Lafayette, IN vs New Albany, IN

Lafayette, IN and New Albany, IN have a very similar cost of living, with only a 0.6% difference in their overall index. Lafayette scores 76 while New Albany scores 76 on the cost of living index, where 100 represents the national average. The day-to-day expenses for residents in both cities are comparable, though differences emerge when looking at specific categories.

On the housing front, median rent in Lafayette is $1,039/month compared to $971/month in New Albany — a 7% difference. Interestingly, home values tell a different story: while New Albany has cheaper rent, Lafayette actually has lower median home values ($157,600 vs $169,600).

Median household income in Lafayette is $52,946 compared to $54,152 in New Albany (-2.2%). New Albany offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Lafayette spend roughly 23.5% of their income on rent, more than the 21.5% in New Albany.