Why Live in Lafayette
Purdue University shapes Lafayette's identity as a dynamic college town, bringing world-renowned engineering and technology programs alongside cultural attractions like the Elliott Hall of Music, which hosts Broadway shows and concerts. The historic downtown buzzes with the Lafayette Farmers Market, local restaurants like the French-inspired Bistro 501, and the Art Museum of Greater Lafayette. Outdoor recreation spans from the Wabash River's fishing spots to Prophetstown State Park's prairie landscapes and the family-friendly Columbian Park Zoo.
The housing market features diverse options across established and newer neighborhoods. Single-family homes in areas like Columbian Park and Highland Park range from $135,000 to $772,500, with a typical price of $265,000. Townhomes average $230,225, while condos start at $167,500 for one bedroom and $222,500 for two bedrooms. The southeastern part of Lafayette contains newer residential developments.
Lafayette's cost of living sits 5% below the national average. A comfortable lifestyle requires an annual salary of $91,440. Monthly expenses include $1,220 for groceries, $1,883 for housing, and $810 for utilities. Property taxes stand at 0.91%, slightly higher than Indianapolis at 0.87%. The state income tax rate is 3.00%, with an additional local rate of 1.28%.
The education system includes highly-rated schools like West Lafayette Elementary School and Harrison High School. Commuters benefit from the CityBus system and quick access to I-65, with most workplace commutes under 20 minutes. The city maintains strong connections to Chicago and Indianapolis through Amtrak's Cardinal line. Annual events like the Taste of Tippecanoe and Round the Fountain Art Fair strengthen community bonds, while the revitalized downtown attracts young professionals with its mix of historic architecture and modern amenities.
Home Trends in Lafayette, IN
On average, homes in Lafayette, IN sell after 25 days on the market compared to the national average of 50 days. The median sale price for homes in Lafayette, IN over the last 12 months is $265,000, up 8% from the median home sale price over the previous 12 months.
Median Sale Price
$265,000
Median Single Family Sale Price
$266,600
Median Townhouse Sale Price
$230,225
Median 2 Bedroom Sale Price
$230,000
Median 1 Bedroom Sale Price
$167,500
Average Price Per Sq Ft
$149
Number of Homes for Sale
127
Last 12 months Home Sales
1,151
Median List Price
$275,000
Median Change From 1st List Price
0%
Median Home Sale Price YoY Change
8%