The Home Buyer's Korner

Information presented should be used for educational purposes only.

May 9th, 2016

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GREATER NEW ORLEANS, LOUISIANA

Touro -Faubourg Marengo

Magazine St/Milan St 70115 Neighborhood

The Home Buyer’s Korner

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BUILDING THE DREAM OF HOME OWNERSHIP

Annunciation St New Orleans LA 70115

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The median real estate price in the Magazine St/Milan St (Touro – Faubourg Marengo) neighborhood of New Orleans is nearly $255,950, which is more expensive than nearly 90 percent of the neighborhoods in the state and two-thirds of all the neighborhoods in the country.

Average rental prices in the Magazine St/Milan St (Touro – Faubourg Marengo) neighborhood are currently slightly under $1,450, and the average rental cost in this neighborhood is higher than nearly 95 percent of the neighborhoods in Louisiana. Most of the residential real estate is occupied by a mixture of owners and renters.

Magazine St/Milan St (Touro – Faubourg Marengo) area is a densely populated urban neighborhood located in New Orleans, Louisiana. The real estate is primarily made up of small studios and two bedroom to medium sized three or four bedroom single-family homes, and other multi-family housing options like condominiums, town homes, duplexes, and apartments.

Three-deckers, duplexes, old Victorian homes cut up into apartments. Independent stores on the corner. These are some of the hallmarks of neighborhoods with lots of small two, three, and four unit buildings. The Magazine St/Milan St (Touro – Faubourg Marengo) neighborhood really stands out in this regard, however, as it is dominated by such small buildings more than nearly any other neighborhood in the country. This is a stunning visual and lifestyle example of this type of neighborhood. In fact, nearly 38 percent of the real estate, here are small two, three or four unit building.

Many of the residences in the Magazine St/Milan St (Touro – Faubourg Marengo) neighborhood are relatively historic, and 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 well over two thirds of the residential real estate in the Magazine St/Milan St (Touro – Faubourg Marengo) neighborhood built no later than 1939, and some built considerably earlier, this neighborhood has a greater concentration of historic residences than over 97 percent of all neighborhoods in the country, while a number of residences were built between 1940 and 1969.

Vacant homes or apartments are a fact of life in the Magazine St/Milan St (Touro – Faubourg Marengo) neighborhood and the current real estate vacancy rate here is over 19 percent. To understand more about this neighborhood vacancy rate and its effects on your home buying or selling options, consult your real estate agent.

When you see a neighborhood for the first time, the most important thing is often the way it looks, like its homes and its flair. Some places look the same, but they only reveal their true character after living in them for a while and why it’s important to learn all you can about the neighborhood you plan to call home. 

Would you like to be able to ride your bike to work? 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 Magazine St/Milan St (Touro – Faubourg Marengo) neighborhood is a fantastic option for bicycle commuters, as nearly eight percent of commuters here do ride their bikes to and from work on a daily basis.

Being a walkable neighborhood can help increase property values for the simple reason that people enjoy it and value it. To put it plainly, despite our love affair with the automobile, America enjoys taking to the streets, sidewalks, paths, and courtyards of a place to get a coffee, relax, and the Magazine St/Milan St (Touro – Faubourg Marengo) neighborhood is one of the most walkable neighborhoods in New Orleans.

Your future neighbors in the Magazine St/Milan St (Touro – Faubourg Marengo) neighborhood of New Orleans earn middle class incomes, and this neighborhood has an income lower than nearly 62 percent of all the neighborhoods in the country. 

In the Magazine St/Milan St (Touro – Faubourg Marengo) neighborhood, nearly 49 percent of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is manufacturing and laborer occupations, with almost 20 percent of the residents employed. Other residents here are employed in sales and service jobs, from major sales accounts, to working in fast food restaurants at over 18 percent, and  well over 13 percent in clerical, assistant, and tech support occupations.

Culture is shared learning behavior. We learn it from our parents, their parents, our houses of worship, and much of our culture, our learned behavior, comes from our ancestors. That is why ancestry and ethnicity can be so interesting and important to understand. Places with concentrations of people of one or more ancestry often express those shared learning behaviors and this gives each neighborhood its own culture. 

In the Magazine St/Milan St (Touro – Faubourg Marengo) neighborhood in New Orleans, LA, residents most commonly identify their ethnicity or ancestry as Sub-Sarhanan African at nearly 12 percent. There are also a number of people of German or Irish ancestry at over seven percent each, and residents who report Italian ancestry at over six percent. Some residents report Asian ancestry at nearly four percent, and just under one percent has Czechoslovakian  or Romanian ancestry.  

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 Magazine St/Milan St (Touro – Faubourg Marengo) neighborhood is English, spoken by nearly 85 percent households, while over one percent primarily speak Hebrew at home. Other important languages spoken here include Spanish and South Asian languages.

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LOUISIANA HOME OWNERSHIP TOOLS

Your Home Purchasing or Refinancing & Renovation Tools,

Home Improvements, Home Renovations,

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase.

Here are just a few of the home improvements

you might consider with any Home Renovation loan

Repair or replace a roof

Install, replace or repair gutters and downspouts

Replace, repair or upgrade your HVAC system

Repair or replace plumbing

Install, repair or replace electrical systems

Kitchen remodeling (including the purchase and installation of appliances)

Bathroom remodeling, Full interior painting, Total exterior painting

Repair or replace a septic system and/or well

Disability access (wheelchair ramp, elevator, widen doorways)

Build, repair or replace deck, patio or porch

Basement waterproofing and finishing

Abatement/Stabilization of lead-based paint hazards

Replace old windows, Room additions, Finish an attic

Add a second story to your home

Replace a termite damaged sill plate (a water-damaged sill plate also)

Possible landscaping items such as correction of grading & drainage problems,

tree removal, repair a driveway and sidewalks

FHA 203K

Your Home Purchasing or Refinancing & Renovation Tool

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

FANNIE MAE HOMESTYLE

The Conventional Alternative to FHA 203K

Great for Real Estate Investors and Second Home Renovations

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are ready to assist you with your home purchase

FANNIE MAE HOMEPATH RENOVATIONS

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Mortgage Loan Officers, Real Estate Agents & General Contractors are ready to assist you with your home purchase

USDA RURAL DEVELOPMENT

Up to $10K for Home Improvements, Renovations or a Simple Remodel

Mortgage Loan Officers, Real Estate Agents & General Contractors are ready to assist you with your home purchase

A SIMPLE HOME SHOPPING INSPECTION TOOL

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

This simple home inspection tool makes your ultimate buying decision a smart one.

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70115 Touro – Faubourg Marengo

70115 Garden District Irish Channell Touro Milan Freret B Harmony Bordeaux St Lyons St Constance St Constance Toledano St Saint Charles Ave 514 Eleonore St Cadiz St 2132 Cadiz Delachaise St Chestnut St 2607 Valence Upperline 6th St Harmony St Laurel St Magazine St Magazine St Patton St Valmont St Nashville Freret St 4637 Tchoupitoulas Valence St Baronne St 3107 Chippewa Street Valence St 3308 Prytania St. APT 12 3700 S Liberty Clara St Magazine St 3605 Constance Foucher Valmont St Constance St Constantinople St 514 Bellecastle Street 2855 St. Charles Ave Valence St Dufossant St Dufossat St 2120 Cadiz St. Milan St 1012 Valence Street 9th St 4007 St. Charles Ave. #114 2210 Jena St. La Salle St Gen Pershing St 7th St Blanc Pl 4889-91 Tchoupitoulas Street Austerlitz St 8th St Camp St Camp St Conery St Constance St Louisiana Ave Louisiana Ave Nashville Ave Nashville Ave Nashville Ave Nashville Ave Robertson St Saint Thomas St Pitt St Rosa Park Perrier St Eleonore St Robert St Milan St 3600 Saratoga St Napoleon Ave Dauphine St Pleasant St 1229 Harmony street Everett Pl 3212 Camp Street Peniston St Franklin Ct And 727 7th St Eleonore Street # Alonzo St 925-27 Milan St. 5105 Annunciation St Bellecastle St Baronne St Carondelet St Jefferson Ave Annunciation St 1928 General Taylor Front St Hurst St Loyola Ave Livaudais St 8th Street # Second Floor Pryania Tchoupitoulas St Coliseum St 726-28 Foucher St. Prytania St Magnolia St Nashville Ave Danneel St Foucher St Peniston Harmony St Laurel St Amelia St Palm Ter Willow St Perrier Leontine St Gen Taylor St Camp St Annunciation St Atlanta St Camp St Leontine St Napoleon Ave 1816 Sixth St OAK ST 3706 s. saratoga st Aline St Saratoga St Robert St 3729 Constance St. Marengo St Conery St Soniat St Danneel Street # Napoleon Ave Napoleon Ave Garfield St Chestnut St For Sale Laurel Richmond Pl Wirth Pl 2820 Milan Lasalle St Napolean Ave 4007 Saint Charles Ave. 3300 Annunciation 4109 Danneel St FOR RENT 600 Saint Charles Ave Upperline St Octavia St Jena St Magazine St Antonine St Dryades St Tchoupitoulas Belmont Pl Valmont St For Sale General Pershing St 2529 Nashville Avenue Arabella St Magazine St General Taylor St Cucullu St Louisiana Ave 3918 Dryades St Chippewa St Loyola Ave. 3705 Clara St Marlborough Gate Pl Story St 1100 Marengo St 800 Toledano Street Carondelet St 1513 Carondelet St Mlk Foucher St Joseph St Liberty St

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