Lafayette appreciation rates and housing market information
Lafayette housing market information
With 122,130 people, 49,444 houses or apartments, and a median cost of homes of $159,448, Lafayette real estate is some of the most expensive in Louisiana, although Lafayette home values aren't among America's most expensive.
Single-family detached homes are the single most common housing type in Lafayette, accounting for 63.33% of the city's housing units. Other types of housing that are prevalent in Lafayette include large apartment complexes or high rise apartments (23.54%), duplexes, homes converted to apartments or other small apartment buildings (7.37%), and a few row houses and other attached homes (2.97%).
The most prevalent building size and type in Lafayette are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 57.68% owning and 42.32% renting.
There is a lot of housing in 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 Lafayette built between 1940-1969 (30.81%). A lesser amount of the housing stock also hails from between 2000 and later (12.78%). There's also some housing in Lafayette built before 1939 (4.31%).
Lafayette home appreciation rates
Appreciation rates for homes in 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 -0.73%, which ranks in the top 50% nationwide. This equates to an annual average Lafayette house appreciation rate of -0.07%.
Over the last year, Lafayette appreciation rates have trailed the rest of the nation. In the last twelve months, Lafayette's appreciation rate has been -1.78%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lafayette were at -0.30%, which equates to an annual appreciation rate of -1.20%.
Relative to Louisiana, our data show that Lafayette's latest annual appreciation rate is lower than 50% of the other cities and towns in Louisiana.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Lafayette differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in 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 1990, to assist you in making the best Lafayette real estate investment or home purchase decisions.