Overview of the Commercial and Residential
Real Estate Market in Louisiana
Louisiana is one of thirteen states cut from the Louisiana Territory that the United States purchased from France in 1803 for $15 million. In addition to being home to the longest continuous bridge over water (Lake Pontchartrain Causeway), it has the tallest state capital building in the country (450 feet with 34 floors), and is the only state that does not have counties. The state's political subdivisions are referred to as parishes. That record holding state capital is currently the tallest building in Baton Rouge. According to the U.S. Census, 229,426 of the 4,625,470 Louisianans live in Baton Rouge. The city has median home value of $154,600. That is almost $16,000 higher than the state's median home value of $138,900. Its median household income ($38,593) is $6,281 less than the state's ($44,874). Baton Rouge has a poverty rate of 25.4 percent compared with 19.1 percent for the state. That poverty rate is lower than the 27.3 percent poverty rate of New Orleans. The city known for Mardi Gras has a population of 378,715, a median home value of $183,700, and a median household income of $37,145.
In 2014, Business Facilities magazine named Louisiana the top business climate in the entire country. Much credit for this accomplishment goes to Louisiana's workforce development program (LED FastStart®) that began in 2008. This program has won the number one ranking from Business Facilities for workforce programs five years in a row. Louisiana also ranked second among export leaders and third for economic growth potential. The magazine ranked Louisiana's infrastructure fifth in the nation and said it has the eighth-lowest rate for industrial electricity. Louisiana has more people working than ever before. Despite economic gains, the state's home affordability index is one of the lowest in the country, keeping the demand for affordable apartments high.
Office Rental and Executive Suites in New Orleans, LA
How to Become a Realtor in Louisiana
From its headquarters in Baton Rouge, the Louisiana Real Estate Commission regulates the licensing and practice of real estate agents across the state with education programs and a top priority of protecting the public's interest. People wishing to become a real estate agent in Louisiana must be at least 18 years of age. They need either a high school diploma or equivalency certificate (GED). Before taking the state exam, applicants must successfully complete 90-hours of real estate courses that are approved by the commission. A criminal background check is also required as part of the application process. After passing the state licensing exam, potential agents must be sponsored by a Louisiana real estate broker and show proof of errors and omissions insurance to receive their license. Agents licensed in good standing with other states may get credit for some of their state's real estate courses, but can't substitute other courses for the 30-hours of courses covering Louisiana laws.