Living in Lafayette, Minnesota
Cost of living, income, home prices, rent and demographics of Lafayette · Census data 2020–2024
Lafayette has 484 residents with a median age of 36.5. The median household income is $88,750 (about the same as the Minnesota median), the median home value is $155,800, the median rent is $980/month.
Lafayette is a small town, so Census survey estimates have wide margins of error. Treat percentages as approximate.
Lafayette at a glance
- Population
- 484
- Median age
- 36.5State: 38.8
- Median household income
- $88,750State: $89,062
- Median home value
- $155,800State: $329,300
- Median rent
- $980/moState: $1,280
- Homeowners
- 84.1%
- Bachelor's degree or higher
- 22.1%
- Average commute
- 24 min
Is Lafayette a good place to live?
Pros: Home values 53% lower than the state median; a poverty rate of 3.9%.
Cons: Median household income about the same as the Minnesota median; an average commute of 24 minutes.
The weather is best in June to September.
Cost of living in Lafayette
Housing is the biggest part of the cost of living. In Lafayette the median home value is $155,800, 53% lower than the U.S. median. Renters pay a median of $980 per month, which is 25.6% of household income. Homeowners with a mortgage pay $1,382 a month in housing costs.
Lafayette median household income
The median household income in Lafayette is $88,750 and the income per person is $35,936. 3.9% of residents live below the poverty line (Minnesota: 9.3%).
Housing in Lafayette: homes for sale and rent
- Housing units
- 207
- Owner-occupied
- 84.1%
- Renter-occupied
- 15.9%
- Vacant
- 15%Includes seasonal homes
- Median year built
- 1951
- Average household size
- 2.75
Lafayette demographics
- Population
- 484
- Median age
- 36.5
- Under 18
- 22.9%
- 65 and older
- 16.5%
- Households
- 176
- Foreign-born
- 0%
- Veterans
- 5.4%Adults 18+
Hispanic or Latino can be of any race. Population history of Lafayette ›
Education in Lafayette
22.1% of adults 25 and older in Lafayette have a bachelor's degree or higher (Minnesota: 39.4%), and 3.9% have a graduate or professional degree.
Jobs and commute in Lafayette
- Unemployment rate
- 0%State: 4.1%
- Average commute
- 24 minState: 23 min
- Work from home
- 4.6%
- Drive alone
- 81%
- Public transit
- 0%
- Walk to work
- 0.4%
- Homes with broadband
- 92.6%
Lafayette vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Lafayette | 484 | $88,750 | $155,800 | $980 |
| Winthrop | 1,381 | $69,219 | $169,600 | $776 |
| Gibbon | 918 | $55,278 | $102,700 | $950 |
| New Ulm | 14,056 | $64,449 | $204,200 | $962 |
| Gaylord | 2,073 | $57,243 | $171,600 | $860 |
| Courtland | 770 | $99,028 | $275,600 | $1,066 |
| Searles | 201 | $80,625 | $191,100 | — |
| Nicollet | 957 | $84,643 | $239,700 | $855 |
| Fairfax | 1,088 | $60,172 | $116,300 | $432 |
More for people moving to Lafayette
Lafayette ZIP code ›Weather and climate ›Living in Lafayette: FAQ
What is the median household income in Lafayette, MN?
The median household income in Lafayette is $88,750, about the same as the Minnesota median of $89,062 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Lafayette?
The median home value in Lafayette is $155,800, compared with $329,300 in Minnesota.
How much is rent in Lafayette?
The median gross rent in Lafayette is $980 per month, about 25.6% of household income.
Is Lafayette, MN a good place to live?
Pluses: home values 53% lower than the state median; a poverty rate of 3.9%. Minuses: median household income about the same as the Minnesota median; an average commute of 24 minutes.
What is the median age in Lafayette?
The median age in Lafayette is 36.5 years (Minnesota: 38.8).
How long is the commute in Lafayette?
The average commute to work in Lafayette is 24 minutes; 4.6% of workers work from home.
What is the unemployment rate in Lafayette?
The unemployment rate in Lafayette is 0% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Lafayette?
22.1% of adults in Lafayette have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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