New Orleans renters are staying put
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About 17% of New Orleans renters have lived in their homes for at least 10 years, up from 8.3% a decade ago, according to a Redfin analysis of census data.
Why it matters: Many are staying put in their rentals because of high homeownership costs.
- Others prefer the amenities or flexibility that apartments offer.
By the numbers: Most U.S. renters move homes within five years, Redfin researchers found.
- But in 2023, roughly 34% had lived in the same rental for longer than that — up from around 28% in 2013.
The big picture: Renters moved less often than a decade ago in all of the 50 most-populous U.S. metro areas, the analysis shows.
The intrigue: New Orleans' long-term rental numbers are much lower than the national average.
- One reason could be enduring difficulty rooted in post-Hurricane Katrina gentrification. More recent storms have also prolonged the upheaval.
- Another could be the increase in short-term rental properties, many of which had been residential rentals. They were legalized about a decade ago, according to WWNO.
Zoom out: Homeowners are also hunkering down, with over a third saying they'll never sell their houses, according to a recent Redfin survey.
The bottom line: Younger people are more likely to relocate on a regular basis than older people.
- Most Gen Z renters had lived in their homes for less than a year in 2023, per Redfin.