Real Estate Relocation Guide To Louisiana

Relocating from Chicago to Louisiana is a major move. You’re crossing state lines and heading 900 miles to find a new home in a different community. By familiarizing yourself with the local real estate market, whether your destination is New Orleans or Lake Charles you can get a good idea of the Louisiana landscape and locate the best area for you and your family.

We’ll start with the big picture… Louisiana has an estimated population of 4.2 million* and around 43,500 square miles of land. The total number of housing units is 1,829,933, of which about 1 million are owner-occupied and 493,000 are inhabited by renters. Roughly 265,000, or 14.5 percent, of the residences in the state are vacant. The median home value in Louisiana is $114,700 and the median household income is $39,337. For an idea of how this sizes up with national averages – the median home value in the U.S. is $185,200 and the median household income is $48,451.

Statewide figures provide a good overview of Louisiana, but when you’re planning to relocate to the region, knowing what types of housing are available is the most important thing. So here’s a breakdown of what Louisiana real estate has to offer…

About 40,000 homes in Louisiana are new construction, developed in 2005 or after (another 150,000 were put up between 2000 and 2004). Louisiana has its share of vintage charm as well with 138,700 residences built prior to 1940. The total number of detached, single-family houses across the state is 1.2 million, and there’s also a good selection of multi-unit residences and condos. Most homes have 3 bedrooms, but size varies greatly depending on where you look. And, in case you’re wondering about how your budget will pan out in The Pelican State, monthly mortgage costs in [Alabama] generally hover between $700 and 1,500.

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*All statistics are from the 2006 American Community Survey as shown on the U.S. Census Bureau website.
Sources: factfinder.census.gov and www.city-data.com