Moving to New Orleans: Rent or Buy?

Question

I am young professional from Miami, Fl moving to New Orleans. I want to be close to the action. The job is near the Audubon Zoo. But I would not mind buying a duplex or shotgun house if it was affordable....>$180k. From what I hear...Uptown, Algiers are contenders. My question is would you consider buying at this time...assuming salary is $50k. What price range would you target and still save money?

Option 1: Rent a room in house in the suburb (Metairie, Eastover)...$600 (including utilities)

Option 2: Buy a home...(9th ward, rehab deal) $150k-$180k..(Mortgage $1200)

Option 3: Rent an apartment in Uptown $1000

Answer 1

move to hollowgrove.

and put bricks on the block and make

you a milli or so and then buy a house.

Answer 2

I agree with Joan in that renting gives you the opportunity to get to know different areas before committing.  I strongly suggest you read the article I'm going to link (post) here as it's the best Buy vs Rent article I've read.  It should help you make your decision.

http://www.nytimes.com/2005/09/25/reales...

Answer 3

My family is from New Orleans, and I lived there for 3 years before Katrina.  I am originally from California and in the process of returning to Louisiana.  Do not buy now.  First, rent, ideally in Baton Rouge, near LSU, the rent is cheap.  This will give you time to look at different areas.  If you want to buy, the best place to buy is in Gonzales.  Gonzales is between Baton Rouge and New Orleans.  Unfortunately, due to Katrina, landlords, realtors are gauging, taking advantage of the citizens of New Orleans and the close surronding areas.  To give you an example, 3 and 4 bedrooms typically rent for $400-$500 per month.  When you see $1,200 per month for a 3 bedroom, that is far too much for New Orleans.  They are taking advantage of the citizens, and especially if you are not from New Orleans, never lived there, unfamiliar, these people know they can take you for everything.  Honestly, rent, research all of the areas.  Familiarize yourself with the areas.  The 9th ward, well, bodies are still being found, unfortunately, I know first hand, since I use to work with Katrina support services, and I have lost family members, and still missing family members as a result of Katrina.  Baton Rouge, Gonzales, Algiers, the Westbank, Metairie, are good areas.  The French Quarters is very good, but very pricey.  Be very aware when you go to Mid City, 9th ward, New Orleans East, you really have to know the area, what looks good, isn't always what it seems.  Be very careful because the 9th ward, and Mid City areas, even parts of the West Bank are extremely high crime areas.  Also, the rebuilding of the homes isn't taking place as it should.  Unfortunately, landlords, realtors are trying to get quick sales, and they are just going in, covering the mold and mildew with paint, which is highly dangerous!  Be very aware of anything that you move into.  Make sure you get someone that you know that can help you get repitable people, companies, contractors, organizations that can help you.  Do not go in blind!  There is a lot of gauging, people being taken advantage of, thinking they are getting good deals on shot gun houses, and they are getting death traps, not only for the way they are not cleaning these places out correctly, and they are not even removing the mold, in addition, the areas are extremely high crime areas!  If you are not from there, they will definitely take advantage of you, they are even taking advantage of the citizens of New Orleans.  Ideally you want to go with someone that knows New Orleans and the surrounding areas.  However, as anything, you must do a lot of research before jumping into anything!  I pray for the very best for you and your family!

God Bless You And Yours,

= )Joan( =

Answer 4

Answers are (almost) always appreciated, but I cannot agree with Joan M's advice that you rent in Baton Rouge and later buy in Gonzales.  Some of the other advice is ..... strange.

BR is at least a 90 minute commute (each way) from New Orleans and Gonzales is at least an hour away from NOLA.  Just the cost of the gasoline would negate any savings you might get by renting that far away, not counting all the time spent in a car.

I recommend you rent for 6 months and use the time to look for a house.  That will also give you the time to check neighborhoods and find out the current reality for the specific neighborhoods where you might want to buy.

There is a LOT of rental property uptown around the universities and Audubon Park.  There is also more affordable rental property in the uptown area closer to the city center around Napoleon & Magazine.

Other neighborhoods to look at are the Bayou Saint John area and around City Park. They are a 15 minute drive from Audubon Park, which is a lot less than from Metairie or New Orleans East.

Good luck!