LAKE CHARLES, LA (KPLC) - The housing market in Lake Charles has been changing and growing during the economic boom in southwest Louisiana.
Lake Charles has been ranked as the third most affordable place to buy a house in Louisiana as part of a new study. The study takes place in LA cities with a population of at least 60,000.
Lake Charles was ranked third while Kenner ranked first and Bossier City ranked second. The study comes from a real estate website, Homearea.com.
To determine a city’s rank, the study took the median of local home prices and compared them to the median of local income. Lake Charles has a median home value of $122,700 and the median household income stands at $36,000.
The method that Homearea.com uses takes those two numbers and divides them to get the ranking. Lower values means that income in the Lake Area is high enough to make paying off a home easier.