Lake Charles LA Housing Needs Being Addressed
Lake Charles is projected to have 22,000 new residents by 2019. With the boom of our industrial expansion in SWLA the need for housing is also being affected. Many of the residents relocating to Lake Charles are seeking affordable homes and/or rental property. Apartment complexes have been expanding to meet the need and rent prices are rising to the range of $1,500-$1,800. This amount is like a house note and is much more than some renters can afford. KPLCtv aired a segment earlier this week on Friday April 22nd addressing affordable rent .
Lake Charles Mayor Randy Roach recognizes the problem saying: "It's becoming more difficult for people here in our community to find affordable housing," New employees relocating to Lake Charles may receive a per diem housing allowance but thats not the case with local residents whose salaries cannot keep up with the rising cost of rent.
Today, Sunday, April 24th, The Lake Charles American Press published an article Proposal aimed at increasing affordable housing for LC. In this article Lake Charles Mayor Randy Roach addresses the problem as follows: " To help address the problem, Mayor Randy Roach recently authored a resolution focused on what he said is a gap in the market for homes costing $175,000 or less. The price point is one popular for recent college graduates and first-time homebuyers, according to several local real estate agents." Roach’s resolution will allow the city to issue a request for proposals to obtain a consultant to help local agencies implement a program that will provide housing in areas not being served by real estate developers. Roach’s resolution is based on a GO Group study, which showed that the industrial expansion and associated population boom would require 8,500 permanent housing units and up to 12,000 at peak demand. “There is an incredible amount of pressure on the housing market right now,” Roach said.
The video I filmed today was on site in Providence, a Lake Charles subdivision where the new construction homes are priced in the $300,000 range. Townhomes are also in being built in Providence, however the new construction town homes are priced at $249,900. The Lake Charles Real Estate Market still has a gap in the market for homes costing $175,000 or less.
As Lake Charles continues to expand, certain areas south of town are becoming more popular. The cost of land in these areas is also increasing. Developers simply don't want to spend the price per sq ft. and Sellers are not willing to negotiate prices because they know land is at a premium. The majority of buyers have a preference of new construction, "build it and they will come". The only way to accommodate any proposal for more affordable homes is to build in areas where the land is cheaper (which is outside the Lake Charles city limit. Iowa, LA is seeing a boom in growth and DSLD just announced the new development of Oak Grove which is in the Bell City School District. DSLD Homes has another project Belle Savanne in Carlyss, LA which is a popular choice among buyers. The price point of homes in both Belle Savanne and Oak Grove starts in the 190,000s.
If you are relocating to Lake Charles or currently searching for a home, please contact me to discuss your needs. Century 21 Mike D Bono & Co.'s is not a Property Management Brokerage however we can refer you to several Property Management offices who may be of assistance with rentals. Utilizing the knowledge of an experienced Realtor works in your favor, we know about projects and new listings we can share with home buyers!