Rent to own Homes in Lafayette, LA
Lafayette, Louisiana, is located in southwestern Louisiana and is the core of the statistical area of Lafayette-Opelousas-Morgan City, which has a population of over 611,000. Lafayette itself had over 120,000 residents and is the fourth-largest city in the state, as well as the parish seat of Lafayette Parish, Louisiana. The city was named for a French military hero, the Marquis de Lafayette, who fought with the Americans during the Revolutionary War. This area is the center of Cajun culture, both in the state and nationwide.
Lafayette, LA is a great place for affordable rent-to-own homes! With a median household income of over $54,139 and a median rent of $899, the Lafayette, LA rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Lafayette, LA. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
More Lafayette, LA Property Resources
Rent to own Homes in Cities Near Lafayette, LA
- Abbeville
- Arnaudville
- Branch
- Breaux Bridge
- Broussard
- Cade
- Cankton
- Carencro
- Catahoula
- Cecilia
- Church Point
- Crowley
- Delcambre
- Duson
- Erath
- Grand Coteau
- Henderson
- Kaplan
- Lafayette
- Leonville
- Loreauville
- Lydia
- Maurice
- Milton
- New Iberia
- Opelousas
- Ossun
- Parks
- Perry
- Rayne
- Scott
- St. Martinville
- Sunset
- Youngsville
Neighborhoods in Lafayette, LA
Whittington Oaks rent to own homes Souvenir Heights rent to own homes Bendel Gardens rent to own homes Oaklawn Heights rent to own homes Arnould Heights rent to own homes River Ranch rent to own homes Magnolia Park rent to own homes West End Heights West rent to own homes North Ivanhoe Estates rent to own homes Vordenbaumen rent to own homesMedian Home Price in Lafayette, LA
Median Rent in Lafayette, LA
Average Cost of Living in Lafayette
Lafayette, LA, has lower than average housing expenses (25%), and lower grocery prices (2%).
Average Home Prices in Lafayette
The median home cost in Lafayette, LA, is $191,352 which is below the national average of $295,300.
Lafayette Statistics
If you're interested in Lafayette rent-to-own homes, don't forget to consider important factors in addition to monthly living costs, such as average commute, taxes, crime rates, etc. The following are some common Lafayette statistics compared to the U.S. national average.
| Lafayette Averages | National Averages | |
|---|---|---|
| One-Way Commute | 21 minutes | 27.1 minutes |
| Violent Crime | 38.0 | 22.7 |
| Property Crime | 72.9 | 35.4 |
| Unemployment Rate | 5.6% | 4.7% |
| Income Tax Rate | 2-6% | 4.6% |
| Air Quality | AQI 39 | AQI 40 |
| Water Quality | AQI 39 | Safe |
| Median Household Income | $56,999 | $79,900 |
| Median Property Taxes | $965 | $2,471 |
| Utilities | $265.00 | $171.67 |
| Monthly Rent | $913 | $1,098 |
| Median Home Cost | $191,352 | $295,300 |
| Median Home Age | 35.8 years | 37 years |
Housing Statistics
There are 46,840 housing units in Lafayette; 63.5 percent are single family homes. Overall, there is a 7.1 percent vacancy rate, and there is nice range of homes for sale. The median home sales price in Lafayette was $195,000 as of September 2013, and the median home value in the city is $160,400, which is 51 percent higher than the Louisiana average and 20 percent lower than the nationwide average. 54 percent of the homes are owner-occupied. The average one bedroom apartment rents for $737 and two bedroom apartments average $838, with plenty of rental homes and rent to own opportunities advertised regularly.
Local Restaurants
There are hundreds of local restaurants in Lafayette, offering a wide variety of food, from seafood to Cajun and Creole cuisine. Some of the most popular restaurants in the area for Cajun, Creole and French fare include Jolie's Louisiana Bistro, the French Press, Dwight's and the Blue Dog Cafe. If you're looking for a standard American fare, try a sandwich at the Olde Tyme Grocery.
Arts and Culture
Lafayette is filled with historical buildings, museums and galleries. You will find many sculptures and murals around downtown, along with the Lafayette Museum, a children's museum, a natural history museum and a planetarium, as well as several arts and crafts museums and galleries. There are also plenty of historical buildings. Lafayette Hardware was built before 1890 and remained a hardware store until 1986. Today it houses an architecture firm. St. John's Cathedral was built in 1913 in a combination Romanesque/Gothic design. The Cathedral's oak tree is estimated to be about 400 years old.
Local Events and Festivals
There always seems to be something entertaining to do in Lafayette. Here are some of the fun events and festivals worth attending:
Nightlife
There is plenty to do in Lafayette at night, from Cajun dancing or just relaxing and listening to mellow jazz while drinking a martini and eating fresh seafood. In fact, nightlife in town typically is centered around the city's own brand of Cajun music, which includes Zydeco, jazz and the blues. Mulate's is one of the local favorites for catching live Cajun music, and there are no less than a dozen pubs and nightclubs clustered around Jefferson St. downtown where music is at the core of the action. Some of the popular clubs include Nitetown, Bootleggers and Stan's Nightclub Bar and Grill.
Lafayette, LA Frequently Asked Questions
Lafayette is one of the best places to live in Louisiana. Public schools are above average, and is home to many families and young professionals.
People who live in Lafayette, LA consider it to be safe. According to crime rate statistics, however, there's a 1 in 26 chance of becoming a victim of a crime.
Lafayette, LA ranges between 36 - 49 feet above sea level.