Britt Tate, a mortgage broker, spends his days assisting clients in obtaining the financing required to purchase a home.
As a result, he closely monitors how issues such as inflation, rising interest rates, and others are impacting homebuyers in the New Orleans region.
Tate, a broker at Essential Mortgage, was nonetheless shocked when he crunched the numbers recently to try and estimate how much more expensive it is to buy a house in the New Orleans
In Orleans Parish, the increase in home prices, mortgage rates, and homeowners insurance, among other costs, has sent the monthly tab for a typical homebuyer nearly 50% since last year
The all-in prices have increased by almost 50% and 47%, respectively, in St. Tammany Parish and Jefferson Parish, where the same is typically true.
Everyone is aware of the high property prices and mortgage rates, but Tate said that until you see the facts in this form, it doesn't truly sink in.