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 5,716, 1,977 total housing units (homes and apartments), and a median house value of $218,838, house prices in Lafayette are solidly below the national average.
Single-family detached homes are the single most common housing type in Lafayette, accounting for 73.20% of the city's housing units. Other types of housing that are prevalent in Lafayette include duplexes, homes converted to apartments or other small apartment buildings ( 13.33%), large apartment complexes or high rise apartments ( 10.20%), and a few mobile homes or trailers ( 3.27%).
The most prevalent building size and type in Lafayette are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 48.19% owning and 51.81% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Lafayette's housing was primarily built during this period, from the '40s through the '60s. A full 45.64% of the city's housing hails from this era. Other housing ages represented in Lafayette include homes built between 1970-1999 ( 32.62%) and housing constructed between 2000 and later ( 15.26%). There's also some housing in Lafayette built before 1939 ( 6.49%).
Vacant housing appears to be an issue in Lafayette. Fully 11.54% of the housing stock is classified as vacant. Left unchecked, vacant Lafayette homes and apartments can be a drag on the real estate market, holding 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.
In the last 10 years, Lafayette has experienced some of the highest home appreciation rates of any community in the nation. Lafayette real estate appreciated 123.30% over the last ten years, which is an average annual home appreciation rate of 8.36%, putting Lafayette in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Lafayette definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Over the last year, Lafayette appreciation rates have trailed the rest of the nation. In the last twelve months, Lafayette's appreciation rate has been 3.04%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lafayette were at 1.16%, which equates to an annual appreciation rate of 4.72%.
Relative to Tennessee, our data show that Lafayette's latest annual appreciation rate is lower than 90% of the other cities and towns in Tennessee.
$218,838
for Tennessee
for nation
1,977
$1,475 / per month