
Median rent: $1,175
Median household income: $65,556
Average price per square foot: $566
Walk score/bike score: 98/90
Although decidedly pricier than other areas, the French Quarter appeals to millennials and other young professionals who don’t mind giving up more expansive property elsewhere in order to experience the area’s unique history and the convenience of living within walking distance of some of the best entertainment and dining options (many 24/7) in the country. The Quarter offers a one-of-a-kind melting pot of architecture and infrastructure, shaped by its 300 years of blending the French, Spanish, African, Irish, Caribbean, and Italian cultures.
The full-time population of the French Quarter has been steadily dwindling since the 20th century, but the lower Quarter (between Jackson Square and Esplanade Avenue) remains largely residential. Condo development has been on the rise, too, with the latest project being the development of the former Musée Conti Wax Museum and its annex building into the luxury La Cire Condominiums. For young professionals who aren’t interested in having a yard or don’t need to be near top public schools, purchasing a condo in the French Quarter is a clear choice.
Are you thinking of buying a home or a condo in New Orleans but not sure which area of the city to look? Contact an experienced New Orleans Realtor to discuss your real estate investment needs and goals.