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Lynchburg city, VA

ZIP 24502 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Middle ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 24502

Median Home Value
$214,300
Median Rent
$976
Affordability Snapshot
$59,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$1,377/mo PITI).

18%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

3.2x
Home Price-to-Income Ratio

Within the typical 3-5x range for home affordability.

18.3 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 24502 in Lynchburg city, VA, a household would need roughly $59,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $1,377. That sits below the local median household income ($66,027), suggesting the typical household income is closer to a workable buy-in level under these assumptions. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Vacancy rate 12% — check local market conditions.

Heating Fuel
Housing Metrics
Owner Occupied
53.7%-18% vs US avg
x
Vacancy Rate
12.0%+16% vs US avg
x
Broadband Access
93.7%+8% vs US avg
x
4+ Bedrooms
3.4%-77% vs US avg
x
Built Pre-1939
4.2%-67% vs US avg
x
Built Post-2014
1.2%-82% vs US avg
x
Rent Burden >30%
21.9%-56% vs US avg
x
Mortgage-Free
34.2%-11% vs US avg
x
$214,300
Home Value
$976
Rent
1979
Year Built
2015
Moved In

Residents have lived here since ~2015 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached55.1%
  • 1-unit attached7.8%
  • 2-9 units17.7%
  • 10+ units17.0%
  • Mobile home & other2.3%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$214,300
Median rent$976
Owner-occupied53.7%
Vacant12.0%
Price-to-income3.2x
Est. income to buy$59,000