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 about Scout's Real Estate Data
With a population of 44,672, 13,588 total housing units (homes and apartments), and a median house value of $322,158, 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 58.07% of the city's housing units. Other types of housing that are prevalent in West Lafayette include single-family detached homes ( 32.72%), duplexes, homes converted to apartments or other small apartment buildings ( 6.82%), and a few row houses and other attached homes ( 2.23%). 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. 79.67% 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 2000 and later ( 32.19%). A lesser amount of the housing stock also hails from between 1940-1969 ( 17.92%). There's also some housing in West Lafayette built before 1939 ( 7.44%).
Vacant housing appears to be an issue in West Lafayette. Fully 10.26% 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 82.81%, which ranks in the top 50% nationwide. This equates to an annual average West Lafayette house appreciation rate of 6.22%.
NeighborhoodScout's data show that during the latest twelve months, West Lafayette's appreciation rate, at 3.91%, has been at or slightly above the national average. In the latest quarter, West Lafayette's appreciation rate has been 1.54%, which annualizes to a rate of 6.32%.
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 higher than 50% 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.
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