Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Lafayette | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,305,237 | $642,203 | $242,182 |
| Price Trend (Annual %) | 3.0% | 10.0% | 8.2% |
| Median Gross Rent | $2,819 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 6.9% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lafayette is about 103% higher than in California. Rent is about 44% higher than the California average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Lafayette, up about 3.0% and 6.9% a year respectively. Rent is changing faster.
Median rent in Lafayette rose about 65.4% between 2015 and 2023, from $1,704 to $2,819. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 6.5 yearly household incomes in Lafayette.
Buying the median-priced home in Lafayette costs roughly 38.6 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Lafayette. The price-to-rent ratio in California is about 27.4.
| Metric | Lafayette | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,305,237 | $642,203 | $242,182 |
| Median Household Income | $200,000 | $96,718 | $78,145 |
| Price-to-Income Ratio | 6.5 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lafayette rose about 107.6%, while median household income rose about 85.9% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Lafayette | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 73.6% | 51.6% | 58.2% |
| Rental Rate | 22.6% | 40.9% | 31.3% |
| Vacancy Rate | 3.8% | 7.6% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Lafayette has a homeownership rate of 73.6%, higher than the California average of 51.6%. Its housing vacancy rate is 3.8%, compared with 7.6% in California.
Housing Stock
| Metric | Lafayette | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.64 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1963 | 1975 | 1978 |
| Median Number of Rooms | 6.6 | 5.0 | 5.5 |
The typical housing unit in Lafayette was built around 1963. On average, 2.6 people live in a home with about 6.6 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lafayette, California.
What is the median home price in Lafayette, California?
The median home price in Lafayette, California is $1,305,237, higher than the California average of $642,203.
What is the average home price in Lafayette, California?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Lafayette, California?
The median gross rent in Lafayette, California is $2,819 per month, higher than the California average of $1,955.
What was the median gross rent in Lafayette in 2020?
In 2020, the median gross rent in Lafayette, California was $2,302 per month.
What is the price-to-rent ratio in Lafayette, California?
The price-to-rent ratio in Lafayette, California is about 38.6, meaning it would take roughly 38.6 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Lafayette.
Are home prices or rent rising faster in Lafayette, California?
Both home prices and rent are rising in Lafayette, up about 3.0% and 6.9% a year respectively. Rent is changing faster.
What is the homeownership rate in Lafayette, California?
73.6% of households in Lafayette, California own their home, higher than the California average of 51.6%.
What is the vacancy rate in Lafayette, California?
The housing vacancy rate in Lafayette, California is 3.8%, lower than the California average of 7.6%.