West Lafayette, Indiana Housing Market Prices
West 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 33% below the Indiana median$95,760
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Median rent 14% above the Indiana median$1,213
Housing Market Overview
| Metric | West Lafayette | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $95,760 | $142,738 | $248,835 |
| Price Trend (Annual %) | -2.3% | 7.2% | 7.5% |
| Median Gross Rent | $1,213 | $1,062 | $1,407 |
| Rent Trend (Annual %) | 4.5% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in West Lafayette is about 33% lower than in Indiana. Rent is about 14% higher than the Indiana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in West Lafayette: home prices fell about 2.3% a year while rent rose about 4.5% a year. That is an unusual pattern worth watching.
Median rent in West Lafayette rose about 42.8% between 2015 and 2024, from $849 to $1,213. Over the same span, rent in Indiana rose about 42.6%.
Affordability
On average, housing unit costs 2.9 yearly household incomes in West Lafayette.
Buying the median-priced home in West Lafayette costs roughly 6.6 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 West Lafayette. The price-to-rent ratio in Indiana is about 11.2.
| Metric | West Lafayette | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $95,760 | $142,738 | $248,835 |
| Median Household Income | $32,903 | $71,967 | $80,455 |
| Price-to-Income Ratio | 2.9 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in West Lafayette fell about 19.8%, while median household income rose about 40.3% between 2009 and 2025 — 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 | West Lafayette | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 23.6% | 64.4% | 58.5% |
| Rental Rate | 66.5% | 26.9% | 31.2% |
| Vacancy Rate | 9.9% | 8.8% | 10.2% |
| Median Tenure (years) | 7.0 | 15.0 | 15.0 |
| Median Year Moved In | 2019 | 2011 | 2011 |
West Lafayette has a homeownership rate of 23.6%, lower than the Indiana average of 64.4%. Its housing vacancy rate is 9.9%, compared with 8.8% in Indiana.
Housing Stock
| Metric | West Lafayette | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.05 people | 2.45 people | 2.53 people |
| Median Structure Built Year | 1987 | 1975 | 1978 |
| Median Number of Rooms | 4.6 | 5.9 | 5.5 |
The typical housing unit in West Lafayette was built around 1987. On average, 2.1 people live in a home with about 4.6 rooms, staying for about 7.0 years on average.
West Lafayette, IN Housing Compared With Nearby Cities
How West Lafayette, IN compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| West Lafayette, IN | 45,683 | $95,760 #2/2 | $1,213 #1/2 | 26.2% #2/2 |
| Lafayette, IN | 68,693 | $142,054 | $1,074 | 47.1% |
Frequently Asked Questions
Common questions about the housing market in West Lafayette, Indiana.
What is the median home price in West Lafayette, Indiana?
The median home price in West Lafayette, Indiana is $95,760, lower than the Indiana average of $142,738.
What is the average home price in West Lafayette, Indiana?
The typical home price in West Lafayette, Indiana, reported as the median sale price, is $95,760. 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 West Lafayette, Indiana?
The median gross rent in West Lafayette, Indiana is $1,213 per month, higher than the Indiana average of $1,062.
What was the median gross rent in West Lafayette in 2020?
In 2020, the median gross rent in West Lafayette, Indiana was $915 per month.
What is the price-to-rent ratio in West Lafayette, Indiana?
The price-to-rent ratio in West Lafayette, Indiana is about 6.6, meaning it would take roughly 6.6 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 West Lafayette.
Are home prices or rent rising faster in West Lafayette, Indiana?
Home prices and rent are moving in opposite directions in West Lafayette: home prices fell about 2.3% a year while rent rose about 4.5% a year. That is an unusual pattern worth watching.
What is the homeownership rate in West Lafayette, Indiana?
23.6% of households in West Lafayette, Indiana own their home, lower than the Indiana average of 64.4%.
What is the vacancy rate in West Lafayette, Indiana?
The housing vacancy rate in West Lafayette, Indiana is 9.9%, higher than the Indiana average of 8.8%.
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