Cajun food and jazz music, Mardi Gras and Carnivals, a good climate — there are many good reasons to dream about moving to Louisiana. With a rising economy, accelerating job growth, and up-and-coming housing market, it’s no wonder so many people are opting to make the “Pelican State” their new home.
So before you pull the trigger and put your house on the market, we’ve compiled a few key things you should know about Louisiana’s unique draws, financial outlook, and housing market, in order to help you make the best possible decision, given your unique goals and requirements.
Top 5 Reasons to Move to Louisiana
Here are the top five reasons to put Louisiana on your short list of potential places to move.
1. Louisiana’s Economy and Job Market Are on the Rise
Louisiana’s economy, once on a downward slide, has been making a recovery. With projected job market growth and large capital projects planned, get in now before the boom.
2. Its Housing Market Is On the Up and Up, Too
Homes are reasonably priced in Louisiana, but prices have been on an upswing. First-time homebuyers will finds lots to like, plus will see their homes appreciate in value.
3. Access a Unique, Rich, and Vibrant culture
Food, music, sports, and more — you’ll find it all in Louisiana. With its rich history and culturally diverse population, there’s truly no other state like it!
4. Enjoy the Mild, Short Winters!
Sick of the cold? Want to throw out your snow shovel? While, yes, you’ll have to deal with hot summers, Louisiana’s short, mild winters are a major plus.
5. Louisiana Is an Outdoor Lover’s Paradise
You won’t have to look for excuses to go outside in Louisiana. Golf, fishing, kayaking, the locals take advantage of the state’s great weather.
Quality of Life
Land of bayous and birthplace of jazz, Louisiana has a rich cultural history. Bought from the French for three cents an acre in 1803, the state retains the influence of its history.
New Orleans, in particular, is renowned for the architecture in the French Quarter, and an estimated 200,000 of the state’s residents still speak French.
Outdoor enthusiasts have a wide selection of adventures to fill their days. Go kayaking or canoeing in the marshes, swamps, or rivers. Anglers have both saltwater and freshwater fishing spots. Hike in one of the state parks or go swimming in the ocean. Louisiana’s subtropical climate, with mild winters, encourages outdoor activity year-round.
And let’s not forget the food! Beignets, jambalaya, barbeque and more, the state’s cuisine reflects its history and heritage. Cultural centers in Lake Charles and other areas work to preserve the beautiful architecture of the 1800s and earlier.
Louisiana does have a high poverty rate, though it is primarily concentrated in rural areas. Despite the nearly two dozen colleges and universities only 23% of the state’s residents have a college degree.
Before deciding to move to Louisiana, be sure to look at employment rates and average income data in your specific industry.
Quality of life considerations for you and your family depends on your hobbies, interests, and priorities. It’s always a good idea to talk to a local realtor to get a feel for the specific area in the state that you’re thinking about moving to.
Louisiana emerged from a two-year-plus recession in 2017 — and the economy is still recovering.
Louisiana is a smaller state, and its job market is a reflection of its size. In comparison, New York State has 8.2 million jobs in the private sector alone.
In addition to taking into consideration the overall size of the state when looking at unemployment numbers, look at an individual cities unemployment rate when making moving decisions.
In December of 2018, New Orleans and Baton Rouge’s unemployment rates were 4.5% and 4.2%, respectively; however, Shreveport was higher than the state’s average rate, at 5.3%. Where you move within the state can have a big impact on job prospects.
According to the Louisiana Economic Outlook, industrial expansions are planned along several major waterways. The $170 billion in planned expansions should drive economic and job growth in those areas.
Much of Louisiana’s industry is concentrated in around industries related to their natural resources, such as agriculture, commercial fishing, oil, and chemicals.
Housing Market Forecast for 2019
Before deciding to relocate to a different state you’ll want to know how easy it will be to buy a new home. The housing market in Louisiana is red hot.
Median home values rose 3.2% in 2018 and are expected to rise by an additional 4.9% in 2019. While the median home price is $210,000, this varies a lot depending on the city.
While New Orleans’ home values dipped slightly last year, the market is back on the upswing. The median home sale price in the city is $263,900, but that number begins to drop as you move out towards the suburbs.
If you dream of owning a classic, New Orleans’ Greek-Revival home, full of history and character, however, expect it to come with a price tag closer to $1 million.
Other major cities in Louisiana include Baton Rouge, Lafayette, Alexandria, and Shreveport. While their markets vary from cool to warm, Zillow expects home prices to rise across the board in 2019.
The median home prices in all of these cities are under $200,000, making them very affordable destinations for first-time homebuyers.
The state’s economy has dealt with periods of recession, which have kept home prices from inflating as badly as they have in other areas of the country. Given that the economy is recovering, and home prices rising, now would be an excellent time to buy and be almost guaranteed your home’s value would rise
If you think that Louisiana could be your next home, plan a trip to visit! Start making lists of cities that interest you, and companies where you could find work.
While you’re interviewing, consider connecting with an experienced, local real estate agent for more insight and guidance on buying a home there.
Agents can provide a wealth of information when it comes to quality of life and local amenities, prospective price points based on your desired neighborhood, the long-term market outlook, and how to time your purchase to get the best possible price.
Interested in speaking with a top-rated, Louisiana real estate agent? Clever can help!
Fill out our online form and a Clever representative will reach out to answer your questions and connect you with one of our local Partner Agents for a no-obligation consultation.