5 Years After Katrina, New Orleans Housing Still Suffering

By Alec Foege | Posted Aug 27th 2010 3:30PM
1 Comments ∨

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.
Filed under: News, Lifestyle

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

Mortgage rates are at an all-time low. What's keeping you from buying?
Lender requirements are too strict. I can't qualify for a loan.5025 (39.5%)
I have to sell my current home first.4348 (34.2%)
You could bring the interest down to 0 percent -- I still couldn't afford the monthly payments.3359 (26.4%)
AOL RealEstate on Facebook