Louisiana Real Estate Information

New Orleans, the largest city in Louisiana and one of America's busiest and most strategic ports, put itself on the tourism map in large part because of its annual Mardi Gras Celebration. Thousands flocked to the "Crescent City" each February to take part in the traditional party, which filled every inch of the streets in the historic French Quarter with people, food, and Louisiana fixins'. But that was "Pre-K" as residents in Louisiana say to describe the time before the disastrous Katrina, a very strong category three hurricane when it reached landfall, slammed the city killing 1,500 people in the state and displacing two million people in Louisiana and surrounding Gulf-coast states.

Since Katrina struck in August 2005, city and state officials have been feverishly trying to rebuild neighborhoods and towns one house at a time. While some areas of Louisiana were completely demolished by the force of nature, especially the Ninth Ward section of New Orleans, others were spared. Rebuilding the area includes not only rebuilding housing and the Louisiana real estate market, but also rebuilding the city's reputation as a tourist destination.

Baton Rouge, LA, the state's capital and second largest city in the state, didn't suffer as much wind or water damage, but it also was affected by the disaster just not in the form of wind or water damage.

Evacuees from New Orleans and other coastal communities seeking shelter and a new place to call home migrated to Baton Rouge, located 80 miles northwest of New Orleans, putting pressure on the city's services, schools, and government. In the days and weeks directly after Katrina, the Baton Rouge's population more than doubled to 500,000 from 225,000. Many of those people were just passing through the city, and the population settled to an estimated 275,000 to 325,000. Still, Baton Rouge wasn't expecting to hit those population numbers for another two decades.

Home prices in Uptown New Orleans had decreased from $438,522 in 2005 to $413,188 in 2006. Lakeview, an area hit hard by Katrina, still had many houses that were not severely damaged. The average price for a home in Lakeview in 2005 was $312,098 but dropped substantially in 2006 to $216,244. New Orleans east also saw a major drop in home price with the average home price dropping from $143,686 in 2005 to $82,620 in 2006.

Louisiana officials report that there are plans to build 5,000 more homes in the next five years and are aiming for affordable houses ranging between $100,000 and $150,000. Southwest Louisiana is one of the only areas that saw an increase in home prices from 2005 to 2006. The average home price in the southwest increased 10.7 percent in 2006 to $146,353.

People considering residing in Louisiana are attracted to the low property taxes. Small cities with an urban flair are being marketed by the state as great retirement places. Some of those cities include Lake Charles, a port city with gambling as its main industry; Alexandria, located on the Red River---and home to a large industrial park filled with technology businesses; and Monroe---an old cotton port located on the Ouachita River, and birthplace of Delta Airlines.

Louisiana Population and Demographics

Prior to Hurricane Katrina, Louisiana had 4.5 million people. Now, according to current population estimates, there are 4.3 million. Louisiana is home to a large black American population-the largest proportion of any state in the nation at 33.4 percent. Estimates show 64.7 percent of Louisiana's population is white.

Louisiana demographics are made up several ethnic groups including Creole French, Hungarian, and German, which feeds the state's diverse culture. Compared to the rest of the nation, Louisiana's median household income ranks low, at $36,729.

Louisiana Education

When families evacuated New Orleans and other areas in the south hit by Katrina, they brought with them many school-aged children. In Baton Rouge alone, there are 4,000 more students. The increase in students has put a strain on several communities that became host to thousands of evacuees and displaced residents. More than 80 percent of the population age 25 and older has a high school diploma or higher and slightly more than 20 percent has a bachelor's degree or higher.