Mortgage Calculator & Closing Costs: Lake Charles, LA
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Lake Charles, Louisiana.
Median Home Price
$185K
Population
82K
Avg Monthly Rent
$950
Property Tax Rate
0.55% *
* Property tax shown is the Louisiana state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Lake Charles.
Lake Charles vs Louisiana Median
The median home price in Lake Charles is $185,000, which is 5% below the Louisiana state median of $195,000.
Mortgage Calculator — Lake Charles, LA
Pre-filled with Lake Charles median home price and Louisiana tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $185K home using Louisiana's 0.55% tax rate and $3,500/yr insurance.
5% Down
$1,590/mo
Down: $9,250
Loan: $176K
P&I: $1,111
Tax: $85
Insurance: $292
PMI: $103
10% Down
$1,526/mo
Down: $18,500
Loan: $167K
P&I: $1,052
Tax: $85
Insurance: $292
PMI: $97
20% Down (No PMI)
$1,312/mo
Down: $37,000
Loan: $148K
P&I: $935
Tax: $85
Insurance: $292
Income needed (28% rule): $56K/year with 20% down, $65K/year with 10% down.
Rent vs Buy in Lake Charles
Rent
$950/mo
vs
Buy (10% down)
$1,526/mo
Price-to-rent ratio: 16.2 — A ratio between 15-20 means the rent vs buy decision in Lake Charles depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Lake Charles is $185,000, 5% below the Louisiana state median of $195,000. With a population of 82,157, Lake Charles is a smaller market where home prices tend to be more accessible than in many parts of Louisiana.
Property taxes in Louisiana average 0.55% annually. This low property tax rate is a significant advantage for Lake Charles buyers, keeping your monthly costs well below what you'd pay in higher-tax states. Homeowners insurance in Louisiana runs approximately $3,500 per year. Insurance costs are notably high — factor this into your monthly budget.
Average rent in Lake Charles is $950/month. The price-to-rent ratio in Lake Charles is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Lake Charles offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Louisiana's LHC Mortgage Revenue Bond program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Lake Charles.