70615, Lake Charles, LA

Lake Charles, Louisiana is located in the southwestern region of the United States. The city has a population of approximately 158,000 people and covers an area of about 134 square miles. The median household income in Lake Charles is $41,000 which is lower than the national median household income of $53,046. Approximately 38% of households in Lake Charles are considered to be below the poverty line.

The home equity and home prices in Lake Charles have been on a steady decline since 2007 when the housing market peaked. In 2007, the median home value was $128,500 and by 2016 that number had decreased to $92,100. The average home price in Lake Charles has decreased by over 34% during this time period!

There are several factors contributing to the decline in home values in Lake Charles including:

-The decrease in demand for homes due to low interest rates and increased competition from other areas within Louisiana and across the country

-A decrease in available inventory due to stricter lending standards imposed by banks following the financial crisis

-An increase in foreclosures and short sales which have driven down prices even further because they are seen as less desirable investments