Lafayette, IN

Very Low · 64

Indiana · Population 70,650 · Updated March 2026

$1,039
Median Rent / Month
$52,946
Median Income
$157,600
Median Home Value
$988
Owner Costs / Month

Affordability

How far your income goes in Lafayette

23.5%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Indiana

State-level tax rates that affect your costs

3.05%
Income Tax (Top Rate)
7.0%
Sales Tax
0.83%
Property Tax Rate

Estimated Annual Costs

$12,468
Annual Rent
$1,615
State Income Tax
$1,308
Property Tax (est.)

Cost of Living Overview

Lafayette is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 64 (where 100 equals the national median), Lafayette residents can expect to pay median rent of $1,039/month while earning a median household income of $52,946/year.

The median home value in Lafayette, IN is $157,600, with typical monthly owner costs around $988 including mortgage, insurance, and taxes. The median rent-to-income ratio of 23.5% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Indiana has a moderate income tax rate of 3.05%. Combined with a 7.0% sales tax rate and 0.83% effective property tax rate, the overall tax environment is a factor in the total cost of living in Lafayette.

Frequently Asked Questions

Common questions about living costs in Lafayette

What is the cost of living in Lafayette, IN?
The cost of living index in Lafayette, IN is 64 (US average = 100). Median monthly rent is $1,039, median household income is $52,946/year, and the median home value is $157,600.
Is Lafayette, IN affordable?
Yes, Lafayette is more affordable than the national average with a cost index of 64. The rent-to-income ratio is 23.5%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Lafayette, IN?
The median gross rent in Lafayette, IN is $1,039 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $12,468.
What is the median household income in Lafayette?
The median household income in Lafayette, IN is $52,946 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Indiana?
Indiana has a top income tax rate of 3.05%, a sales tax of 7.0%, and an effective property tax rate of 0.83%.