To rent or to own? In Jefferson Parish, home-ownership rules with well over half of homes occupied by their owners. That is a big contrast to neighboring Orleans Parish, where renters hold sway.
The U.S. Census Bureau tracks a wide array of localized housing data, including the age, income and education levels of renters and homeowners across the United States through 2016.
We sifted through the latest available data to get a better picture of who is renting and who is buying in Jefferson Parish. Here is what we found out.
Jefferson Parish is a haven for homeowners.
Total occupied homes: 170,710
More than 100,000 homes in Jefferson Parish were occupied by someone who owned the property in 2016, or about 58.5 percent of the parish’s 170,710 occupied houses and apartments. That compared with roughly 70,600 renters, or about 41.4 percent of homes.
That is big contrast to Orleans Parish where about 53.6 percent of the city’s 154,355 occupied houses and apartments were being rented.
Still, home-ownership appears to be falling overall.
Total owner-occupied homes in 2011: 104,258
Total owner-occupied homes in 2016: 100,028
Census Bureau estimates show a decline in the total number of homeowner-occupied housing units in Jefferson Parish over the past five years.
What could be to blame? Jefferson has seen its population grow gradually in recent years, but most of that has been from births, rather than newcomers arriving in the parish. Population estimates for 2016 indicate more people are moving out of Jefferson Parish than are moving in.
More than half of homeowners in Jefferson Parish are in or nearing retirement.
Total owner-occupied homes: 100,028
Occupied by householder 55 years and older: 58,516
About 58.5 percent of owner-occupied homes in Jefferson Parish had a head of household age 55 or older. Homeowners between ages 55 and 64 make up the largest share of homeowners in the parish.
Fewer homes are owned by people under 35.
Total owner-occupied homes: 100,028
Occupied by householder under 35 years: 9,402
Roughly 9,400, or 9.6 percent, of owner-occupied homes in Jefferson Parish were led by someone under age 35 in 2016, an increase from the year prior but down from a five-year high reached in 2012. For comparison, about 33 percent of renter-occupied homes in Jefferson were led by someone under age 35.
The home-ownership rate among the under 35 set in Jefferson Parish peaked at 10.8 percent (11,152 homes) back in 2012. Still, the 2016 rate was an increase from 8.2 percent in 2015.
Jefferson Parish and neighboring Orleans Parish are very similar when it comes to homeownership rates for young people. Only 9.6 percent, or 6,800, of owned homes in Orleans Parish are led by someone under age 35.
More than two-thirds of Jefferson renters and buyers moved in after 2000.
About 68.2 percent of occupied homes in Jefferson Parish in 2016 housed people who had moved there in 2000 or later. More than a quarter of homes had a householder who moved in between 2010 and 2014.
As is expected, renters were more likely to have moved into their household in recent years. Nearly 45 percent of the parish’s rented homes and apartments had householders who moved from 2010 to 2014.
Among Jefferson Parish homeowners, half moved in after 2000. About 27.8 percent moved in from 2000 to 2009.
To be clear, this figure captures residents who moved from one place to another within Jefferson Parish as well as those who moved in from elsewhere.
For full article: http://realestate.nola.com/realestate-news/2017/10/jefferson_parish_rent_own_real.html