No Bubble Here
I'm sure you're aware from all the New Orleans-based bloggers that there are no jobs in New Orleans. Unless you're a waiter.
The downside of this is people have to leave New Orleans and Louisiana to find a decent, well-paying job that has any kind of future. Hence all the ex-New Orleanians in Dallas, Houston, and Atlanta. However, on the plus side, housing here is relatively cheap. For example, you can buy a nice Victorian with 4 bedrooms and almost 5000 square feet in Uptown New Orleans for under $600K; a similar house in in San Francisco would run close to $3-4 million.
Why do I bring this up? There's been a lot of talk about a real estate bubble forming and some folks are worried that we're seeing one in New Orleans. But not to worry. As explained in the current New Orleans CityBusiness:
“Locally, the economy is just too slow to see any unsustainable growth. There just aren’t enough jobs coming into the area to push prices up.”
I'm sure you're aware from all the New Orleans-based bloggers that there are no jobs in New Orleans. Unless you're a waiter.
The downside of this is people have to leave New Orleans and Louisiana to find a decent, well-paying job that has any kind of future. Hence all the ex-New Orleanians in Dallas, Houston, and Atlanta. However, on the plus side, housing here is relatively cheap. For example, you can buy a nice Victorian with 4 bedrooms and almost 5000 square feet in Uptown New Orleans for under $600K; a similar house in in San Francisco would run close to $3-4 million.
Why do I bring this up? There's been a lot of talk about a real estate bubble forming and some folks are worried that we're seeing one in New Orleans. But not to worry. As explained in the current New Orleans CityBusiness:
“Locally, the economy is just too slow to see any unsustainable growth. There just aren’t enough jobs coming into the area to push prices up.”
