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 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (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 45,550, 13,370 total housing units (homes and apartments), and a median house value of $214,780, 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 53.27% of the city's housing units. Other types of housing that are prevalent in West Lafayette include single-family detached homes ( 34.59%), duplexes, homes converted to apartments or other small apartment buildings ( 8.84%), and a few row houses and other attached homes ( 3.03%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

West Lafayette is dominated by renter-occupied one, two, or no bedrooms apartments. 78.41% 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 ( 28.99%). A lesser amount of the housing stock also hails from between 2000 and later ( 17.66%). There's also some housing in West Lafayette built before 1939 ( 7.76%).

West Lafayette Home Appreciation Rates

In the last 10 years, West Lafayette has experienced some of the highest home appreciation rates of any community in the nation. West Lafayette real estate appreciated 18.61% over the last ten years, which is an average annual home appreciation rate of 1.72%, putting West Lafayette in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, West Lafayette definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in West Lafayette that despite a nationwide downturn in the housing market, West Lafayette real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, West Lafayette appreciation rates continue to be some of the highest in America, at 6.57%, which is higher than appreciation rates in 72.67% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in West Lafayette. West Lafayette appreciation rates in the latest quarter were at 6.37%, which equates to an annual appreciation rate of 28.03%.

Importantly, NeighborhoodScout’s exclusive research found that West Lafayette's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.

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:
$214,780

West Lafayette, IN HOME PRICES

Value Range
> $1,160,000 0.0
$870,001 - $1,160,000 1.3
$580,001 - $870,000 1.7
$464,001 - $580,000 3.6
$348,001 - $464,000 6.2
$232,001 - $348,000 36.6
$116,001 - $232,000 43.9
$58,001 - $116,000 4.6
$0 - $58,000 2.0

Very High for IN
High for Nation

Value Relative to Nation Value Relative to State
30.0193219743545 6.10859728506787

Number Of Homes And Apartments:
13,370

West Lafayette Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IN*
Compared To
America*
Latest Quarter:
2017 Q1 - 2017 Q2
Last 12 Months:
2016 Q2 - 2017 Q2
Last 2 Years:
2015 Q2 - 2017 Q2
Last 5 Years:
2012 Q2 - 2017 Q2
Last 10 Years:
2007 Q2 - 2017 Q2
Since 2000:
2000 Q1 - 2017 Q2
28.70% 1.45% 7 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,070 / per month

Homeownership Rate

Homeownership
Owners 21.59
Renters 78.41
Vacant 9.88

Housing Market Details

 

Age of Homes

AGE OF West Lafayette HOMES
2000 or Newer 17.7
1970 - 1999 45.6
1940 - 1969 29.0
1939 or Older 7.8

Types of Homes

TYPE OF West Lafayette HOMES
Single-Family 34.6
Townhomes 3.0
Small Apt. Buildings 8.8
Apt. Complexes 53.3
Mobile Homes 0.3
Other 0.0

Home Size

SIZE OF West Lafayette HOMES
No Bedroom 7.35
1 Bedroom 20.58
2 Bedrooms 26.23
3 Bedrooms 25.11
4 Bedrooms 16.87
5 or more bedrooms 3.87