A+
5%
Overall NAT. AVG.
4%
Goods & Services NAT. AVG.
18%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index West Lafayette Indiana National
Cost of living10590100
Goods & Services9694100
Groceries9898100
Health care10796100
Housing11872100
Transportation9995100
Utilities109107100

An Overview of Cost of Living in West Lafayette, IN

Understanding the cost of living in West Lafayette can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The West Lafayette cost of living index is 105, which is 5% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

The cost of living in West Lafayette closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of West Lafayette can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

What Do Locals Say About the Cost of Living in West Lafayette?

The real experts on a city are its residents. That's why we reached out to 5 locals to get their views on the cost of living in West Lafayette. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 20% found it budget-friendly with decreasing prices, while 80% said it's simply not affordable as prices have continued to rise.

Is West Lafayette Affordable?

Is West Lafayette affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in West Lafayette, the median home price is 27.4% higher than the national average and monthly rent prices are 3.6% lower than the typical rates. Additionally, the median income levels play a role in affordability, with West Lafayette boasting a median household income of $31,460, 43.1% lower than the national average.

What Factors can Influence the Cost of Living in West Lafayette?

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In West Lafayette, the transportation index is 1.3% lower than the national average.

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in West Lafayette starts at 7% and the income tax rates start at 3.23%.

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Where is the Data From?

The cost of living data in West Lafayette displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in West Lafayette is 17% higher than the Indiana average
  • The cost of living in West Lafayette is 5% higher than the national average
  • West Lafayette housing is 18% higher than the national average
  • Indiana general sales tax is 37% higher than the national average
  • Indiana state income tax is 21% higher than the national average

Most Affordable Places to Live in and Around West Lafayette

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Compare West Lafayette, IN Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$96,964$8,080$2,262$2,909
      Renters$19,218$1,602$448$577
      A good way to judge both the affordability of the housing and the cost of living in West Lafayette is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. West Lafayette has a median income of about $96,964 for people who own homes. Based on that number, a maximum of $2,262 should be spent on expenses related to housing. Renters have a slightly different median income, which is $19,218. Based on this average, renters should spend no more than $448 on all rental costs if they want to maintain a non-impoverished standard of living.

      Indiana Sales Tax

      State General Sales Tax With Max Surtax
      Indiana 7% 7%

      Indiana Income Tax

      State Income Tax (Low) Income Tax (High)
      Indiana 3.15% 3.15%

      Goods & Services

      Item West Lafayette National avg. Difference
      Haircut $21.11$24.2613.0%
      Beauty Salon $34.91$45.5623.4%
      Toothpaste $3.80$3.702.6%
      Shampoo $1.21$1.285.7%
      Movie $9.09$12.1325.1%
      Bowling $19.27$18.007.1%

      Groceries

      Item West Lafayette National avg. Difference
      Ground Beef $5.90$5.841.1%
      Fried Chicken $1.52$1.573.1%
      Milk $4.63$4.670.9%
      Potatoes $5.00$4.931.3%
      Pizza $11.42$12.095.5%
      Beer $9.83$10.415.6%

      Health Care

      Item West Lafayette National avg. Difference
      Optometrist $121.07$125.683.7%
      Doctor $123.38$135.789.1%
      Dentist $140.03$113.2923.6%
      Ibuprofen $10.24$10.653.9%
      Lipitor $516.41$468.6010.2%

      Housing

      Item West Lafayette National avg. Difference
      Home Price $235,300.00$184,700.0027.4%
      Avg. Mortgage Payment $2,162.95$2,346.697.8%
      Apartment Rent $915.00$949.003.6%

      Transportation

      Item West Lafayette National avg. Difference
      Gasoline $3.46$3.460.1%
      Tire Balancing $57.36$59.924.3%

      Utilities

      Item West Lafayette National avg. Difference
      All Electricity $223.79$193.9915.4%
      Phone $190.17$192.251.1%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Montmorenci, IN236990.7%
      West Point, IN98990.7%
      Clarks Hill, IN7748316.6%
      Buck Creek, IN2578416.4%
      Brookston, IN1,3988613.8%
      West Lafayette, IN49,6681054.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Mishawaka, IN49,6758416.1%
      North Bethesda, MD49,71916060.3%
      Azusa, CA49,58414545.3%
      Poway, CA49,78017776.7%
      Kannapolis, NC49,788936.8%
      West Lafayette, IN49,6681054.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.