Lafayette, Indiana Housing Market Prices
Lafayette Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price About the same as the Indiana median$142,054
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Median rent 1% above the Indiana median$1,074
Housing Market Overview
| Metric | Lafayette | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $142,054 | $142,738 | $248,835 |
| Price Trend (Annual %) | 9.3% | 7.2% | 7.5% |
| Median Gross Rent | $1,074 | $1,062 | $1,407 |
| Rent Trend (Annual %) | 4.4% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lafayette is about the same as in Indiana. Rent is about 1% higher than the Indiana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Lafayette, up about 9.3% and 4.4% a year respectively. Home prices are changing faster.
Median rent in Lafayette rose about 42.4% between 2015 and 2024, from $754 to $1,074. Over the same span, rent in Indiana rose about 42.6%.
Affordability
On average, housing unit costs 2.6 yearly household incomes in Lafayette.
Buying the median-priced home in Lafayette costs roughly 11.0 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. The price-to-rent ratio in Indiana is about 11.2.
| Metric | Lafayette | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $142,054 | $142,738 | $248,835 |
| Median Household Income | $54,194 | $71,967 | $80,455 |
| Price-to-Income Ratio | 2.6 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Lafayette rose about 81.7%, while median household income rose about 39.2% between 2009 and 2025 — 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 | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 44.5% | 64.4% | 58.5% |
| Rental Rate | 50.1% | 26.9% | 31.2% |
| Vacancy Rate | 5.5% | 8.8% | 10.2% |
| Median Tenure (years) | 10.0 | 15.0 | 15.0 |
| Median Year Moved In | 2016 | 2011 | 2011 |
Lafayette has a homeownership rate of 44.5%, lower than the Indiana average of 64.4%. Its housing vacancy rate is 5.5%, compared with 8.8% in Indiana.
Housing Stock
| Metric | Lafayette | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.17 people | 2.45 people | 2.53 people |
| Median Structure Built Year | 1969 | 1975 | 1978 |
| Median Number of Rooms | 5.2 | 5.9 | 5.5 |
The typical housing unit in Lafayette was built around 1969. On average, 2.2 people live in a home with about 5.2 rooms, staying for about 10.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lafayette, Indiana.
What is the median home price in Lafayette, Indiana?
The median home price in Lafayette, Indiana is $142,054, about the same as the Indiana average.
What is the average home price in Lafayette, Indiana?
The typical home price in Lafayette, Indiana, reported as the median sale price, is $142,054. 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, Indiana?
The median gross rent in Lafayette, Indiana is $1,074 per month, higher than the Indiana average of $1,062.
What was the median gross rent in Lafayette in 2020?
In 2020, the median gross rent in Lafayette, Indiana was $852 per month.
What is the price-to-rent ratio in Lafayette, Indiana?
The price-to-rent ratio in Lafayette, Indiana is about 11.0, meaning it would take roughly 11.0 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.
Are home prices or rent rising faster in Lafayette, Indiana?
Both home prices and rent are rising in Lafayette, up about 9.3% and 4.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lafayette, Indiana?
44.5% of households in Lafayette, Indiana own their home, lower than the Indiana average of 64.4%.
What is the vacancy rate in Lafayette, Indiana?
The housing vacancy rate in Lafayette, Indiana is 5.5%, lower than the Indiana average of 8.8%.
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