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.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Lafayette County | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $67,499 | $293,727 | $242,182 |
| Price Trend (Annual %) | -6.7% | 12.0% | 8.2% |
| Median Gross Rent | $879 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 4.6% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lafayette County is about 77% lower than in Florida. Rent is about 44% lower than the Florida average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2021
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Lafayette County: home prices fell about 6.7% a year while rent rose about 4.6% a year. That is an unusual pattern worth watching.
Median rent in Lafayette County rose about 60.6% between 2015 and 2023, from $547 to $879. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 1.1 yearly household incomes in Lafayette County.
Buying the median-priced home in Lafayette County costs roughly 6.4 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Lafayette County. The price-to-rent ratio in Florida is about 15.7.
| Metric | Lafayette County | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $67,499 | $293,727 | $242,182 |
| Median Household Income | $62,096 | $71,865 | $78,145 |
| Price-to-Income Ratio | 1.1 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2021, the median home price in Lafayette County fell about 37.8%, while median household income rose about 34.5% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Lafayette County | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.9% | 57.1% | 58.2% |
| Rental Rate | 14.6% | 27.7% | 31.3% |
| Vacancy Rate | 21.4% | 15.2% | 10.6% |
| Median Tenure (years) | 17.0 | 13.0 | 15.0 |
| Median Year Moved In | 2009 | 2013 | 2011 |
Lafayette County has a homeownership rate of 63.9%, higher than the Florida average of 57.1%. Its housing vacancy rate is 21.4%, compared with 15.2% in Florida.
Housing Stock
| Metric | Lafayette County | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.54 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1991 | 1987 | 1978 |
| Median Number of Rooms | 5.3 | 5.2 | 5.5 |
The typical housing unit in Lafayette County was built around 1991. On average, 2.5 people live in a home with about 5.3 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lafayette County, Florida.
What is the median home price in Lafayette County, Florida?
The median home price in Lafayette County, Florida is $67,499, lower than the Florida average of $293,727.
What is the average home price in Lafayette County, Florida?
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 County, Florida?
The median gross rent in Lafayette County, Florida is $879 per month, lower than the Florida average of $1,564.
What was the median gross rent in Lafayette County in 2020?
In 2020, the median gross rent in Lafayette County, Florida was $637 per month.
What is the price-to-rent ratio in Lafayette County, Florida?
The price-to-rent ratio in Lafayette County, Florida is about 6.4, meaning it would take roughly 6.4 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Lafayette County.
Are home prices or rent rising faster in Lafayette County, Florida?
Home prices and rent are moving in opposite directions in Lafayette County: home prices fell about 6.7% a year while rent rose about 4.6% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Lafayette County, Florida?
63.9% of households in Lafayette County, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Lafayette County, Florida?
The housing vacancy rate in Lafayette County, Florida is 21.4%, higher than the Florida average of 15.2%.