Lafayette, MN
Population 478 · Minnesota
About Lafayette, MN
Lafayette is a small community located in Minnesota with a population of 478 residents according to the latest US Census Bureau American Community Survey data. The median household income is $95,500 per year, which is 27% above the national median of $75,149. The median age of 42.1 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Lafayette features a median home value of $142,700, which is 42% below the national median of $244,900. This makes Lafayette one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $725, 38% below the national average of $1,163/month. Of the 211 total housing units, 91% are owner-occupied (157 units) and 9% are renter-occupied (15 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Lafayette shows an unemployment rate of 0.0%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 2.7%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Lafayette have an average one-way commute time of 23.7 minutes.
Education & Demographics
21.8% of Lafayette residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 1.0% White, 0.2% Hispanic or Latino, 0.0% Black or African American, and 0.2% Asian residents, with 0.0% of the population being foreign-born.
Cost of Living in Lafayette, MN
Compared to national averages, Lafayette has a median household income of $95,500 (27% above the national median of $75,149). Home values average $142,700, which is 42% below the national median. Monthly rent at $725 is 38% below the US average of $1,163. Within Minnesota, Lafayette's income is 29% above the state average of $74,221, and home values are 30% below the state median of $204,472.
Why Live in Lafayette, MN?
Lafayette offers a strong local economy with a median household income of $95,500, well above the national average, and affordable housing with a median home value of $142,700, below the US average of $244,900, and rent that’s lower than the national average at $725/month. Additionally, the city features a strong job market with an unemployment rate of just 0.0%, and a low poverty rate of 2.7%, better than the national average, and short commute times averaging just 23.7 minutes.
Lafayette has a population of 478 with a median age of 42.1 years. Compare Lafayette with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Lafayette
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Verndale | 479 | $44,083 | $105,500 | Compare |
| Racine | 476 | $95,125 | $239,500 | Compare |
| Floodwood | 482 | $40,972 | $100,000 | Compare |
| Jenkins | 472 | $70,500 | $265,900 | Compare |
| St. Marys Point | 484 | $106,250 | $471,400 | Compare |
| Ellsworth | 471 | $58,438 | $85,700 | Compare |
| Butterfield | 486 | $57,292 | $77,800 | Compare |
| Newfolden | 468 | $69,000 | $143,800 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Minnesota
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Lafayette With Other Cities
Frequently Asked Questions about Lafayette
What is the population of Lafayette, MN?
The population of Lafayette, MN is 478 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Minnesota.
What is the median household income in Lafayette?
The median household income in Lafayette, MN is $95,500 per year, which is 27% above the national median of $75,149.
What is the median home value in Lafayette?
The median home value in Lafayette, MN is $142,700, which is 42% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Lafayette?
The median monthly rent in Lafayette, MN is $725, which is 38% below the national average of $1,163/month.
What is the unemployment rate in Lafayette?
The unemployment rate in Lafayette, MN is 0.0%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Lafayette, MN a good place to live?
Lafayette offers above-average incomes, affordable housing, and a strong job market. With a population of 478 and a median age of 42.1, the city appeals to a broad range of residents.
How educated is Lafayette, MN?
21.8% of residents in Lafayette aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Lafayette?
Key cost-of-living indicators for Lafayette, MN: median home value is $142,700 (42% below national), median rent is $725/month, and median household income is $95,500. The home-value-to-income ratio is 1.5x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Lafayette?
The poverty rate in Lafayette, MN is 2.7%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Lafayette, MN?
Lafayette's population is 1.0% White, 0.2% Hispanic or Latino, 0.0% Black or African American, 0.2% Asian, and 0.0% two or more races. 0.0% of residents are foreign-born.