Lafayette-West Lafayette, IN
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
moderate
Price to income
3.41×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Indiana
- 2.80×
- vs U.S.
- 3.43×-0.02
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
24.9%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Indiana
- 21.8%
- vs U.S.
- 23.3%
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
deal-by-deal
Cap rate proxy
4.74%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Indiana
- 4.86%
- vs U.S.
- 4.35%+0.39
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
shrinking
Net migration
-0.41%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Indiana
- -0.01%
- vs U.S.
- 0.03%
Benchmark
IRS net migration ÷ population
strong
Permit pipeline
12.38
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs Indiana
- 2.82+9.56
- vs U.S.
- 3.53+8.85
Benchmark
Census BPS permits TTM ÷ population × 1,000
healthy
Unemployment
3.2%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Indiana
- 3.3%-0.1
- vs U.S.
- 4.5%-1.3
Benchmark
BLS LAUS, latest month
balanced buyer mix
Investor loan share
9.1%
2,381 purchase loans · 19.9% denial rate · 2024
Share of financed home purchases going to investors. Above ~15% means landlords are outbidding owner-occupants; below ~8% is owner-dominated.
Benchmark
Investor purchase loans ÷ all purchase loans (CFPB HMDA LAR, annual)
Where prices are and where they've been
5-year price appreciation
+61.0%
homeValues.yearOverYear
+4.1%
Median home value
$204,300
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $1,032 | $12,384 | 20.7% |
| 2 BR | $1,242 | $14,904 | 24.9% |
| 3 BR | $1,489 | $17,868 | 29.8% |
Labor market direction
Unemployment
3.2%
Median household income
$59,895
What's being built
Total TTM
2,786
+11.3% YoY
Single-family
608
2–4 unit
31
5+ unit
2,147
All 4 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Tippecanoe County | 186,955 | $217,600 | $58,622 | 2,714 | +11.1% |
| Carroll County | 20,397 | $167,700 | $64,003 | 48 | +33.3% |
| Benton County | 8,709 | $135,400 | $61,811 | 0 | — |
| Warren County | 8,454 | $160,000 | $74,635 | 24 |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Lafayette | 224,515 | $59,895 | 3.41× | 4.74% | +61.0% | 12.38 | 3.2% |
| Macon-Bibb County, GA | 233,334 | $58,127 | — | — | +61.7% | — | 3.9% |
| Athens-Clarke County, GA | 216,194 | $62,897 | — | — | +68.9% | — | 3.0% |
| Champaign-Urbana, IL | 223,223 | $64,558 | — | — | +51.1% | — | 4.7% |
| Las Cruces, NM | 219,870 | $55,663 | — | — | +49.2% | — | 4.9% |
| Lake Havasu City-Kingman, AZ | 214,229 | $55,799 | — | — | +46.1% | — | 4.9% |
Where people are moving in from
Net migration
-932
-0.41% of population
| Origin county | Tax returns |
|---|---|
| Tippecanoe County, IN | 373 |
| White County, IN | 276 |
| Clinton County, IN | 224 |
| Marion County, IN | 215 |
| Cook County, IL | 189 |
| Carroll County, IN | 169 |
Who lives in Lafayette
- Median age
- 31
- Bachelor's+
- 35.4%
- Owner-occupancy
- 58.4%
- Vacancy rate
- 7.3%
- Rent burdened (30%+)
- 50.7%
- Median household income
- $59,895
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.
Data sources
| Metric | Source | Vintage |
|---|---|---|
| rent vs buy | HUD FMR + Census ACS + FRED MORTGAGE30US | current FY |