Homeownership in New Orleans has grown 10% since 2023, rising to 56% — still below the national average of 65% but showing promising progress, according to The Data Center and U.S. Census Bureau.
While many focus on the financial benefits of owning a home, such as building equity and stable monthly payments, the mental health advantages often get overlooked. Jennifer “J.J.” Jaskierny, New Orleans operations manager for Credit Human, highlights how homeownership reduces stress and increases a sense of well-being and happiness.
“Buying a home comes with its challenges, but the emotional benefits are just as important as the financial ones,” she says.
In today’s economy, owning a home offers a sense of security. Though mortgage rates are higher than pandemic lows, median home prices in New Orleans have dropped 5.7%, making homeownership more achievable for many first-time buyers, according to Bankrate.com.
Homeowners steadily build wealth through equity, gaining an average of more than $200,000 over 30 years, according to the U.S. Federal Reserve. Real estate also tends to increase in value over time, offering a reliable investment compared to renting.
Fixed-rate mortgages provide predictable monthly payments, unlike renting, where landlords may raise costs annually. Connye Bauer-Ingram, Credit Human’s home loan production manager, explains that this stability can help families budget better and plan financially.
Homeowners also enjoy the freedom to personalize their space — from simple paint jobs to full renovations — which can improve living conditions and add value to their property.
Research published in BMC Public Health links homeownership to reduced stress and better mental health, thanks to feelings of belonging, stability and control.
As the New Orleans housing market cools, Credit Human and groups like the Homeownership Alliance encourage residents to explore buying options.
READ MORE:How homeownership boosts mental health and financial stability
