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Old 02-08-2013, 02:18 PM
 
Location: Man with a tan hat
799 posts, read 1,491,978 times
Reputation: 1459

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Really I am curious. I am from NYC, and now live in the LA area. I am used to paying about $2k a month for my mortgage, and when I was renting, I paid a bit more than that. I am in New Orleans a lot for work, and I considered buying a condo. I found some great places in the $300K (or a bit less) range that would have worked fantastically. These same places would have been double if not triple their cost in most major US cities (think NYC, DC, LA, SF, Boston, etc.)

I read the threads on here and see how people complain about COL. I also read stats that puts NOLa right under the national average. For the entertainment options available, I think the city affords one a great bargain.

So, I am curious-- why does everyone say how expensive it is?
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Old 02-08-2013, 03:25 PM
 
Location: Metairie, LA
1,097 posts, read 2,210,193 times
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It's not expensive compared to larger cities like NYC, Boston and LA, but its relatively expensive when compared to other southern cities with similar populations. New Orleans population is ~375,000. NYC is ~8,000,000. You have to compare apples to apples.

Also, insurance is much more expensive here (since Katrina) compared to other areas on the Gulf Coast.
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Old 02-08-2013, 04:23 PM
 
Location: Man with a tan hat
799 posts, read 1,491,978 times
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I can see that.. I guess I always think of New Orleans as being in the same league with some larger cities. For example, DC has a bigger population in the actual city limits, but is smaller in area and approaching three times the cost in some categories-- pre-Katrina, the cities were within striking distance in terms of population.

I lived in Santa Fe for a year while working on a film-- MUCH smaller population, much higher COL, esp in terms of housing. And Santa Fe does not really feel like a city (at least to me). New Orleans *feels* urban and bigger than it is. Personally, I think its a bargain. But my perspective is skewed by what I am used to.
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Old 02-08-2013, 04:30 PM
 
Location: New Orleans
151 posts, read 278,188 times
Reputation: 110
Quote:
Originally Posted by whatisthedealwith View Post
Really I am curious. I am from NYC, and now live in the LA area. I am used to paying about $2k a month for my mortgage, and when I was renting, I paid a bit more than that. I am in New Orleans a lot for work, and I considered buying a condo. I found some great places in the $300K (or a bit less) range that would have worked fantastically. These same places would have been double if not triple their cost in most major US cities (think NYC, DC, LA, SF, Boston, etc.)

I read the threads on here and see how people complain about COL. I also read stats that puts NOLa right under the national average. For the entertainment options available, I think the city affords one a great bargain.

So, I am curious-- why does everyone say how expensive it is?
Because probably 90% of the city can't afford 300k. That's cheap in NYC. Here, where most people make between $10 and $15 an hour, 300k is one heck of alot of money. Then factor in the insane cost of insurance (flood insurance alone can be almost as much as a small mortgage) and it's extremely expensive to live here. If you are lucky enough to afford $2000 a month without it stretching the bank, then I envy you and I wish I had your job. Between us, my husband and I make $55,000 and we can't afford 300k.

As well, when you do the research, NOLA has a lower standard of living than almost any other area of the country except for the north east.

Last edited by moiraesfate; 02-08-2013 at 04:42 PM..
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Old 02-08-2013, 05:50 PM
 
Location: Port St Lucie Florida
1,278 posts, read 3,441,571 times
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When you compare New Orleans to Jefferson Parish, St. Bernard Parish, Plaquemine Parish, St. Tammany Parish, etc etc. The cost of housing and utilities and insurance is higher.
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Old 02-08-2013, 05:56 PM
 
Location: San Antonio
1,511 posts, read 2,756,155 times
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For the South and for the salaries we have to live with, it's pretty expensive.
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Old 02-09-2013, 12:22 PM
 
Location: Man with a tan hat
799 posts, read 1,491,978 times
Reputation: 1459
Quote:
Originally Posted by moiraesfate View Post
Because probably 90% of the city can't afford 300k. That's cheap in NYC. Here, where most people make between $10 and $15 an hour, 300k is one heck of alot of money. Then factor in the insane cost of insurance (flood insurance alone can be almost as much as a small mortgage) and it's extremely expensive to live here. If you are lucky enough to afford $2000 a month without it stretching the bank, then I envy you and I wish I had your job. Between us, my husband and I make $55,000 and we can't afford 300k.

As well, when you do the research, NOLA has a lower standard of living than almost any other area of the country except for the north east.

Wow, I had no idea household incomes were so low. I had read on another thread that wages were better in the area than other parts of the south.
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Old 02-09-2013, 12:31 PM
 
Location: In the city
1,581 posts, read 3,695,276 times
Reputation: 2415
I think the stats are only estimates and are inaccurate-- according to them, my HH income is almost 4X the average. If that were true, I would be living in a mansion on St. Charles Ave.
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Old 02-09-2013, 03:49 PM
 
Location: New Orleans
151 posts, read 278,188 times
Reputation: 110
Quote:
Originally Posted by whatisthedealwith View Post
Wow, I had no idea household incomes were so low. I had read on another thread that wages were better in the area than other parts of the south.
Honestly, that may be but I doubt it. We have been trying to find jobs somewhere else in the country for a couple years now but no luck. Wages here are horrible. Before Katrina, things like rent were really really cheap. What happened after is that wages went up for a little while (to get people to come back), and rents went up to match. Now the wages have crashed back down but the rent hasn't joined it.

Very frustrating.

Try to watch what people say about New Orleans. They talk about how employment is good and the like. Well, that's not precisely true. Yes, it's good... but only compared to five years ago. What happened five years ago? Hurricane Katrina. Of course it's better. It would have to be.
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Old 02-09-2013, 10:40 PM
 
37 posts, read 107,336 times
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The cost of living is high compared to the wages. Before Katrina, things were more affordable. After Katrina, the prices skyrocketed, but the wages never moved. You used to be able to get a nice apartment for like $500, but now it's over $700 to live in the scariest of places. There are just not many good jobs down here. There are jobs, just not good ones. If you want the Midwest bang for your buck, St. Louis and Memphis offer matching prices for their low wages.
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