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We just left the Lafayette area this summer. I lived there for 15 years (my dh lived there for 30+ years).
TONS of new(er) constructions in that area. They have done nothing but build, especially on the south side of Lafayette, for the past five years and more! The last three years has seen the entire length of one county road go from rural to urban (a 10 mile stretch!).
County schools are better than city schools in the area. My dd attended private school the entire time we were there (preschool - third grade). The community itself has much to offer, but has seen a boom in lower-income influx in the last five years. The crime rate has increased - not sure what the official stats are, depending on where you are coming from, they may not be bad by comparison. Definitely not as high as Indy, though.
As for diversity - not sure how you could come away from there thinking Lafayette was not diverse! Given Purdue University, SIA (major car manufacturer based in Japan), the Hispanic/Latino population, and many other factors, I don't know how much more diverse you could get without going to Indy or Chicago. Lots of cultural activities in the community. You would definitely NOT stand out. And I see no reason you would not feel accepted. People are very open-minded. Much of the racial activity you hear about comes from gangs (generally Latino vs. African American out of Chicago), but no one looks at you funny if your skin is a different color. It's part and parcel of the environment there.
I have to agree with the others who have said that Frankfort is not as affluent. The economy of the area is rather depressed, too. We left for that reason. One of every four people we knew had been affected by layoffs, shut downs, or just plain and simple firing. The area is largely industry based and has been hit hard by the economic downturn. That said, if you have a solid job, you will probably easily find a house (lots of bank repos right now, especially on those newer constructions). If you can live within your means, now might be a good time to look at a place like Lafayette.
After 15 years, it was just getting too big for us, and the right career opportunities were not there, so we moved west. If you have any specific questions about the area, feel free to pm me. I will be glad to help in any way that I can!
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