5 Years After Katrina, New Orleans Housing Still Suffering


Hurricane Katrina damage can still be seen 5 years later- and its hurting home pricesOn the fifth anniversary of Hurricane Katrina, the winds of change are still blowing in the Big Easy. The affordability of housing in the New Orleans area is worse than ever, due to the enduring damage of Hurricane Katrina. Thanks to the high costs of rebuilding apartment buildings and insuring them -- in a place where most residents are still poor renters -- New Orleans' rents are unaffordable for many. The median rent for a two-bedroom apartment has risen from $661 pre-Katrina to $982 per month. Many former residents have moved to the relatively affordable suburbs


More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.

Reader Comments (1)

1 Comments / 1 Pages

 

Add Your Comments


Please keep your comments relevant to this blog entry.Email addresses are never displayed, but they are required to confirm your comments. When you enter your name and email address, you'll be sent a link to confirm your comment, and a password. To leave another comment, just use that password.


To create a live link, simply type the URL(including http://) or email address and we will make it a live link for you. You can put up to 3 URLs in your comments. Line breaks and paragraphs are automatically converted - no need to use <p> or <br> tags.

Poll

With spring home buying season around the corner, will you consider buying?
Yes. Affordability is at a 30-year high, and I should be able to qualify for a mortgage.3077 (20.4%)
No, but I would if I could. Lending in my area is still tight, and I don't have that kind of cash on hand for a down payment.5156 (34.1%)
No, I'm holding out for an even better deal.2856 (18.9%)
Nope. It's a renter's life for me.4013 (26.6%)
AOL RealEstate on Facebook

Compare Mortgage Rates

Mortgage Rates by Zillow