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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 46,269, 13,173 total housing units (homes and apartments), and a median house value of $231,107, 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 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. 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.
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 25.45%, which ranks in the top 30% nationwide. This equates to an annual average West Lafayette house appreciation rate of 2.29%.
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 7.84%, which is higher than appreciation rates in 81.45% 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 4.76%, which equates to an annual appreciation rate of 20.43%.
Importantly, this makes West Lafayette one of the highest appreciating communities in the nation for the latest quarter, and 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 70% 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.
|$931,001 - $1,242,000||0.6|
|$621,001 - $931,000||2.0|
|$497,001 - $621,000||4.8|
|$373,001 - $497,000||11.1|
|$249,001 - $373,000||21.0|
|$124,001 - $249,000||53.4|
|$62,001 - $124,000||3.9|
|$0 - $62,000||3.1|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2018 Q2 - 2018 Q3
Last 12 Months:
2017 Q3 - 2018 Q3
Last 2 Years:
2016 Q3 - 2018 Q3
Last 5 Years:
2013 Q3 - 2018 Q3
Last 10 Years:
2008 Q3 - 2018 Q3
2000 Q1 - 2018 Q3
|* 10 is highest|
|AGE OF West Lafayette HOMES|
|2000 or Newer||17.3|
|1970 - 1999||45.8|
|1940 - 1969||29.1|
|1939 or Older||7.8|
|TYPE OF West Lafayette HOMES|
|Small Apt. Buildings||7.8|
|SIZE OF West Lafayette HOMES|
|5 or more bedrooms||4.19|