Guest Perspective: Home affordability remains critical challenge for New Orleans
Jan 22, 2025
Dear Editor,
I reviewed your most recent article, “NOMAR publishes 2024 year-end New Orleans residential statistics,” (January 13, 2025) with reserved excitement.
The New Orleans Metropolitan Association of Realtors (NOMAR) 2024 year-end residential statistics underscore a dynamic real estate market, with both challenges and opportunities shaping the city’s housing landscape. While rising average sales prices and increased new listings highlight market resilience, declining closed sales and extended days on the market paint a more complex picture, particularly for affordability and accessibility.
The steady rise in home prices, up nearly 5% across the metro area and almost 7% in Orleans Parish, reflects sustained demand but also exacerbates affordability concerns for residents. Affordability remains a critical challenge for our city. With rent increases outpacing wage growth and rising insurance and construction costs, many residents—especially renters—find themselves priced out of the market.
Addressing this disparity must remain a priority for policymakers, developers, and community organizations.
Encouraging signs of improvement, such as a year-end uptick in closed sales, offer a glimmer of hope for 2025. However, these gains must be viewed in the broader context of supply shortages and the unique infrastructure challenges that New Orleans faces. Innovative initiatives like the Housing Trust Fund provide a valuable framework for creating affordable housing, but its success depends on strategic partnerships and equitable investment in underserved neighborhoods.
As we move forward, the real estate market must be seen not only as a measure of economic vitality but also as an opportunity to build a more inclusive and sustainable community. Collaborative efforts between NOMAR, local governments, and organizations like the New Orleans Redevelopment Authority (NORA) can help ensure that our housing market serves the needs of all residents, from longtime locals to new arrivals drawn by the city’s culture and history.
Thank you for highlighting these important statistics and continuing the conversation about how to create a resilient, equitable housing future for New Orleans.
Brenda M. Breaux
Brenda M. Breaux serves as executive director for New Orleans Redevelopment Authority (NORA).