If you are planning to purchase a new home in Lafayette, LA, then you've come to the right place. Read on to learn more about the average price of a Lafayette, LA home, the average size of a Lafayette, LA home, and neighborhood information. You can also search by maximum price or number of beds to find the perfect home in Lafayette, LA, Louisiana.
Home buying in Lafayette, LA
When looking to purchase a house in Lafayette, LA, Louisiana, you should do your research to make sure you're not paying more than you can afford. Your monthly payments should include property taxes, homeowners insurance, home owner’s association fees, and home repairs. You can do an online search to find out what these costs are on average in the Lafayette, LA area. Depending on the size of the house you're looking to buy, your mortgage payment may represent a large percentage of your monthly budget.
To make the process easier, try to plan ahead of time. Make sure you have at least a few months' worth of money set aside for closing costs. Also, research the neighborhood in which you want to buy a home. This is important because you'll be buying into the community.
There are many resources available to assist first-time buyers. For example, the Louisiana Housing Corporation provides down payment assistance programs for low and moderate-income families. These programs help first-time homebuyers reduce their down payment and educate them about homeownership.
Average home price in Lafayette, LA
Lafayette, LA's average home value has climbed by 15.5% in the past year. The city's median home price is currently $235,210. In 2016, Lafayette, LA's median home price was $170,000. The median price for multifamily housing was around $100K per unit. Rent in Lafayette, LA is high, averaging over $800 per month for one or two bedroom apartments. Single family homes rent for more than $1,000 a month. Despite its high prices, the local housing market offers an above-average ROI.
The housing market in Lafayette, LA has remained competitive. Last month, homes received an average of two offers. Those homes typically sold in just twelve days. Last month, Lafayette, LA homes appreciated at a two percent rate. This compares to 7.6 percent a year ago. The average Lafayette, LA home has appreciated nearly $16,000 from the beginning of 2018.
The Lafayette, LA housing market is still relatively affordable compared to the national average. Those in other parts of the country are spending more than sixteen percent of their income on their mortgage payments. Meanwhile, those in Lafayette, LA allocate less than ten percent of their income to home mortgage payments. This affordability may be a key factor attracting younger Americans to the city.
Neighborhoods in Lafayette, LA
Lafayette, LA has a variety of neighborhoods, some of which are more desirable than others. The Mid City district, between Jefferson Highway and downtown, is a popular neighborhood with young professionals, but there are also a few more laid-back neighborhoods if you're looking for a quieter atmosphere.
There are many neighborhoods in Lafayette, LA, from old neighborhoods to new subdivisions. These areas offer diverse amenities and are close to the city center. Some neighborhoods are more desirable than others, with average house prices of $238,927). A great way to decide which neighborhood is best for you is to visit several neighborhoods.
Bernard Terrace is one of the most expensive neighborhoods in Lafayette, LA. The median home value is $406,000, but the median income is well over $70,000. Despite the high price, this area has good schools and low crime rates.
Average home size in Lafayette, LA
In Lafayette, LA, Louisiana, there are 18,057 apartments available for rent. About 43% of the renter-occupied units are families, and more than one in four have children. The average size of a Lafayette, LA apartment is 940 square feet. The smallest units are studio apartments, and the largest are two-bedroom apartments. The average renter-occupied household has 2.5 people, and those with higher education levels make up the largest share of renters.
The size of a Lafayette, LA home is generally midsized, with an average of 1,786 square feet. The average price of a home in Lafayette, LA is around $232,500. The market is not particularly competitive, but prices can be a bit higher than average. It is common for houses to take up to a hundred days to sell, and they may sell for 9 percent less than what they were advertised for. Despite this, new home construction is increasing, especially in larger cities like Lafayette, LA.
Depending on the location and the type of project, Lafayette, LA real estate can run from $75 to $220 per square foot. Architect fees for Lafayette, LA homes can range from four to eight percent of the total value of the home. The fee depends on the complexity of the project, and the experience of the architect.
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