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 Q4 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

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

West Lafayette Housing Market Information

With 46,269 people, 13,252 houses or apartments, and a median cost of homes of $244,706, 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 52.44% of the city's housing units. Other types of housing that are prevalent in West Lafayette include single-family detached homes ( 37.26%), duplexes, homes converted to apartments or other small apartment buildings ( 6.86%), and a few row houses and other attached homes ( 3.15%). 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. 76.40% 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 ( 25.21%). A lesser amount of the housing stock also hails from between 2000 and later ( 17.58%). There's also some housing in West Lafayette built before 1939 ( 7.70%).

Vacant housing appears to be an issue in West Lafayette. Fully 11.28% 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 30.10%, which ranks in the top 30% nationwide. This equates to an annual average West Lafayette house appreciation rate of 2.67%.

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 8.20%, which is higher than appreciation rates in 80.93% 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 2.54%, which equates to an annual appreciation rate of 10.54%.

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.

Average Home Values

 

Median Home Value:
$244,706

West Lafayette, IN HOME PRICES

Value Range
> $1,210,000 0.0
$907,001 - $1,210,000 5.9
$605,001 - $907,000 1.7
$484,001 - $605,000 3.8
$363,001 - $484,000 7.9
$242,001 - $363,000 28.9
$121,001 - $242,000 46.3
$60,001 - $121,000 3.2
$0 - $60,000 2.2

Very High for IN
High for Nation

Value Relative to Nation Value Relative to State
27.6846715328467 5.20361990950226

Number Of Homes And Apartments:
13,252

West Lafayette Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IN*
Compared To
America*
Latest Quarter:
2018 Q3 - 2018 Q4
Last 12 Months:
2017 Q4 - 2018 Q4
Last 2 Years:
2016 Q4 - 2018 Q4
Last 5 Years:
2013 Q4 - 2018 Q4
Last 10 Years:
2008 Q4 - 2018 Q4
Since 2000:
2000 Q1 - 2018 Q4
44.41% 1.93%
8
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$987 / per month

Homeownership Rate

Homeownership
Owners 23.60
Renters 76.40
Vacant 11.28

Housing Market Details

 

Age of Homes

AGE OF West Lafayette HOMES
2000 or Newer 17.6
1970 - 1999 49.5
1940 - 1969 25.2
1939 or Older 7.7

Types of Homes

TYPE OF West Lafayette HOMES
Single-Family 37.3
Townhomes 3.2
Small Apt. Buildings 6.9
Apt. Complexes 52.4
Mobile Homes 0.3
Other 0.0

Home Size

SIZE OF West Lafayette HOMES
No Bedroom 5.90
1 Bedroom 20.33
2 Bedrooms 27.85
3 Bedrooms 24.26
4 Bedrooms 17.18
5 or more bedrooms 4.49