Lafayette, Colorado is City located in Boulder County, in the Southeastern region. It is tightly bordered by Erie, Louisville, and Broomfield. It includes an area of 9.3 square miles. It is backed by a rich history – especially in terms of industry.
It includes a population of over 27,000 people. It has been estimated that there are approximately 10,000 households in the city and approximately 7,000 families. It does not matter if you are a real estate investor, looking to purchase a home for yourself and/or your family, or are in the market for a rental, Lafayette has a lot to offer!
Is Lafayette, Colorado Considered a Suburb of Denver?
Yes, Lafayette is considered to be a suburb of the City of Denver. It includes a population that exceeds 27,000. While the area does have an urban touch in many areas, it mostly sparks of a suburban feel. This city has been identified as one of the top and the best locations to reside within the State of Colorado. Families and younger aged professionals flock to the area. The political views are considered to be moderate. There are many places to visit and things to do. Additionally, all of the schools within the city have the best ratings.
As mentioned previously, Lafayette, Colorado is backed by a rich history. It was founded in the year of 1888 by Mary E. Miller. After filling for the city, she sold the very first lot to a Hugh Hughes in March of that same year. Once this occurred, the incorporation of the city was official. Mary’s husband’s name was Lafayette. They were in the area to run a farm on land that they purchased in 1868 from Francis Heatly and Edward Chase.
Lafayette was a butcher and served as the trustee of the town. He passed away in 1878 Mary and the six children they had together resided on the land. In 1884, coal was discovered on the property. Shortly thereafter, the first mine shaft was put into place and contributed to the mining era. Mary then dedicated 37 acres of her land for the development of the city. She decided to name it after her husband.
By the year of 1914, the town had taken off and included various hotels and two banks. It served as the location for one of the first electrical grids in the nation. The area continued to flourish; however, when natural gas came into play in the 1930s – 1950s, the mining industry quickly dwindled. In the late 1950s, the city became an agricultural community. Denver and Boulder grew immensely, which contributed to the overall growth of Lafayette. Various industries – such as paper mills, cotton, power, shoe, and brewery plants popped up. To date, it is still an immensely popular town due to its rich history.
Is Lafayette Considered a Good Place to Live?
Lafayette is considered to be a very good place to live. It is situated on the gorgeous rolling hills in the Front Range area. It is also in close proximity to both Boulder and the City of Denver. Residents have direct access to several miles of trails, a large assortment of parks, work opportunities, and educational opportunities. The health care facilities are immensely popular and advanced. There are numerous options – in terms of housing. The residents are socially active. It does not matter if you are a real estate investor, looking to buy a home, or searching for rental property, you have many options when it comes to Lafayette, Colorado.
What Do People Love Most about Lafayette, Colorado?
Lafayette, Colorado has a small-town feel, offers a large assortment of community events, includes various parks, and hosts a wide selection of shopping and dining venues. The city places a special emphasis on conservation, offering the best in terms of education, and offers the best housing. The following outlines the top things that people love most about this wonderful city:
- Waneka Lake – This area serves as a refuge for wildlife, a gathering place for individuals in the community, and a vast array of recreational activities. It does not matter if you want to fish, swim, cook out, enjoy the playground, or take out a paddle boat, you can do it at Waneka Lake.
- Old Town – Those that are passionate about shopping, dining, community events, and enjoying a little entertainment absolutely love the Old Town region in Lafayette, Colorado. This is located on Public Road and includes a variety of restaurants, stores, boutiques, coffee shops, and more. The Miner’s Museum is located in this area as well as the Mary Miller Theater.
- The Waterpark – The Great Outdoors Waterpark is the only one of its kind throughout Boulder County. Here, one will find exceptionally high-flume slides, a lovely leisure pool, a relaxing lazy river, and even playground structures that are designed for children.
- Events – Lafayette is home to many events each year. Examples include the Peach Festival, the Oatmeal Festival, events surrounding heroes of civil rights, and more! Thousands upon thousands flock to the area to partake in these events. If you specialize in commercial real estate, you will discover that these events bring in a large amount of business. If you specialize in residential real estate, these events are highly productive in attracting newcomers to the area!
- Farmer’s Market – The next event that makes people love Lafayette is the Farmer’s Market which takes place in the Old Town area of the city. It happens once a week in the spring and in the summer months. You will discover packaged goods, produce, demonstrations by chefs, live music, and more!
The Housing Market
The housing market in the City of Lafayette is considered to be moderately competitive. In most instances, when a home is placed on the market, it will sell within 31 days and receives – at least – 3 offers. On average, the homes sell for right around $750,000. This is up a whopping 12% from the last year. Per square foot, the average price is $328. In one month alone, approximately 50 homes sell. A total of 25% of homes usually sell above the price that is usually originally listed.
When looking to purchase or rent real estate in Lafayette, you must consider the environmental risks. To date, the highest risk is associated with drought. The second highest risk is the heat experienced in and around the area. The storm risk and the risk of fires are very low. While drought and heat are never comfortable issues to contend with, they play a very small role in the prices associated with homeowner’s insurance and other related real estate expenses. As a result, real estate investments, home purchases, and electing to rent property in the city are well worth it.
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