West Lafayette, IN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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West Lafayette, IN Real Estate Data

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 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2016 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

West Lafayette Housing Market Information

With a population of 45,872, 13,173 total housing units (homes and apartments), and a median house value of $220,660, 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 52.87% of the city's housing units. Other types of housing that are prevalent in West Lafayette include single-family detached homes ( 35.88%), duplexes, homes converted to apartments or other small apartment buildings ( 7.82%), and a few row houses and other attached homes ( 3.13%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

West Lafayette is dominated by renter-occupied one, two, or no bedrooms apartments. 78.07% 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 1940-1969 ( 29.12%). A lesser amount of the housing stock also hails from between 2000 and later ( 17.30%). There's also some housing in West Lafayette built before 1939 ( 7.80%).

Vacant housing appears to be an issue in West Lafayette. Fully 10.47% 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 20.21%, which ranks in the top 30% nationwide. This equates to an annual average West Lafayette house appreciation rate of 1.86%.

NeighborhoodScout's data show that during the latest twelve months, West Lafayette's appreciation rate, at 4.69%, has been at or slightly above the national average. In the latest quarter, West Lafayette's appreciation rate has been -1.68%, which annualizes to a rate of -6.54%.

Notably, West Lafayette's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Indiana, our data show that West Lafayette's latest annual appreciation rate is lower than 60% 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:
$220,660

West Lafayette, IN HOME PRICES

Value Range
> $1,186,000 0.0
$889,001 - $1,186,000 0.6
$593,001 - $889,000 2.0
$475,001 - $593,000 4.8
$356,001 - $475,000 11.1
$237,001 - $356,000 21.0
$119,001 - $237,000 53.4
$59,001 - $119,000 3.9
$0 - $59,000 3.1

Very High for IN
High for Nation

Value Relative to Nation Value Relative to State
30.978102189781 6.78733031674208

Number Of Homes And Apartments:
13,173

West Lafayette Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IN*
Compared To
America*
Latest Quarter:
2018 Q1 - 2018 Q2
Last 12 Months:
2017 Q2 - 2018 Q2
Last 2 Years:
2016 Q2 - 2018 Q2
Last 5 Years:
2013 Q2 - 2018 Q2
Last 10 Years:
2008 Q2 - 2018 Q2
Since 2000:
2000 Q1 - 2018 Q2
29.62% 1.41%
5
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,021 / per month

Homeownership Rate

Homeownership
Owners 21.93
Renters 78.07
Vacant 10.47

Housing Market Details

 

Age of Homes

AGE OF West Lafayette HOMES
2000 or Newer 17.3
1970 - 1999 45.8
1940 - 1969 29.1
1939 or Older 7.8

Types of Homes

TYPE OF West Lafayette HOMES
Single-Family 35.9
Townhomes 3.1
Small Apt. Buildings 7.8
Apt. Complexes 52.9
Mobile Homes 0.3
Other 0.0

Home Size

SIZE OF West Lafayette HOMES
No Bedroom 6.04
1 Bedroom 21.12
2 Bedrooms 27.40
3 Bedrooms 23.81
4 Bedrooms 17.45
5 or more bedrooms 4.19