Lafayette Parish, Louisiana Housing Market Prices
Lafayette Parish 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 42% above the Louisiana median More expensive than 81% of counties in Louisiana$241,213
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Median rent 1% below the Louisiana median More expensive than 76% of counties in Louisiana$1,056
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Lafayette Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $241,213 | $170,446 | $248,835 |
| Price Trend (Annual %) | 4.5% | 4.3% | 7.5% |
| Median Gross Rent | $1,056 | $1,063 | $1,407 |
| Rent Trend (Annual %) | 3.5% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lafayette Parish is about 42% higher than in Louisiana. Rent is about 1% lower 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 Parish, up about 4.5% and 3.5% a year respectively. Home prices are changing faster.
Median rent in Lafayette Parish rose about 35.4% between 2015 and 2024, from $780 to $1,056. Over the same span, rent in Louisiana rose about 35.1%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in Lafayette Parish.
Buying the median-priced home in Lafayette Parish costs roughly 19.0 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Lafayette Parish. The price-to-rent ratio in Louisiana is about 13.4.
| Metric | Lafayette Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $241,213 | $170,446 | $248,835 |
| Median Household Income | $67,829 | $60,934 | $80,455 |
| Price-to-Income Ratio | 3.6 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Lafayette Parish rose about 40.9%, while median household income rose about 42.8% 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 Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.9% | 57.7% | 58.5% |
| Rental Rate | 31.0% | 27.9% | 31.2% |
| Vacancy Rate | 10.1% | 14.4% | 10.2% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Lafayette Parish has a homeownership rate of 58.9%, higher than the Louisiana average of 57.7%. Its housing vacancy rate is 10.1%, compared with 14.4% in Louisiana.
Housing Stock
| Metric | Lafayette Parish | Louisiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.43 people | 2.49 people | 2.53 people |
| Median Structure Built Year | 1989 | 1983 | 1978 |
| Median Number of Rooms | 5.4 | 5.5 | 5.5 |
The typical housing unit in Lafayette Parish was built around 1989. On average, 2.4 people live in a home with about 5.4 rooms, staying for about 15.0 years on average.
Lafayette Parish, LA Housing Compared With Nearby Counties
Lafayette Parish, LA is the largest of the 5 counties compared here, 247,982 residents against a local median of 62,876. The measure that sets Lafayette Parish, LA apart most is median home price: $241,213, 131% above the local median of $104,379.
Median rent tells the same story from another angle: $1,056 against a local median of $858, 23% above it. The counties themselves spread $129,862 on median home price, so Lafayette Parish, LA sits at one end of an already wide local range rather than apart from it. Lafayette Parish, LA has the highest median home price of the 5 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Lafayette Parish, LA | 247,982 | $241,213 #1/5 | $1,056 #1/5 | 65.5% #5/5 |
| St. Landry Parish, LA | 81,670 | $136,547 | $747 | 70.1% |
| St. Martin Parish, LA | 51,353 | $72,210 | $869 | 77.7% |
| Vermilion Parish, LA | 57,123 | $24,797 | $847 | 73.4% |
| Iberia Parish, LA | 68,630 | $154,658 | $896 | 67.3% |
Frequently Asked Questions
Common questions about the housing market in Lafayette Parish, Louisiana.
What is the median home price in Lafayette Parish, Louisiana?
The median home price in Lafayette Parish, Louisiana is $241,213, higher than the Louisiana average of $170,446.
What is the average home price in Lafayette Parish, Louisiana?
The typical home price in Lafayette Parish, Louisiana, reported as the median sale price, is $241,213. 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 Parish, Louisiana?
The median gross rent in Lafayette Parish, Louisiana is $1,056 per month, lower than the Louisiana average of $1,063.
What was the median gross rent in Lafayette Parish in 2020?
In 2020, the median gross rent in Lafayette Parish, Louisiana was $870 per month.
What is the price-to-rent ratio in Lafayette Parish, Louisiana?
The price-to-rent ratio in Lafayette Parish, Louisiana is about 19.0, meaning it would take roughly 19.0 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Lafayette Parish.
Are home prices or rent rising faster in Lafayette Parish, Louisiana?
Both home prices and rent are rising in Lafayette Parish, up about 4.5% and 3.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lafayette Parish, Louisiana?
58.9% of households in Lafayette Parish, Louisiana own their home, higher than the Louisiana average of 57.7%.
What is the vacancy rate in Lafayette Parish, Louisiana?
The housing vacancy rate in Lafayette Parish, Louisiana is 10.1%, lower than the Louisiana average of 14.4%.
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