Where to Live in the Greater Lafayette Area Based on Your Salary
Are you considering a move to the Greater Lafayette area but unsure where your salary will stretch the furthest? Understanding how much house you can afford—and what that means for different neighborhoods—can make your home search more targeted and less stressful. Let’s break it down.
Key Assumptions for Home Affordability
Before we jump into the numbers, here are the main assumptions guiding these calculations:
- Mortgage Rate: 6.95% (just under 7%)
- Down Payment: 10% (while conventional loans often require 20%, many programs allow for less, such as FHA at 3.5% or USDA at 0%. We’re using 10% as a reasonable average.)
- Housing Budget: 30% of your gross monthly income, covering your mortgage payment, interest, homeowner’s insurance, and property taxes.
Every situation is unique, so if you want a more tailored estimate, reach out to your local real estate expert.
Median Home Prices & Required Incomes by Area
Here’s a breakdown of the areas in and around Greater Lafayette, Indiana, with median home prices and the annual salary needed to comfortably afford a home.
| Area | Median Home Price | Estimated Monthly Payment | Required Monthly Gross Income | Required Annual Gross Income |
|---|---|---|---|---|
| West Lafayette | $348,000 | $2,543 | $8,476 | $101,720 |
| Lafayette | $240,000 | $1,786 | $5,953 | $71,400 |
| Tippecanoe County | $270,000 | $1,997 | $6,656 | $79,800 |
| Benton County | $157,450 | $1,128 | $3,760 | $48,320 |
| White County | $195,000 | $1,471 | $4,910 | $58,800 |
| Monticello (White Co.) | $220,000 | $1,645 | $5,483 | $65,800 |
| Brookston (White Co.) | $200,000 | $1,506 | $5,020 | $60,250 |
All calculations are based on 30% of gross income going toward housing costs with a 10% down payment and a 6.95% interest rate.
Area Highlights
West Lafayette
- Most expensive in the region.
- Great for those with higher incomes—ideal for professionals or dual-income households.
- Home to Purdue University and highly-rated schools.
Lafayette
- Significantly more affordable than West Lafayette.
- A popular option for young families and first-time buyers looking for value.
- Offers diverse neighborhoods and plenty of amenities.
Tippecanoe County (including Lafayette & West Lafayette)
- Includes smaller surrounding communities and unincorporated areas.
- Offers a mix of urban and rural living.
Benton County
- Most affordable option on this list.
- Smaller population and lower home prices, perfect for those who want more for their money and a quieter lifestyle.
White County
- Slightly more expensive than Benton but less than Tippecanoe.
- Known for lakes and recreation—perfect if you’re seeking outdoor activities or waterfront living.
Monticello
- Famous for Indiana Beach and both Lake Freeman and Lake Shafer.
- A great getaway atmosphere with the perks of small-town life.
Brookston
- Walkable small town with great local businesses, including bakeries, breweries, and restaurants.
Home Search Tips
- Median prices represent the “middle” of the housing market in these areas. There are always homes both above and below these figures.
- If you’re purchasing as a couple, remember both incomes can count toward qualifying for a loan.
- Consider your lifestyle preferences: school districts, commute times, amenities, and community feel all matter beyond just the numbers.
Ready to Make Your Move?
If you’re considering relocating to the Greater Lafayette area, whether that’s in Tippecanoe, Benton, or White County—or in charming communities like Monticello or Brookston—reach out. With the right support, you can find the perfect home that fits both your lifestyle and your budget!