More New Orleans residents own homes than residents in bigger cities like Los Angeles, New York, and Houston. But fewer New Orleans residents own homes than cities like Nashville, Baltimore, and Atlanta. The good news is that the home ownership rate in the Greater New Orleans area has increased over the last 12 months, now sitting at about 61.7%. This rate is down from 68% from a decade ago.
New Orleans home ownership rates peaked in 2005, just before Hurricane Katrina hit at 71.2%. After years of home ownership decline after Katrina, the rates have rebounded in recent years.
Even with this rise, New Orleans is in the bottom third in home ownership rates, among the top 75 metropolitan areas. Smaller cities with lower housing costs will have greater home ownership rates, which is evidenced in the data. Click here for more on home ownership rates.