Housing report for Lake Charles, LA

Lake Charles Affordable Housing Report:
Q1 2023

Last updated on Apr 1, 2023

Housing overview of Lake Charles, LA

209,821

population in Lake Charles, LA

102,396

workers in Lake Charles, LA

95,768

housing units needed

Lake Charles's burgeoning population and dynamic economy have created a significant demand for workforce housing. In this market report, we analyze the current state of the city's housing market, emphasizing the growing need for affordable and immediate housing.

Lake Charles has a housing demand of 150 units

Population:Across metro Lake Charles the population has risen to 209,821.
Workforce:Lake Charles's workforce has grown to 102,396, indicating strong economic growth and increasing demand for housing.
Housing Unit Demand:To accommodate the population and workforce, Lake Charles requires 95,768 housing units.
Current Housing Stock:The metro area currently offers 95,919 housing units.

The median rental is priced at $807

Median Rental Price:The median rent for an apartment in Lake Charles is $807, highlighting increasing rental prices.
Income Needed to Afford a Rental:A tenant needs to make at least $29,052 and pay $1,614 upfront to move-in (first month’s rent and security deposit). Typically, to qualify for a home, a landlord requires 3x rent in income, in addition to credit score minimums and eviction screening. Finally, most apartments charge an application fee.
Median Income in Lake Charles:The city's median income is $28,400

Expanding affordable workforce housing in Lake Charles

So how do we house the growing population of healthcare workers, drivers, technicians, and care workers that make up Lake Charles’s workforce?

Solution 1: Build more housing

Despite the evident need for housing, only 119 permits have been issued so far in 2023, indicating a slow response from the market to address this demand. This shortage has led to increased rental prices

Solution 2: Relocate workers farther outside of the city

We believe workers in our community deserve to live in our community. While some may desire to relocate further their place of work, this is not a viable solution for all workers.

Solution 3: Do more with existing housing

We can do more with our existing housing to meet the needs of the metro-area population. There are exciting developments to address housing shortages and affordability challenges by increasing housing density. Some examples include converting single-family into multi-family homes, commercial to residential conversions, housing ADUs, co-living, and shared housing. At PadSplit, we are growing the country’s leading shared housing marketplace.

Sources: Census, Bureau of Labor & Statistics, ApartmentList, PadSplit

Shared Housing is a fast, cost-effective way to scale affordable housing for the workforce

PadSplit was founded five years ago and has grown to become the country’s largest shared housing marketplace. Real estate investors, homeowners, and community partners work with PadSplit to provide affordable, dignified housing to workers.

To learn more, check out the following:

Hosting on PadSplit PadSplit impact report Rooms for rent in Lake Charles