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Taking a Closer Look at the Market Value of New Orleans Neighborhoods
Did you know that only 13% of New Orleans properties are affordable based on 50% of the city’s median family income? This key finding—and dozens of others—is included in the newly published 2023 Market Value Analysis.
Developed in partnership with Reinvestment Fund, this comprehensive report includes a detailed look at the market strength, population demographics, mortgage access, investor activity, and displacement risk of New Orleans neighborhoods.
The report allows NORA to form evidence-based strategies for investment and redevelopment. Other insights include:
- Between 2018 and 2022, the city’s median home price increased by approximately $120,238.
- The annual number of sales of vacant lots has nearly doubled since 2019.
- Only 8% of areas are affordable for Black households, compared to 30% for White households (based on median family income).
- Black borrowers experience higher rates of mortgage purchase application denials.
For a closer look, download the 2023 MVA today or view the interactive map.
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A long-underutilized location is poised to be transformed into a center for affordable living and local, minority-owned businesses.
In late October, HRI Communities and New Orleans Restoration Properties broke ground on the development of a multipurpose building at 1431 St. Bernard Avenue. The $22 million project, built by Landis Construction, will create a four-story mixed-income residential complex containing 40 affordable apartments and 51 units overall.
1,800 square feet of the ground floor will also serve as a retail bay, while amenities will include a fitness center, a community room, a landscaped outdoor community performance space, bike parking, and more.
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Since 2012, NORA has managed approximately 6,000 properties and lots throughout New Orleans. The vast majority of these properties were acquired through voluntary buyouts by the State of Louisiana through the Road Home Program. We’re proud to announce that our remaining inventory has just dipped below 1,000 properties—that’s less than 20% of our original property inventory.
This incredible milestone was made possible through a combination of auctions, our Lot Next Door program, development solicitations, and other strategic methods aimed at catalyzing redevelopment in neighborhoods across the city.
As we celebrate this monumental achievement, we continue to expand the reach and impact of our programs to return even more properties to commerce.
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The New Orleans Six Flags site rotted for years. A developer just leased it and has big plans.
NORA Careers – Database Manager
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