Rent or buy? New survey suggests former, local expert isn't convinced

Chris Miller
December 03, 2018 - 8:43 am

With real estate the way it is in New Orleans, is it better to rent or own? A recent survey suggests one thing, a local expert says the other.

The real estate website says home prices in the Crescent City have grown faster than rents, so renting may be cheaper. New Orleans real estate analyst Wade Ragas says it really varies by neighborhood:

"You might be owning in MidCity or owning towards the lakefront, where you're renting equivalent quality in downtown New Orleans," he said. "It all depends on where. We have a city with so many small neighborhoods, each with differing prices, so it's hard to make these sweeping statements."

Ragas says he believes based on cost-per-square foot, coupled with low interest rates, buying your home rather than renting is still the way to go -- not to mention other benefits homeowners receive:

"On renting, you always have the negative of no tax deductibility on the property tax," explains Ragas.

Plus, no homestead exemption, no mortgage interest deduction, and no equity.

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