In many ways, Louisiana is the perfect climate for Rent to Own. The air may be muggy in the summer, but lease option opportunities are hot all the year round. After a slumping 2014, many landlords and sellers may be open to offering Rent to Own sales to intrepid buyers. Combine that with budget friendly market rates perfect for middle class families and a growing modern economy that is diversifying more by the year, the slow 1.4 percent growth expected this year seems to only be the beginning for Louisianans. Furthermore, young people are flocking into New Orleans, drawn by the easygoing lifestyle and rich cultural history the city has to offer.
A word of caution for out of state buyers: in certain neighborhoods of New Orleans and other low-lying areas, you should be aware of where the home sits in relation to highwater marks in the aftermath of Hurricane Katrina. Knowing whether or not there is potential water damage to a home can influence your decision to enter a Rent to Own agreement on it, and can greatly influence the price of the property. Unscrupulous sellers may try to unload a property on an unknowing buyer above the market rate if it has water damage--even if that damage occurred a decade ago.
In a lot of ways, Louisiana is several distinctive and idiosyncratic cultures all cooked together into the gumbo of a one of a kind identity. Part hot brass and cold daiquiris in the Big Easy, part small devout parishes in quiet rural enclaves, Louisiana is above all a Gulf Coast state is tied to its deltas and swampland. Cajun food and culture blossomed here as a fusion of French and creole cultures that flavors all aspects of Pelican State living. Much of the southern part of the state sits at or below sea level, which contributes to much of it’s bayou culture. Major industries in the state include oil production and refinery, natural gas tourism, shipping, fishing, and agriculture. In recent years, Hollywood has come to Louisiana, boosting job growth and letting the culture and countryside take center stage for the world to see. Population growth averages at about 0.4 percent annually. Job growth in Louisiana continues at 0.9 percent and unemployment sits at 6.7 percent. The median family income in Louisiana is $44,874 annually according to the Census Bureau.
French Quarter, New Orleans LA. Via Tripshock.comHow's the Real Estate Market in Louisiana?
According to Zillow, median home values are still at a budget friendly $141,400. After declining 3.5 percent last year, homes are expected to appreciate approximately 1.4 percent this year. These factors make it an exceptionally good climate for offering Rent to Own agreements on single family homes. Some of the most popular metro areas in Louisiana are New Orleans, Baton Rouge, Lafayette, Shreveport, and Alexandria.
EducationPrimary and secondary school rankings are mostly average with some good districts, especially in the southern part of the state. Louisiana has notable universities such as the University of New Orleans, Louisiana State University, Tulane University, University of Louisiana at Lafayette, and Louisiana Tech University.
According to Neighborhood Scout, annual violent crime in Louisiana affects 5.19 residents per 1000, above the 3.8 per 1,000 residents national average. Property crime affects 35.82 per 1,000 residents and is higher than the 27.3 national average. Crime and safety vary widely in the state, with large concentrations in underprivileged urban core neighborhoods.
Culture and Entertainment
Famous points of interest in Louisiana include the French Quarter and the Treme in New Orleans, Aquarium of the Americas, National WWII Museum, Melrose Plantation, and Old State Capitol. Louisiana is home to some of the largest parties and most unique festivals in the country, including but not limited to Mardi Gras and the New Orleans Jazz and Heritage Festival. Cajun culture and cuisine add spice to some traditional French food, like at Antoine's Restaurant in the French Quarter, for a unique flavor only found in the Pelican State. From umbrella twirlers of the second line to the gator wranglers down in the bayou, Louisiana is a state of unmatched excitement and culture.