Village of Folsom, LA

B. Housing
Table 8: Village of Folsom Housing Units
Village of Folsom
2000 2015
St. Tammany Parish
%
Change 2000 2015
%
Change
Total Housing Units 222 284 +27.9% 75,398 111,623 +48.0%
% Owner Occupied
Housing Units 129 201 +55.8% 55,727 77,317 +38.8%
% Renter Occupied
Housing Units 68 37 -45.8% 13,534 19,433 +43.6%
Vacant Housing
Units 25 46 +84.0% 6,145 14,873 +142%
Median Home Value
(2008) $143,057 $206,400
Data Sources: U.S. Census Bureau (1990, 2000), ESRI Forecasts (2010, 2015)
Prepared by Villavaso & Associates, LLA (August 2010)
Between 2000 and 2015 the total number of housing units in both
the Village of Folsom and St. Tammany Parish are expected to
increase. While the Village is expected to gain approximately 62
units, for an increase of almost 28%, the Parish is expected to
increase total housing units by more than 36,000 units, or almost
50%. The Village of Folsom and St. Tammany Parish’s 2008
median home values for owner-occupied housing ($143,057 and
$206,400 respectively) are both above the statewide median value
of $132,400.
demand in the Parish post-Katrina, more people are buying in the
area rather than renting. This includes selling single-family rental
property, and thus converting it from renter-occupied to owneroccupied.
In the past couple of years, occupancy rates for
apartment complexes in Western St. Tammany Parish have been
more than 95%, which indicates a relative shortage in affordable
rental units for the area. This demand and the significant decline in
the number and percentage of renter-occupied units in the Village
of Folsom should be considered when planning for future housing.
Between 2000 and 2015, there is expected to be a substantial
increase in vacant units in both the Village and the Parish. The
number of vacant units is expected to increase by 84%, from 25 to
46 units, in the Village of Folsom. During this same period of time,
St. Tammany Parish is expected to add an additional 8,728 vacant
housing units, an increase of more than 142% over fifteen years.
In the Village of Folsom, the percentage of owner-occupied housing
is experiencing a significant increase, while the total units and
percentage of renter-occupied housing is expected to decrease
significantly. There are several explanations for this shift in housing
occupancy, two of which we will outline here. First, the vast
majority of new housing built in the Village is single-family in
nature. Second, with a shift in the regional employment base to
the I-12 corridor, migration to the North Shore, and housing
Village of Folsom, LA
Comprehensive Master Plan
15