The Home Buyer's Korner

Information presented should be used for educational purposes only.

April 29th, 2016

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GREATER NEW ORLEANS, LOUISIANA

Marigny

Dauphine St/Frenchmen St 70116 Neighborhood

The Home Buyer’s Korner

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The median real estate price in the Dauphine St/Frenchmen St (Marigny – Faubourg Marigny – Marigny Triangle) neighborhood of New Orleans, Louisiana is $316,750, which is more expensive than 95 percent of the neighborhoods in the state and 75 percent of the neighborhoods in the country.

The average rental price in the Dauphine St/Frenchmen St neighborhood is currently $925, and rents here are currently lower in price than 47 percent of Louisiana neighborhoods. Most of the residential real estate is renter occupied.

Dauphine St/Frenchmen St area is a densely populated urban neighborhood located in New Orleans, Louisiana, and real estate is primarily made up of small studios and two bedroom to medium sized three or four bedroom multi-family housing options like condominiums, town homes, duplexes, and apartments.

marignyThe Dauphine St/Frenchmen St 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 88 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.

Do you watch home improvement shows on TV? Do you love the idea of fixing up a Colonial or Victorian era home, complete with the charm of yesteryear? Do you like to stroll or drive streets lined with gracious older residences? If you found yourself nodding yes to any of these questions, you are going to be interested in this unique neighborhood. The Dauphine St/Frenchmen St neighborhood stands out on a national scale for the sheer concentration of historic residences it contains with over 76 percent of the residential real estate here was built from 1939 or earlier, some much earlier, while a number of residences were built between 1940 and 1969

Starting in 1788, New Orleanians developed a new neighborhood nomenclature: faux Bourg, or Faubourg – literally, “false town,” which Spanish authorities translated as suburbia. The first, Faubourg Ste. Marie was laid out immediately after the Good Friday Fire to give the city new living space in what’s now the central business district (CBD). Seventeen years passed before another Faubourg would form – and then they exploded, after Americanization in 1803.

Faubourg development occurred as a free-market response to New Orleans’ burgeoning population and its need for living space, which gave owners of adjacent plantations an opportunity to make more money through urbanization than agriculture. One by one they subdivided, starting with the Faubourg Marigny in 1805. 

Vacant apartments or homes are a fact of life in the Dauphine St/Frenchmen St neighborhood. The current real estate vacancy rate here is over 28 percent, and this is higher than the rate of vacancies in over 93 percent of all neighborhoods nationwide. A relatively large percentage of housing here is seasonally occupied. 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 a neighborhood to call home. 

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, those of us who live in many of our core neighborhoods of New Orleans enjoy taking to the streets, sidewalks, paths, and courtyards to get a coffee, or enjoy a street band.

fq-bicycling

Bicycle Routes

Would you like to be able to 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 Dauphine St/Frenchmen St (Marigny) neighborhood is a fantastic option for bicycle commuters, as nearly a quarter of commuters here do ride their bikes to and from work on a daily basis. 

The types of households in a neighborhood can tell a lot about the character and lifestyle of those living here. This neighborhood, above nearly every neighborhood in America, has a greater percentage of its residents living alone at nearly 70 percent. 

Also, if you’re planning where to retire, the Dauphine St/Frenchmen St neighborhood in New Orleans is a great option to consider. It’s peaceful and quiet, offers a wide range of housing options, and has already attracted an enviable mix of college educated seniors. 

Your future neighbors in the Dauphine St/Frenchmen St neighborhood of New Orleans earn modest incomes, and this neighborhood has an income lower than nearly 68 percent of all neighborhoods across the country. 

In the Dauphine St/Frenchmen St neighborhood, 58 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 25 percent of the residents employed. Other residents here are employed in manufacturing and laborer occupations more than 12 percent, and slightly more than five percent in clerical, assistant, and tech support occupations.

Each neighborhood 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 Dauphine St/Frenchmen St neighborhood of New Orleans, LA, residents most commonly identify their ethnicity or ancestry as English at nine percent. There are also a number of people of French, German or Irish ancestry at over seven percent. Some of the residents are also of Asian ancestry residents at just over six percent, while under two percent of this neighborhood’s residents have Brazilian ancestry, and just under one percent are of Belgian 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 Dauphine St/Frenchmen St (Marigny) neighborhood is English, spoken by nearly 85 percent of households, while two percent of residents speak Japanese at home. Other important languages spoken here include Spanish, Portuguese and Vietnamese.

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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

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FANNIE MAE HOMESTYLE

The Conventional Alternative to FHA 203K

Great for Real Estate Investors and Second Home Renovations

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

FANNIE MAE HOMEPATH RENOVATIONS

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Up to $35K 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

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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