The insane growth since Hurricane Katrina only slowed moderately during the fourth quarter as New Orleans experienced record gains in both nominal and real terms for 2006. These gains were propelled by job gains, investment activity, historically low mortgage rates and a severe shortage of available housing. The future of the local housing market will (more than any other city) depend upon the migration trends over the next few years. Fortunately, despite the housing shortage affordability levels remain better than national levels leaving room for potential further growth.
SEE PRIOR NEW ORLEANS PEAKS & TROUGHS Next >
|
Year |
|
|
|
|
New Orleans Mortgage-Debt-to-Income Ratio |
National
Mortgage-Debt-to-Income Ratio |
2001 |
$107,200 |
6.4% |
$121,600 |
3.7% |
15.2% |
17.8% |
2002 |
$112,800 |
5.2% |
$124,600 |
2.5% |
14.7% |
17.5% |
2003 |
$120,200 |
6.5% |
$130,400 |
4.6% |
14.2% |
18.3% |
2004 |
$130,200 |
8.4% |
$137,800 |
5.7% |
15.2% |
19.6% |
2005 |
$144,000 |
10.5% |
$148,200 |
7.5% |
17.1% |
22.6% |
2006 |
$162,100 |
12.6% |
$162,100 |
9.4% |
18.3% |
21.7% |
|
