Overall, Louisiana isn’t an expensive state. Whether we’re talking property or goods and services, your salary will take you a lot further here than it will in a lot of other states. In New Orleans, for example, the average cost of living is cheaper than in 62% of comparatively sized cities. But for every rule, there’s an exception. Some of New Orleans’ neighborhoods come with the kind of property prices that will take your breath away. The median income of the residents will likely do the same. If you’re keen to find out where the city’s biggest earners live, find out now as we run through the 10 richest neighborhoods in New Orleans.
10. French Quarter
You wouldn’t expect one of New Orleans’ most famous neighborhoods to be cheap, and you’d be right. The cost of buying a home here is 116 percent higher than the national average. The situation is no prettier for renters – with the average apartment costing $1,690 per month, the area ranks as one of the most expensive in the city. Fortunately, residents are offered a lot of return for their investment. With its restaurants, its nightlife, its carnivals, and its music, the French Quarter is about as fun a place to live as it’s possible to imagine.
With just 2,765 residents to its name, Touro is no one’s idea of big. Thanks to an average home value of $539,864, it’s also no one’s idea of affordable. Or almost no one’s, anyway. Judging by the impressive incomes most of this exclusive little neighborhood’s households are drawing, very few Touro residents are struggling to make ends meet, even after those monster mortgage payments have been made.
8. Lower Garden District
Lower Garden District has big incomes and even bigger property prices. If $532,737 seems a reasonable amount to pay for a house to you, you’ll feel well at home. If it doesn’t, move on now. Providing you’re prepared to swallow the astronomical home values, you’ll be rewarded with an attractive, safe neighborhood with a close-knit community, a welcoming vibe, and some very big spending residents.
7. Lake View
With its prime location next to City Park, Lake View is the ideal home for people who want to live close to some of New Orleans’ best attractions. The Besthoff Sculpture Garden, the New Orleans Museum of Art, and everyone’s favorite amusement park, Storyland, are all on the doorstep. As are the stylish boutiques and chic eateries of Harrison Avenue, the district’s premier destination for shopping and dining. As you’d expect, living in such a desirable area doesn’t come with a small price tag – if you expect to pick up a good-sized home for less than around $400 thousand, you’re out of luck.
6. Lake Shore-Lake Vista
Lake Shore-Lake Vista is a quiet, genteel neighborhood with a population of around 3,546. Its tree-lined streets are flanked by the kind of houses that look like they’ve jumped from the pages of a magazine. The amenities, while not abundant, are distinctly high-end. A hot destination with New Orleans’ top earners, the average household is earning the whopping median income of $126,397. The average property, meanwhile, sells for around $532,737.
5. Lake Terrace And Oaks
Lake Terrace and Oaks is a low crime, family-friendly neighborhood blessed with plentiful amenities, a close-knit community, and the kind of prices that will make you do a double-take. If you want to buy a property here, you can expect to part with around 94 percent more than the New Orleans average. In fairness, the cost of rental property is considerably lower than average, but considering you’ll be hard-pressed to find anything at all for rent (this is a neighborhood where people like the security of ownership), any savings are more theoretical than practical. As for the median income, most households are drawing a lofty $116,810 each year.
According to Niche, Uptown ranks as the 2nd best neighborhood in New Orleans. It’s easy to see why. With its eclectic boutiques, its fabulous cuisine, its vibrant culture, and its gorgeous architecture, it encapsulates everything there is to love about New Orleans. But with even a modest property costing well over twice the national average, it’s no place for those on a shoestring budget. Fortunately, most residents are earning such ludicrously high incomes, they don’t have to spare too much thought for their hefty mortgages.
Audubon has long been recognized as one of the most sought-after neighborhoods in New Orleans. With its huge old homes, its leafy parks, and its chic little eateries, it’s a rare New Orleanian that wouldn’t live here if they could. But all that desirability comes with a price. According to Area Vibes, the cost of living in Audubon is 53% higher than the New Orleans average, Audubon real estate prices are 218% higher than the New Orleans average, and rental prices in Audubon are 43% higher than the New Orleans average. Basically, it’s expensive, and unless you want to be left without a dime to your name after the bills have gone out, you’ll need to do what the rest of Audubon’s residents have done and find a job that pays over $100,000 per year.
Keeping up with the Joneses in Lakewood is no laughing matter. Not only does the neighborhood have some of the most expensive property in New Orleans (expect to pay around $472,767 for a single-family home), it also has some of the richest residents. According to Home Snacks, most households were earning the considerable sum of $132,083, a figure that easily makes it one of the very wealthiest neighborhoods in the city.
1. Garden District
Garden District is many things. It’s pretty, blessed with historic homes and gorgeous, flower-decked gardens (it isn’t called the Garden District for nothing), and packed with the culture, charm, and history New Orleans is known for. What it isn’t, never has been, and probably never will be is affordable. Choose this little neighborhood as your next base, and you can expect to blow upwards of $600,000 on a modest, single-family home. If you want something a little more illustrious, don’t expect much change from a cool million. As you’d expect, the people who decide to make this swanky neighborhood their home aren’t exactly down on their luck. In fact, most households are earning the jaw-dropping sum of $136,916.