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Posting for a cousin. She's graduating college in Louisiana with a BS in architecture and is considering a move back to the NYC area (Stamford) or staying in New Orleans. I'm unfamiliar with NO economy. She has potential jobs and paid internships in both areas.
Figured I'd sit back and see what others here think, and show her the results.
There's really no question that Stamford is the best place for a young professional....it's a vibrant small city with a lot going for it...especially seeing that she will be an architect since there are so many architectural firms right next door in NYC...
Only downside is the median home price in that part of CT is 650k, whereas in NO, they are 1/4 that. But jobs pay more and opportunities are greater in Stamford..
If COL wasn't a factor, then I would probably go with Stamford based on location alone. But, it is, and so for me personally, I'd go with NOLA on affordability alone. One thing also worth noting against the Stamford thing is it's around an hour to get to NYC, so it's not like you'd be going to there all the time, and in general, things are more affordable in NOLA anyways. So, even though I wouldn't enjoy the flatness or the weather, New Orleans is always a fun town so I think I'd prefer it here.
I can't, for the life of me, understand why people would find it preferable to be an hour outside of New York, LA, DC than live IN an interesting, affordable city. If you prefer more rural or suburban environs, that makes sense, but to be any third tier urban area…I just don't get it.
There are lots of pluses to living in the Stamford area....lots of jobs (high paying) IN Stamford alone.... lots of networking can happen in the Stamford area as you're adjacent to some of the most powerful suburbs in the country - Wall Street "north", many financial and architectural firms, etc..
Also a ton of people from Stamford work in NYC daily....so yeah, people in Stamford actually go there all the time..
Stamford is way better for a young aspiring professional than New Orleans... I'm surprised this is even being debated.
Aside from cost of living, which there is most definitely a huge difference, I'm curious to hear more on each area's economy. I know next to nothing about NO.
The cost of living in New Orleans isn't cheap, I'm sure it is compared to Stamford but our wages are really low.
You're right, it's not as cheap as places Im seeing in TX but it's fairly cheap in comparison. Average housing in Stamford is close to 700k, whereas in NO it's 285k for a similar home.
Why aren't wages high? Is there a lack of industry post-Katrina or has it begun to grow?
You're right, it's not as cheap as places Im seeing in TX but it's fairly cheap in comparison. Average housing in Stamford is close to 700k, whereas in NO it's 285k for a similar home.
Why aren't wages high? Is there a lack of industry post-Katrina or has it begun to grow?
Median income is around $45k.
New Orleans still suffers from a huge reliance on tourism, the service industry is BIG there. The economy is diversifying, however crime and poverty hold the city back. Corruption makes it very difficult for businesses to come in, even though people are still flocking to the city. The city somehow couldn't reach and agreement (didn't grease palms) with the developers of a 25-28 story Hard Rock Hotel in a parking lot next to Piazza d'Italia. Much of the increase in the housing market is New Yorkers coming in and buying up vacation homes and developers flipping homes and driving up costs city-wide.
Overall it's growing, but we'll see.
New Orleans still suffers from a huge reliance on tourism, the service industry is BIG there. The economy is diversifying, however crime and poverty hold the city back. Corruption makes it very difficult for businesses to come in, even though people are still flocking to the city. The city somehow couldn't reach and agreement (didn't grease palms) with the developers of a 25-28 story Hard Rock Hotel in a parking lot next to Piazza d'Italia. Much of the increase in the housing market is New Yorkers coming in and buying up vacation homes and developers flipping homes and driving up costs city-wide.
Overall it's growing, but we'll see.
You sure it's New Yorkers? I don't know any people around the tri state area that pick New Orleans as a retirement place. It's mostly Palm Beach, Naples or Sarasota, FL...
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