New Orleans housing market on an upswing, but many residents struggle to afford their homes | Realestate
The New Orleans housing market is strengthening, with home prices rising more steeply in moderately priced and inexpensive neighborhoods, according to a new analysis.
While that’s a boon for sellers, it’s putting the pinch on would-be buyers and renters. The analysis shows the city continues to struggle with an affordable housing shortage, with more than half of all renters and a third of all homeowners spending more than they should on their homes.
The pandemic and related job losses have likely only worsened that financial strain. Employment, down 25% at the pandemic’s peak, still hasn’t returned to pre-coronavirus levels, and the city’s restaurant and hotel industries are still among the most affected.
The so-called “market value analysis,” performed…