New Orleans is one of the country's least affordable cities for - FOX 8 WVUE New Orleans News, Weather, Sports, Social

New Orleans is one of the country's least affordable cities for renters

N.O. rents rise while incomes stagnate (Source: WVUE) N.O. rents rise while incomes stagnate (Source: WVUE)
NEW ORLEANS, LA (WVUE) -

Rents rise in New Orleans while income stagnates. 

A survey by smartasset.com describes the New Orleans rental market as one of the least affordable in the country for residents. 

It places New Orleans sixth among cities with the highest rent increases and biggest income gaps. 

Smartasset.com looked at data from RentJungle.com and income data from the U.S. Census Bureau. 

It found median income in New Orleans went up by less than $500 between 2011 and 2014. At the same time fair market rents rose by nearly 12%. 

Smartasset.com says fair market rent in New Orleans is equal to 41% of median income, eighth highest of the 50 largest U.S. cities. 

To see the survey and comparison to other cities click here. 

Copyright 2015 WVUE. All rights reserved.

Powered by Frankly