Lafayette appreciation rates and housing market information
Lafayette housing market information
With 122,852 people, 49,444 houses or apartments, and a median cost of homes of $164,096, 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 63.37% of the city's housing units. Other types of housing that are prevalent in Lafayette include large apartment complexes or high rise apartments (23.09%), duplexes, homes converted to apartments or other small apartment buildings (7.66%), and a few row houses and other attached homes (3.01%).
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 (30.57%). A lesser amount of the housing stock also hails from between 2000 and later (13.47%). There's also some housing in Lafayette built before 1939 (4.93%).
Lafayette home appreciation rates
In the last 10 years, Lafayette has experienced some of the highest home appreciation rates of any community in the nation. Lafayette real estate appreciated 34.74% over the last ten years, which is an average annual home appreciation rate of 3.03%, putting Lafayette in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Lafayette definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
NeighborhoodScout's data show that during the latest twelve months, Lafayette's appreciation rate, at 2.75%, has been at or slightly above the national average. In the latest quarter, Lafayette's appreciation rate has been 0.07%, which annualizes to a rate of 0.27%.
Relative to Louisiana, our data show that Lafayette's latest annual appreciation rate is higher than 60% 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.