Uprootmap

Lake Charles, LA

Rent vs buy in Lake Charles

Median home $198,900. A 1 bedrooms rents for $1,096 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms
$1,096
per month
Own the median home
$1,258
P&I, tax, insurance, upkeep
Owning costs extra
$162
per month, same metro

What a purchase actually costs

  • 20% down payment$39,780
  • Mortgage at 6.5%$1,006
  • Property tax (0.42% of value)$70/mo · $835/yr
  • Insurance and upkeep (1.1%/yr)$182
  • Total monthly ownership$1,258

Months of leftover to save the down payment

At $2,454 left over a month, it takes about 17 months (1.4 years) to save $39,780 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.