Lafayette, Louisiana 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 61% above the Louisiana median$274,548
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Median rent 2% above the Louisiana median$1,080
Housing Market Overview
| Metric | Lafayette | Louisiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $274,548 | $170,446 | $248,835 |
| Price Trend (Annual %) | 4.4% | 4.3% | 7.5% |
| Median Gross Rent | $1,080 | $1,063 | $1,407 |
| Rent Trend (Annual %) | 3.5% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lafayette is about 61% higher than in Louisiana. Rent is about 2% higher than the Louisiana 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 4.4% and 3.5% a year respectively. Home prices are changing faster.
Median rent in Lafayette rose about 34.9% between 2015 and 2024, from $800 to $1,080. Over the same span, rent in Louisiana rose about 35.1%.
Affordability
On average, housing unit costs 4.5 yearly household incomes in Lafayette.
Buying the median-priced home in Lafayette costs roughly 21.2 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 Louisiana is about 13.4.
| Metric | Lafayette | Louisiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $274,548 | $170,446 | $248,835 |
| Median Household Income | $60,972 | $60,934 | $80,455 |
| Price-to-Income Ratio | 4.5 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Lafayette rose about 25.1%, while median household income rose about 36.8% 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 | Lafayette | Louisiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 46.4% | 57.7% | 58.5% |
| Rental Rate | 42.3% | 27.9% | 31.2% |
| Vacancy Rate | 11.3% | 14.4% | 10.2% |
| Median Tenure (years) | 12.0 | 16.0 | 15.0 |
| Median Year Moved In | 2014 | 2010 | 2011 |
Lafayette has a homeownership rate of 46.4%, lower than the Louisiana average of 57.7%. Its housing vacancy rate is 11.3%, compared with 14.4% in Louisiana.
Housing Stock
| Metric | Lafayette | Louisiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.25 people | 2.49 people | 2.53 people |
| Median Structure Built Year | 1983 | 1983 | 1978 |
| Median Number of Rooms | 5.3 | 5.5 | 5.5 |
The typical housing unit in Lafayette was built around 1983. On average, 2.2 people live in a home with about 5.3 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lafayette, Louisiana.
What is the median home price in Lafayette, Louisiana?
The median home price in Lafayette, Louisiana is $274,548, higher than the Louisiana average of $170,446.
What is the average home price in Lafayette, Louisiana?
The typical home price in Lafayette, Louisiana, reported as the median sale price, is $274,548. 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, Louisiana?
The median gross rent in Lafayette, Louisiana is $1,080 per month, higher than the Louisiana average of $1,063.
What was the median gross rent in Lafayette in 2020?
In 2020, the median gross rent in Lafayette, Louisiana was $887 per month.
What is the price-to-rent ratio in Lafayette, Louisiana?
The price-to-rent ratio in Lafayette, Louisiana is about 21.2, meaning it would take roughly 21.2 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, Louisiana?
Both home prices and rent are rising in Lafayette, up about 4.4% and 3.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lafayette, Louisiana?
46.4% of households in Lafayette, Louisiana own their home, lower than the Louisiana average of 57.7%.
What is the vacancy rate in Lafayette, Louisiana?
The housing vacancy rate in Lafayette, Louisiana is 11.3%, lower than the Louisiana average of 14.4%.
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