Rents are 3% below what Lafayette's 10-year trend predicts — a better deal than its own history suggests.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,282 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
December. Asking rents in Lafayette usually run 0.6% below trend in December and 0.4% above it in September, about $13 a month apart at today's median. Based on 11 years of data.
Rent in Lafayette is 0% below its high of $1,282 in August 2026, at $1,282 as of September 2026.
Rent in Lafayette changed +3.0% over the year to September 2026. Across the 49 Indiana cities Zillow tracks, the typical change was +4.5%.
From 2019 to 2024, rent in Lafayette rose 42.3% while median household income rose 15.8% ($46,374 to $53,716). Rent outpaced income.
Rent in Lafayette is 47.4% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
30% of the median household income ($53,716) is $1,343 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,133); a 3-bedroom is $1,365.
The priciest of 4 ZIP codes in Lafayette, 47909 ($1,509/mo), costs 35% more than the cheapest, 47904 ($1,116/mo).
Frankfort, 20 miles away, rents for 27% less ($939/mo), about $4,100 a year in savings.
From Zillow's monthly rent index (ZORI) for Lafayette. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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Who lives here
Lafayette, IN is roughly split between renters and owners, has a median income below the national average, 27.9% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Lafayette, IN has changed in 5 years
Since 2021, the typical rent in Lafayette, IN has increased from $924 to $1,282, a 38.7% change over five years. Census figures show median household income at $53,716 today, compared with $47,690 five years earlier. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The combined trend lines point to a market that has changed measurably from where it stood in early 2021.
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Can you afford rent in Lafayette on your salary?
At $1,282/mo, how Lafayette rent compares to typical pay (30% rule).
Lafayette rent by bedroom count
Median rent for each apartment size in Lafayette. Click any size for full breakdown.
Tips for renters in Lafayette
Last updated: October 17, 2026
The median rent in Lafayette is $1,282/mo as of October 2026. A studio apartment averages $810/mo while a 2-bedroom runs $1,133/mo. One-bedroom apartments average $948/mo and 3-bedroom units go for $1,365/mo.
At 29% of local median household income ($53,716/yr), Lafayette ranks as affordable compared to the national benchmark of 30%. Rents have increased 3.0% over the past year.
Frequently asked questions
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Which nearby cities are cheaper to rent in than Lafayette?
At $1,282/mo, rent takes ~29% of Lafayette's median household income ($53,716/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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