The Home Buyer's Korner

Information presented should be used for educational purposes only.

May 18th, 2016

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GREATER NEW ORLEANS, LOUISIANA

Vieux Carre/French Quarter

The Home Buyer’s Korner

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BUILDING THE DREAM OF HOME OWNERSHIP

Barracks St New Orleans LA 70116

Where Home Ownership Happens

The median real estate price in the Vieux Carre/French Quarter neighborhood of New Orleans, Louisiana is slightly less than $458,400, which is more expensive than over 99 percent of the neighborhoods in the state and more than 87 percent of the neighborhoods in the country.

The average rental price in Vieux Carre/French Quarter is currently $1,475 a month, and the average rental cost in this neighborhood is higher than over 95 percent of the neighborhoods in Louisiana. Most of the residential real estate is renter occupied. 

Vieux Carre/French Quarter is an urban neighborhood located in New Orleans, Louisiana, and real estate is primarily made up of small studios to two bedroom to medium sized three or four bedroom multi-family option like condominiums, town homes, and apartments. 

Furthermore, the Vieux Carre/French Quarter neighborhood is very unique in that it has one of the highest proportions of one, two, or no bedroom real estate of any neighborhood in America. Most neighborhoods have a mixture of home or apartment sizes from small to large, but here the concentration of studios and other small living spaces is at near-record heights. With over 86 percent of the real estate here of this small size, this most assuredly is a notable feature that makes this neighborhood unique, along with just a handful of other neighborhoods in the country that share this characteristic.

Many of the residences in the Vieux Carre/French Quarter neighborhood are relatively historic, built no later than 1939, and in some cases, quite a bit earlier, while a number of residences were built between 1940 and 1969.

House-NOLA

Second Home/Vacation Living

Vacant apartments or homes are a fact of life in the Vieux Carre/French Quarter neighborhood and the current real estate vacancy rate here is near 50 percent. This is higher than the rate of vacancies in nearly 99 percent of all neighborhoods in America. A relatively large percentage of housing here is seasonally occupied at almost 27 percent. Despite all of the residential real estate here in the Vieux Carre/French Quarter neighborhood, much of it is vacant. In vacation areas like New Orleans, this naturally occurs because homes and apartments are seasonally occupied, and empty for a portion of the year. To understand the neighborhood vacancy rate in how it affects your home buying or selling option, consult your real estate agent.

The way a neighborhood looks and feels when you walk or drive around it, from its setting, its buildings, and its flair, can make all the difference when choosing the right neighborhood to call home. This neighborhood has some really cool things about the way it looks and feels.

Corner bodegas, stores on the first floor and apartments above, former grand Victorian residences converted into apartments, three-deckers built shoulder-to-shoulder, duplexes. Such building types define the real estate by neighborhoods dominated by small two, three, and four unit buildings. Many are in older core neighborhoods of New Orleans. If you’re romantic about the look and feel of such neighborhoods, with fresh pizza, falafel and an independent florist on the corner, then you might find the Vieux Carre/French Quarter neighborhood worth a closer look. This neighborhood is an absolutely outstanding example of the dominance of small two, three, and four unit buildings compared to neighborhoods across the nation, as they make up a substantial portion of this neighborhood’s real estate stock. In fact, no less than over 37 percent of the real estate here is made up of such dwellings, which is higher than in almost 96 percent of all neighborhoods in America.

If you find historic homes and neighborhoods attractive, you love the details, the history, and the charm, then you are sure to be interested in this neighborhood. With nearly 93 percent of the residential real estate in the Vieux Carre/French Quarter neighborhood built no later than 1939, and some built considerably earlier, this neighborhood has a greater concentration of historic residences than almost 100 percent of all neighborhoods in America. In this regard, this neighborhood truly stands out as special.

One of the first things that you may notice if you moved to this neighborhood is that over seven percent of the households are same sex couples and an indicator that this neighborhood is likely an LGBT friendly neighborhood. If you are looking for such a neighborhood, the Vieux Carre/French Quarter neighborhood should definitely be on your list of places to consider.

Over 45 percent of residents in the Vieux Carre/French Quarter neighborhood choose to walk to work each day, and if you like to be able to ride your bike to work you are in good company here in the Vieux Carre/French Quarter neighborhood. If you are attracted to the idea of getting a little exercise of the two-wheeled type while reducing your carbon footprint, bicycling to work might be the answer. But which neighborhood you live in can make this either impossible, or alternatively, a great and realistic option. The Vieux Carre neighborhood is a fantastic option for bicycle commuters, as six percent of  commuters here do ride their bikes to and from work on a daily basis. 

Finally, in the Vieux Carre/French Quarter neighborhood, many people’s commutes mean walking from the bedroom to the home office, with 13 percent of residents who work from home. Often people who work from home are engaged in the creative or technological economy. Other times, people may be engaged in other businesses like trading stocks from home, or running a small salon.

Your future neighbors in the Vieux Carre/French Quarter neighborhood in New Orleans earn upper middle class incomes, and this neighborhood has a higher income than nearly 68 percent of the neighborhoods in America. 

In the Vieux Carre/French Quarter neighborhood, over 63 percent of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is sales and service jobs, from major sales accounts, to working in fast food restaurants, with 28 percent of the residents employed. Other residents here are employed in government jobs, whether they are in local, state, or federal positions at over four percent, while an equal amount are in manufacturing and laborer occupations.

Each has its own culture derived primarily from the ancestry, and culture of the residents who call these neighborhoods home. Likewise, each neighborhood in America has its own culture, some more unique than others, based on lifestyle, occupations, the types of households, and importantly, on the ethnicity and ancestry of the people who live in the neighborhood. Understanding where people came from, who their grandparents or great-grandparents were, can help you understand how a neighborhood is today.

In the Vieux Carre/French Quarter neighborhood in New Orleans, LA, residents most commonly identify their ethnicity or ancestry as German at nearly 12 percent. There are also a number of people of French or Irish ancestry at over 10 percent. Some of the residents are also of English ancestry at eight percent, along with some Italian ancestry residents at over four percent, and just under one percent has Austrian ancestry. In addition, over 13 percent of the residents of this neighborhood were born in another country.

The languages spoken by people in this neighborhood are diverse. These are tabulated as the languages people preferentially speak when they are at home with their families. The most common language spoken in the Vieux Carre/French Quarter neighborhood is English, spoken by more than 86 percent of households, while over six percent speak French.

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A SIMPLE HOME SHOPPING INSPECTION TOOL

Organizing your home shopping experience affords a wise decision-making process.

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