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Mardi Gras Has Positive Impact on Property Values in New Orleans According to Go Banking Rates Investigation
Mardi Gras, a days-long celebration in New Orleans leading up to Fat Tuesday, has been shown to bring millions of dollars into the local economy. However, due to the often adult-themed nature of Mardi Gras festivities, www.GoBankingRates.com investigates whether the event has a positive or negative impact on local property values, finding New Orleans homeowners actually benefit from the annual event.
EL SEGUNDO, CA (February 11, 2013) – New Orleans residents can breathe a sigh of relief – Go Banking Rates finds that despite the increased drinking, nudity, and crime during Mardi Gras celebrations, the festivities bring enough money and jobs to the city that property values do not suffer as a result.
Unlike many large-scale festivals, Mardi Gras actually brings revenue to New Orleans rather than costing the city money. According to Bloomberg, its slideshow The Real Cost of Mardi Gras reveals that Mardi Gras in 2011 pumped an additional $300 million into the city, accounting for 1.5 percent of New Orleans’ gross domestic product.
Go Banking Rates investigated whether this positive economic impact of Mardi Gras translated to surrounding home values as well, considering the flipside to hosting massive festivals is an increase in crime, which has a direct, adverse effect on property values.
Go Banking Rates found that while crime does increase during Mardi Gras festivities – citing a post on BestofNewOrleans.com entitled Mardi Gras 2012 Over that reports New Orleans police made 1,056 arrest actions during Carnival season alone – home values in the area have still managed to increase year over year.
Managing editor for Go Banking Rates, Casey Bond, explained, “The wild antics and increased crime associated with Mardi Gras festivities do not impact home values negatively, and if anything, make the city of New Orleans an even more desirable place to call home.”
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About Go Banking Rates
GoBankingRates.com is a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. Go Banking Rates collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the most comprehensive and authentic local interest rate information.
Additionally, Go Banking Rates partners with a number of major media outlets such as Business Insider and US News & World Report to provide compelling and edifying personal finance content, and its expert editors have been featured and quoted on several premier finance websites like Yahoo! Finance, Forbes, The Street, Huffington Post and more.