5  Lynchburg market analysis

The following provides an analysis of major trends impacting housing within the City of Lynchburg.

5.1 Takeaways

  • Growth in the city has been a result of international migration and natural increases.
  • Once 44 percent renter households, the city is now majority renter households at 51 percent.
  • There has been a loss of homeowners in the city, mainly among those households aged 25 to 64 years old.
  • The number of higher income households is growing in the city, even among renters, but there is also a growing number of extremely low-income renters.
  • In spite of its urban environment, housing in the city is dominated by single-family housing.
  • Homeownership is declining as prices have climbed rapidly during the pandemic.
  • Large amount of detached single-family rentals, especially in College Hill and Diamond Hill areas.
  • Rental prices have remained generally flat among multifamily properties, but cost burden among renters has continued to rise.