West Lafayette, IN Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

West Lafayette, IN Housing Market Trends

With 50,996 people, 13,956 houses or apartments, and a median cost of homes of $259,031, West Lafayette real estate is some of the most expensive in Indiana, although West Lafayette home values aren't among America's most expensive.

Large apartment complexes or high rise apartments are the single most common housing type in West Lafayette, accounting for 52.72% of the city's housing units. Other types of housing that are prevalent in West Lafayette include single-family detached homes ( 37.90%), duplexes, homes converted to apartments or other small apartment buildings ( 6.32%), and a few row houses and other attached homes ( 3.00%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

West Lafayette is dominated by renter-occupied one, two, or no bedrooms apartments. 75.69% of West Lafayette's dwellings are rentals.

There is a lot of housing in West Lafayette built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in West Lafayette built between 2000 and later ( 24.25%). A lesser amount of the housing stock also hails from between 1940-1969 ( 19.82%). There's also some housing in West Lafayette built before 1939 ( 7.53%).

Vacant housing appears to be an issue in West Lafayette. Fully 10.60% of the housing stock is classified as vacant. Left unchecked, vacant West Lafayette homes and apartments can be a drag on the real estate market, holding West Lafayette real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

West Lafayette Home Appreciation Rates

Appreciation rates for homes in West Lafayette have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 45.31%, which ranks in the top 50% nationwide. This equates to an annual average West Lafayette house appreciation rate of 3.81%.

NeighborhoodScout's data show that during the latest twelve months, West Lafayette's appreciation rate, at 10.21%, has been at or slightly above the national average. In the latest quarter, West Lafayette's appreciation rate has been 2.62%, which annualizes to a rate of 10.89%.

Relative to Indiana, our data show that West Lafayette's latest annual appreciation rate is higher than 80% of the other cities and towns in Indiana.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within West Lafayette differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in West Lafayette - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best West Lafayette real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$259,031

West Lafayette, IN HOME PRICES

> $1,242,000
0.0%
0.0%
$932,001 - $1,242,000
1.0%
1.0%
$621,001 - $932,000
2.3%
2.3%
$497,001 - $621,000
6.3%
6.3%
$373,001 - $497,000
12.2%
12.2%
$249,001 - $373,000
26.2%
26.2%
$124,001 - $249,000
44.9%
44.9%
$62,001 - $124,000
3.7%
3.7%
$0 - $62,000
3.4%
3.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for IN

Value Relative To Nation

Number Of Homes And Apartments:
13,956

West Lafayette Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IN*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
53.20% 2.00%
5
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,146 / per month

Homeownership Rate

Owners
24.3%
24.3%
Renters
75.7%
75.7%
Vacant
10.6%
10.6%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
24.2%
24.2%
1970 - 1999
48.4%
48.4%
1940 - 1969
19.8%
19.8%
1939 or Older
7.5%
7.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
37.9%
37.9%
Townhomes
3.0%
3.0%
Small Apt. Buildings
6.3%
6.3%
Apt. Complexes
52.7%
52.7%
Mobile Homes
0.1%
0.1%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
6.3%
6.3%
1 Bedroom
18.2%
18.2%
2 Bedrooms
29.2%
29.2%
3 Bedrooms
22.0%
22.0%
4 Bedrooms
20.0%
20.0%
5 or more bedrooms
4.4%
4.4%
0.0% 100.0%
% OF HOMES