House rentals are in high demand in New Orleans, pushing rents to levels that require renters to spend much of their monthly income for rent, according to a study conducted by the Greater New Orleans Community Data Center.

Using data from the U.S. Census Bureau, the center also found that renters in New Orleans spent more for rent and utility bills than renters in the other cities studied in 2008, including Las Vegas, Baltimore, New York City, Milwaukee, Memphis, Phoenix and San Antonio.

Out of all New Orleans renters, 41 percent spent at least half of their pre-tax salaries for their rental housing.
In Jefferson Parish and Saint Tammany, 27 percent of households spent 50 percent of their income for rent.

Last year, the median monthly rent in Saint Tammany was $982. The median in New Orleans was $908 and the median in Jefferson was $854.

According to affordable housing advocates, the burden of paying rental costs in New Orleans is heavier because of increases in costs of living in the metro area.

Landlords in New Orleans also explained that they have to increase their rents because they spent high costs in building and maintaining their house rentals after the Katrina disaster.

Homeowners in New Orleans also bear heavier housing burdens than other cities because of increases in the costs of insurance premiums, taxes and utilities in the metro area.

In Saint Tammany, 27 percent of homeowners spent more than 33 percent of their monthly income on housing costs while Jefferson homeowners spent 26 percent – lower than the nationwide average of 31 percent.

Among lower-income New Orleans homeowners, 36 percent spent more than 33 percent of their income on housing costs. Low-income homeowners particularly have been suffering because 81 percent of them spent more than 33 percent of their monthly income on housing costs.

Housing advocates cite the difficulties of the low- and lower-income families in paying their monthly home loan payments as major reasons for foreclosures in the city. They said that post-Katrina salaries have not increased to keep pace with the increase in rents.

According to the Data Center, the rise in New Orleans housing costs to unaffordable levels is a clear indicator that the city needs to step up its affordable housing programs.

But the State Bond Commission decided to stop subsidizing affordable construction in the city in September until a comprehensive market study on house rentals and affordable housing is completed.

If you have been considering properties for rent as alternative to buying a home, you should know that there are other fees that you might need to consider aside from the monthly rental fee alone. By doing so, you get a clear picture of the total cost involved.

Considering the situation in the housing industry and the declining average rent price, it is not really surprising that a lot of people are opting to go with rental homes instead of home buying. But sometimes, renters make the mistake of under-calculating the cost.

As a would-be renter, you should also factor in the security deposit on top of the monthly rent. You will also have to set aside money for paying credit check that is usually required by the landlord as well as the move in deposit. Such fees will vary depending on the policies being followed in the building.

Because of such costs, renters are advised to make inquiries regarding these extra fees in order to avoid being surprised. This should be done before you even schedule to see the apartment.

You will find that compared to other properties for rent, rental buildings have set fees and straightforward policies.

For instance, an applicant will have to pay for the application form, usually amounting to $100. The landlord will then make a credit inquiry and employment verification. Once the applicant has been found to be qualified, moving in will be the next step.

On the other hand, renting coops or condos might be more complicated. Application fees can be as high as $1000 and you will still have to consider the other fees that could average for about $150 for every renter.

In addition, there is still the board to consider. A full financial disclosure might be required which means providing bank statements and tax returns. There is also the interview that one must go through. All these things will take up much of your time.

While looking through the properties for rent carefully, asking questions regarding the upfront costs is perhaps the smartest thing to do. You should learn all about the small details, even your rights and responsibilities in order to determine if you can afford the place and be happy living in it.

Depending on your future plans, renting houses might be the best option for you.

There are several reasons why many experts are saying this. For starters, there is currently a large inventory of existing as well as foreclosures for sale which could mean that the housing market will have a long way to go before it stabilizes. Building home equity is actually something that looks impossible right now especially with the depressed home prices.

Choosing to live in a rental property instead of investing in a home actually makes a lot of sense for many individuals. It is really more attractive for those who have been considering relocating, retiring or just downsizing.

On the other hand, if you have just started a family, likes a particular neighborhood and employed securely, buying a home might be a better idea — only if you have considered the total ownership costs. After all, you might have trouble recouping the money you will have to shell out for down payment and closing cost as well as property taxes.

There is also the question of home value appreciation. Again, considering the condition of the housing market, there is a huge possibility that you will not enjoy home equity.

If you are still leaning on home ownership, one of the ways you can play it safe is by digging deeper and doing plenty of research on the particular area you are interested in. Check the incidence of foreclosure and home vacancies, mortgage delinquency trends and shortage of housing units.

But keep in mind that even if you do your homework well, the old belief that owning a home is a risk-free investment is no longer true. This has been rebutted when the housing market collapsed under the weight of the mortgage mess and economic recession.

If you do decide on renting houses, you should not be embarrassed especially if you are having financial difficulties. Instead of using your money for buying a home, you can use it to pay off your debt or put it aside for retirement or emergency. In any case, it will give you a chance to recover from any financial problems.

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