Increases in Housing Costs in New Orleans

The consequences of Hurricane Ida can still be witnessed in New Orleans, where thousands of properties, homes, and parking lots were destroyed or severely damaged, and their owners have not been able to repair them to date.

This is a concern that poses significant challenges not only for those directly affected but also for the official authorities who have limited funds and are acutely aware of the high need for affordable, safe, and economical housing for their residents.

There are also other entities, organizations, groups, and ordinary people looking for ways to help those homeowners recover their homes, as they perceive the high costs involved in all the repairs or restoration of properties affected by all the natural disasters the city experiences.

One of those non-governmental and non-profit organizations seeking to repair, improve, or build low-cost housing for low-income families through the creation of programs and services for homeowners is Habitat for Humanity.

This organization, which has been a leader in disaster recovery for years, has the fundamental goal of providing the opportunity to offer decent, solid, and affordable housing to all homeowners who have been victims of natural phenomena or to all low-income people who do not have a place of their own to live.

Due to the constant natural phenomena that New Orleans permanently suffers, new constructions, which must meet fortified standards, are considerably increasing building costs.

According to statements from the Habitat for Humanity representative, although new constructions improve the durability of properties against hurricanes, the funds are not sufficient to cover the tens of thousands of affordable housing units needed by all affected and needy residents and the high costs generated in developing these safe homes.

Another aspect that causes great concern for homeowners, despite improving property conditions and building homes that meet fortified standards, is the difficulty of obtaining home insurance to protect them against these natural events.

Due to the constant hurricanes that have hit the state of Louisiana, insurance premiums have been increasing dramatically, making it increasingly impossible for people to obtain insurance to protect their homes.

All these increases in housing costs are causing thousands of families in New Orleans to face a crisis, and the real estate market is experiencing a significant imbalance as the high demand for affordable housing and high rental prices are not aligning with the economic capabilities of the residents.

By 2026, and by popular mandate, the administration has decided to use a percentage of the annual budget to create an affordable housing trust fund, which aims to address the affordable housing crisis in the city with more economic capacity.

Available Foreclosures:

New Orleans: 150 homes available.

By Elías DaSilva | 19 de Noviembre de 2024.