Talking Opelousas Housing
BOBBY ARDOIN
St. Landry Now.com Editor
An Opelousas realtor entertained the Opelousas Noon Rotary club on Tuesday as he guided a lively discussion that included a variety of insights and realities connected to the current city housing market.
Rob Hilliard, who sells both residential and commercial real estate, told the Rotarians home ownership is difficult for many individuals in Opelousas since the average median family income hovers around $38,000 or less annually.
Since the cost of many homes marketed for sale averages around $160,000 citywide, Hilliard indicated that many families are choosing to rent instead.
That cost plus the other essentials such as insurance,has made it difficult for many individuals to afford down payments, Hilliard added..
“Some people just don’t have that down payment, but the prices (of homes) are not going down. The American dream (of owning a home) is about to become unaffordable,” said Hilliard, who has sold real estate for nine years.
Prices for homes have been increasing at a rate of about 10 percent each year, Hilliard added.
Interest rates currently vary from the high five to six percent, Hillard added.
Hilliard estimated that about 70 percent of persons in Opelousas live in rental units.
A large portion of the populace Hilliard said lives in public housing because of nominal monthly payments for two-bedroom units that are brick and substantially located on a concrete slab, have discouraged those residents from stepping into home ownership.
Although many people in Opelousas choose to rent instead of buy a home, Hilliard said home ownership is usually an indicator of a citywide progress.
“The amount of home ownership versus renting pretty much tells the pride of the community,” Hilliard noted.
Some cities, said Hilliard, have created programs which provide grant assistance funding for the first five years of home ownership, but Opelousas does not currently have that program which could encourage more individuals to purchase homes.
One area of Opelousas that could become more attractive for investors and potential home buyers are the Market and Court street residential areas, Hilliard added.
Hilliard said he can imagine the houses on each of those streets becoming a desirable residential area similar to the Saint Street section of Lafayette.
Providing improvements both external and internal to many of those Market and Court street residences, said Hilliard, could make the houses along that corridor more attractive and restore them to their original luster.
Several of the Rotarians questioned Hilliard about whether the current condition of Opelousas streets is inhibiting the prospect of citywide commercial or industrial growth.
While Hilliard acknowledged that overall the streets in the city could use improvement, he said that industrialists who are interested in locating in municipalities normally are more concerned about schools and recreational opportunities.
