The motto of New Orleans is “Let the good times roll” or “Let the good times roll”. This motto extends to most areas of daily city life where there is a thriving restaurant scene, vibrant culture, and historic atmosphere.
The local population of over 390,000 works hard and plays hard too. There are a variety of employment opportunities and entertainment options. If you are considering moving to a new place with a distinct personality, New Orleans might be a good choice. The city has several districts, each with its own style. With such a variety of neighborhoods, you’re sure to find something to suit your budget and lifestyle.
First, it’s important to understand the average rent in New Orleans and the most expensive and affordable areas of the city.
What is the average rent in New Orleans?
Compared to other major American cities, New Orleans has a somewhat small population. It ranks 50th in terms of population, but has competitive apartment rates. The average rent in New Orleans for a one-bedroom apartment is $ 1,634. That’s over 6% since last year and a bit more expensive than the national average.
Overall, the average rent in New Orleans has gone up in recent years. As the demand for housing in lower-income neighborhoods increases, so does the rent in these neighborhoods. That being said, rental prices in less popular areas are still below the national average.
How much do I have to earn to live in New Orleans?
To live comfortably in New Orleans, there are a few things you need to consider. A big consideration will be commuting. Many neighborhoods have easy access to public transportation, but some do not. Likewise, many neighborhood homes have driveways designed for family cars, but other areas only have street parking. Choosing the right neighborhood for your transportation needs is essential in New Orleans.
Likewise, you will need to plan how much you want to spend on entertainment and dining. Much of New Orleans culture revolves around food, fun, and friends. When considering your budget, think about how much money you will allocate to take advantage of local activities.
Most experts agree that you should only spend around 30% of your gross annual income on rent. In an ideal situation, this would include some bills like electricity, gas and water. This leaves you with 70% of your income to use for the rest of your bills, living expenses, savings and entertainment.
To afford an average one-bedroom apartment in New Orleans, you’ll need to earn around $ 65,360 per year.
It is wise to take current rental market trends into account when estimating your rent amount. To better prepare yourself, consult our rent calculator. It will help you determine which neighborhoods best suit your budget and focus on the apartments that best suit your needs.
The cost of living in New Orleans
The overall cost of living in New Orleans is close to the national average. So, it will cost about the same price to live in New Orleans as it will cost to live in any other major American city.
Here’s a more detailed look at how that cost of living compares to the national average:
- Utilities: The cost of utilities in New Orleans is 22.5% lower than the national average.
- Transport: The cost of transportation in New Orleans is 3.5% lower than the national average.
- Groceries: The cost of groceries in New Orleans is 1.2 percent lower than the national average.
- Miscellaneous goods and services: The cost of miscellaneous goods and services in New Orleans is 3.3% higher than the national average.
- Health care: The cost of health care in New Orleans is 17.7% higher than the national average.
- Housing: The cost of housing in New Orleans is 36.3% higher than the national average.
The most and cheapest neighborhoods in New Orleans
Each neighborhood in New Orleans has its own style and style. Living in the heart of the French Quarter would put you in the middle of all the action, but you would pay higher than average rent.
Conversely, living in the Fairgrounds neighborhood would take you a little further from the heart of the city, but the rent would be below average. Yet even if you lived in the Fairgrounds neighborhood, you would be within walking distance of several local festivals (including the New Orleans Jazz and Heritage Festival and Voodoo festival).
When deciding where you want to live, consider how close you want to live to local grocery stores, restaurants, and entertainment venues.
The most expensive neighborhoods in New Orleans
By far, New Orleans’ most expensive neighborhood is the French Quarter. It has the most historic buildings and it comes with a bustling atmosphere of constant activity. If you would like to experience the nightlife and be surrounded by one of the country’s most unique cultures, you might like the neighborhood.
The monthly rent for an average one-bedroom apartment in the French Quarter is $ 2,040, up 10% year over year. There are countless restaurants, bars, clubs and theaters within walking or driving distance of this area. In addition, you will have a front row seat for the Mardi Gras festivities.
Other New Orleans neighborhoods that are above the national average include the Garden District (and Lower Garden District), Bayou St. John, and the Central Business District.
Lower Garden District rent prices have risen nearly 70% since 2019, which is no surprise for such a hip neighborhood. The Garden District, the Lower Garden District and the Central Business District are all within walking distance of the Mardi Gras parades. If you love the outdoors, Bayou St. John is a popular spot for kayaking, biking, and lounging outdoors on a beautiful day.
Each of these neighborhoods has its own personality and is accompanied by unique festivals and celebrations.
The cheapest neighborhoods in New Orleans
The two cheapest neighborhoods in New Orleans are Algiers and Old Aurora. These neighborhoods are on the “West Bank”, across the Mississippi River from the French Quarter. Because they’re across the river, getting to work in the heart of town is a bit tricky.
On the “East Bank” (on the same side of the river as the French Quarter), some of the cheaper neighborhoods are Fairgrounds, Gert Town, and parts of Mid City.
Average rental prices in New Orleans neighborhoods
Average rental prices in New Orleans vary widely from neighborhood to neighborhood. Prices range from $ 1,138 for a one-bedroom apartment in Algiers to $ 2,040 for a one-bedroom apartment in the French Quarter.
No matter the location, you can find a stunning New Orleans apartment that will suit your lifestyle perfectly. All you need to do is cut your budget and determine the amenities that matter most to you.
Here’s how neighborhoods stack up against each other.
* May not be a true representation of the market due to insufficient inventory
Find your neighborhood in New Orleans
Many people visit New Orleans on vacation and immediately feel at home. As John Goodman once said, “Someone suggested that there is an incomplete part of our chromosomes that is repaired or found when we strike New Orleans. Some of us just belong here. “
Whether you’ve fallen in love with New Orleans before and want to live there, or just looking for a change of scenery, you can find what you need here. From careers and history to nightlife and fine dining, New Orleans has it all. There is an apartment for every type of person in The Big Easy.
Rental prices are based on a moving weighted average of the Apartment Guide and Rent.com’s Multi-Family Rental Property Inventory for one-bedroom apartments. The data was extracted in February 2021 and goes back a year. We use a weighted average formula that more accurately represents the price availability for each individual unit type and reduces the influence of seasonality on rental prices in specific markets.
Neighborhoods with insufficient inventory were excluded.
Data on the cost of living come from the Community and Economic Research Council.
The rental information included in this article is used for illustration purposes only. The data contained in this document does not constitute financial advice or a price guarantee for any apartment.