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Real Estate Prices & Overview

Lake Terrace / University of New Orleans median real estate price is $433,242, which is more expensive than 90.4% of the neighborhoods in Louisiana and 58.9% of the neighborhoods in the U.S.

The average rental price in Lake Terrace / University of New Orleans is currently $983, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 89.0% of Louisiana neighborhoods.

Lake Terrace / University of New Orleans is a suburban neighborhood (based on population density) located in New Orleans, Louisiana.

Lake Terrace / University of New Orleans real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and apartment complexes/high-rise apartments. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Lake Terrace / University of New Orleans neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built between 2000 and the present.

Vacant apartments or homes are a major fact of life in Lake Terrace / University of New Orleans. The current real estate vacancy rate here is 26.0%. This is higher than the rate of vacancies in 92.6% of all U.S. neighborhoods. In addition, most vacant housing here is vacant year round. This can sometimes be the case in neighborhoods dominated by new construction that is not yet occupied. But often neighborhoods with vacancy rates this high are places that can be plagued by a protracted vacancy problem. If you live here, you may find that a number of buildings in your neighborhood are actually empty.

Notable & Unique Neighborhood Characteristics

When you see a neighborhood for the first time, the most important thing is often the way it looks, like its homes and its setting. Some places look the same, but they only reveal their true character after living in them for a while because they contain a unique mix of occupational or cultural groups. This neighborhood is very unique in some important ways, according to NeighborhoodScout's exclusive exploration and analysis.

People

In a nation where 1 out of every 4 children lives in poverty, the Lake Terrace / University of New Orleans neighborhood stands out as being ranked among the lowest 0.0% of neighborhoods affected by this global issue.

In addition, a majority of the adults in the Lake Terrace / University of New Orleans neighborhood are wealthy and educated executives. They own stately homes that tend to maintain high real estate appreciation rates. Their upper-level careers keep them busy, but allow them to live comfortably. If you're an executive and want to keep similar company, consider settling in this neighborhood, rated as an executive lifestyle "best choice" neighborhood for Louisiana by NeighborhoodScout's analysis, which rated it as better for executive lifestyles than 98.4% of the neighborhoods in Louisiana. In addition to being an excellent choice for highly educated executives, this neighborhood is also a very good choice for college students.

Also, do you like to read, write, and learn? Are you curious about the world? If so, this neighborhood may be a good fit for you. NeighborhoodScout's research revealed that a full 79.9% of the adults living in the Lake Terrace / University of New Orleans neighborhood have earned at least a bachelor's degree. This is a higher rate than NeighborhoodScout found in 97.7% of U.S. neighborhoods. In this way, this neighborhood truly stands out.

Occupations

Executives, managers and professionals make up 82.1% of the workforce in the Lake Terrace / University of New Orleans neighborhood which, according to NeighborhoodScout's exclusive analysis, is a higher proportion of such high-level people than is found in 99.4% of the neighborhoods in America. For this reason, this neighborhood really stands out as unique.

Diversity

Did you know that the Lake Terrace / University of New Orleans neighborhood has more Haitian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 4.0% of this neighborhood's residents have Haitian ancestry.

Lake Terrace / University of New Orleans is also pretty special linguistically. Significantly, 5.2% of its residents five years old and above primarily speak Chinese at home. While this may seem like a small percentage, it is higher than 95.2% of the neighborhoods in America.

The Neighbors

How wealthy a neighborhood is, from very wealthy, to middle income, to low income is very formative with regard to the personality and character of a neighborhood. Equally important is the rate of people, particularly children, who live below the federal poverty line. In some wealthy gated communities, the areas immediately surrounding can have high rates of childhood poverty, which indicates other social issues. NeighborhoodScout's analysis reveals both aspects of income and poverty for this neighborhood.

The neighbors in the Lake Terrace / University of New Orleans neighborhood in New Orleans are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 83.6% of the neighborhoods in America. In addition, 0.0% of the children seventeen and under living in this neighborhood are living below the federal poverty line, which is a lower rate of childhood poverty than is found in 100.0% of America's neighborhoods.

A neighborhood is far different if it is dominated by enlisted military personnel rather than people who earn their living by farming. It is also different if most of the neighbors are clerical support or managers. What is wonderful is the sheer diversity of neighborhoods, allowing you to find the type that fits your lifestyle and aspirations.

In the Lake Terrace / University of New Orleans neighborhood, 82.1% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is sales and service jobs, from major sales accounts, to working in fast food restaurants, with 9.2% of the residents employed. Other residents here are employed in government jobs, whether they are in local, state, or federal positions (5.0%), and 4.9% in manufacturing and laborer occupations.

Languages

The languages spoken by people in this neighborhood are diverse. These are tabulated as the languages people preferentially speak when they are at home with their families. The most common language spoken in the Lake Terrace / University of New Orleans neighborhood is English, spoken by 83.0% of households. Other important languages spoken here include Chinese and Spanish.

Ethnicity / Ancestry

Culture is shared learned behavior. We learn it from our parents, their parents, our houses of worship, and much of our culture – our learned behavior – comes from our ancestors. That is why ancestry and ethnicity can be so interesting and important to understand: places with concentrations of people of one or more ancestries often express those shared learned behaviors and this gives each neighborhood its own culture. Even different neighborhoods in the same city can have drastically different cultures.

In the Lake Terrace / University of New Orleans neighborhood in New Orleans, LA, residents most commonly identify their ethnicity or ancestry as Asian (10.2%). There are also a number of people of German ancestry (8.6%), and residents who report English roots (6.6%), and some of the residents are also of French ancestry (6.1%), along with some Irish ancestry residents (5.9%), among others. In addition, 12.0% of the residents of this neighborhood were born in another country.

Getting to Work

How you get to work – car, bus, train or other means – and how much of your day it takes to do so is a large quality of life and financial issue. Especially with gasoline prices rising and expected to continue doing so, the length and means of one's commute can be a financial burden. Some neighborhoods are physically located so that many residents have to drive in their own car, others are set up so many walk to work, or can take a train, bus, or bike. The greatest number of commuters in Lake Terrace / University of New Orleans neighborhood spend under 15 minutes commuting one-way to work (39.5% of working residents), one of the shortest commutes across America.

Here most residents (75.0%) drive alone in a private automobile to get to work. In addition, quite a number also hop out the door and walk to work to get to work (6.0%) and 5.6% of residents also carpool with coworkers, friends, or neighbors for their daily commute. In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.


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