Cost of Living in Lafayette Parish, Louisiana
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Lafayette Parish Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Lafayette Parish ranks #2,910 of 3,144 counties for affordability (bottom 7%)
Data Story
About Cost of Living in Lafayette Parish, Louisiana
Lafayette Parish delivers strong affordability relative to income
With an 18.1% rent-to-income ratio and a median household income of $67,660, Lafayette Parish beats the national average for affordability while earning reasonably close to the national median of $74,755. This combination makes it one of the most balanced markets in the region.
Top-tier affordability for a growing Louisiana hub
Lafayette Parish achieves an 18.1% rent-to-income ratio—well below Louisiana's 19.5% state average—while serving as the economic engine of Acadiana. The median rent of $1,022/month is 17% above state average but paired with above-average incomes that make it manageable.
Best value among higher-income parishes
Lafayette's $1,022/month rent sits between smaller rural parishes and expensive Jefferson Parish ($1,162), while its $67,660 median income ranks second-highest in the group. This positions Lafayette as an attractive balance of amenities, economic opportunity, and affordability.
Renters spend 18.1%; homeowners face steeper burden
Renters dedicate $1,022 monthly—just 18.1% of $67,660 income—making rent manageable. Homeowners pay $1,083/month on a $234,200 median home value, a higher absolute cost but still reasonable given the parish's income levels.
Lafayette Parish: affordability meets opportunity
As Louisiana's second-largest metro area with a diversified economy, Lafayette offers above-average incomes paired with reasonable housing costs and a strong 18.1% rent ratio. This parish delivers the best combination of affordability and economic potential in the region.
Cost of Living Advisory: Lafayette Parish
Affordability Verdict
For renters in Lafayette Parish, the market is affordable. Expect to pay around $1,022/month in gross rent, with 30.0% of renter households considered cost-burdened.
Rent vs. Own
At $1,022/month rent versus $1,083/month in owner costs, renting is roughly $61/month cheaper — a 6% difference.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $40,880/year. For owner costs at the 28% rule, the required income is roughly $46,414/year. With a median household income of $67,660, most households can comfortably afford rent here. Notably, 30.0% of renter households in Lafayette Parish are cost-burdened, spending more than 30% of income on housing.
Regional Context
Within Louisiana, Lafayette Parish is more affordable than Caddo Parish by roughly 6% ($1,022/mo vs $962/mo).
Affordability Calculator
See how your income compares to housing costs in Lafayette Parish
Rent Burden
18.1%
of gross income
Max Housing (28% Rule)
$1,579
per month
Owner Cost Burden
19.2%
of gross income
The median home in Lafayette Parish may be a stretch
Median home value is $234,200. Estimated monthly cost: $1,870 vs. your max of $1,579.
Rent Affordability Guide
Income Needed Calculator
See how much you need to earn to comfortably afford housing
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.
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