Lynchburg city Real Estate and Livability Trends
Taxable income in Lynchburg City, Virginia has shown a steady climb from $49,295.12 in 2013 to $65,967.40 in 2021, which may indicate economic growth and an influx of higher earners. Median home values in the area have jumped to $196,000 in 2022, outpacing national figures but still remaining more affordable than the statewide median of $339,800. This makes Lynchburg attractive for both investors... Read more
Lynchburg city Market Trends
Median home values in Lynchburg city, Virginia have surged from $149,200 in 2015 to $196,000 in 2022, outpacing the national median yet falling short of the statewide median of $339,800. This presents a compelling case for value appreciation but still offers more affordability compared to other parts of Virginia. The city has also experienced significant fluctuations in average residential energy... Read more
Median Value of Occupied Housing Units in Lynchburg city, Virginia Over the Last 8 Years
Median home values in Lynchburg city, Virginia have seen a significant upward trend, growing from $149,200 in 2015 to $196,000 in 2022. This growth outpaces the national median, which ended at $179,400 in 2022, though it lags behind statewide trends where the median value soared to $339,800. For investors and potential homeowners, Lynchburg presents a compelling case for value appreciation, particularly when compared to national figures, though it may still offer more affordability compared to other parts of Virginia.
Residential Energy Tax Credit Per Tax Return in Lynchburg city, VA Over the Last 9 Years
Over the past nine years, Lynchburg city, Virginia has seen substantial fluctuations in the average residential energy tax credit per tax return. Notably, 2018 experienced a dramatic spike to $2,466.67, suggesting a significant increase in energy-efficient investments. Despite this peak, subsequent years like 2019 and 2020 saw lower yet stable averages around $776.92 and $829.03, respectively. The data indicates possible incentivization for adopting energy-efficient practices, beneficial information for investors, real estate agents, and homeowners considering energy improvements.
Average Real Estate Taxes Per Tax Return in Lynchburg city, VA Over the Last 10 Years
Over the last decade, Lynchburg, Virginia has seen a notable increase in average real estate taxes per tax return, rising from approximately $2,491.37 in 2012 to around $3,955.56 in 2021. This upward trend in property taxes could be indicative of rising property values in the area, making it potentially attractive for investors but possibly a concern for current and prospective homeowners and insurance agents. For real estate agents and appraisers, this trend offers insight into market dynamics that might influence property valuations and investment decisions.
Percentage of Farm Returns in Lynchburg city, VA Over the Last 10 Years
Farm tax returns in Lynchburg, Virginia have shown slight volatility over the past decade, fluctuating between 0.18% and 0.25%. This data suggests that while agricultural activity is present, it's not a dominant force in the local economy. For those looking to invest, move to, or develop property in Lynchburg, these figures could imply limited competition or opportunities in the agricultural sector. This insight is crucial for devising business strategies, understanding property values, and grasping the economic profile of the area.
Number of Mortgages by Occupancy Type in Lynchburg city, VA Over the Last 5 Years in Lynchburg city
Over the last five years in Lynchburg city, Virginia, the total number of mortgages for principal residences has consistently outstripped those for investment and second properties. As observed, 2021 saw a peak with 3,792 principal residence mortgages, while investment property and second residence mortgages trailed significantly. This trend might reflect the area's desirability for long-term living rather than speculative investment or vacationing, influencing both market stability and local economic growth. For potential investors, these patterns signal promising prospects in the residential market, yet suggest that opportunities in the investment or rental market could be limited in comparison. Real estate agents and appraisers must account for these dynamics when valuing properties or advising clients.
Economic Outlook
Taxable income in Lynchburg City, Virginia has steadily increased from $49,295.12 in 2013 to $65,967.40 in 2021, signaling potential economic growth and attracting higher-earning residents. This income surge could make the area attractive to investors and real estate agents. Meanwhile, state and local income taxes have also risen, reaching $13,455.43 in 2021, possibly reflecting higher incomes or tax policy shifts. Fluctuations in total tax liability, peaking at $10,896.46 in 2021, and a... Read more
Average Taxable Income per Tax Return in Lynchburg city, VA over the last 9 years
The taxable income in Lynchburg City, Virginia has experienced a general upward trend over the past nine years. Average taxable income per tax return rose from approximately $49,295.12 in 2013 to around $65,967.40 in 2021, suggesting potential economic growth and an increase in higher-earning residents. Notable jumps occurred between 2013 and 2014 and from 2020 to 2021. This growing income level might attract investors, real estate agents, and new residents looking for economically robust areas, while also serving as a useful metric for appraisers and insurance agents assessing property values and risk.
Average State and Local Income Taxes Per Tax Return in Lynchburg city, VA Over the Last 10 Years
Over the past decade, Lynchburg city in Virginia has seen a significant upward trend in average state and local income taxes per tax return, starting at $5,769.39 in 2012 and reaching $13,455.43 by 2021. This consistent increase, especially notable between 2018 and 2021, may indicate rising incomes or shifts in tax policy. For potential investors or real estate agents, this trend suggests an evolving economic landscape. Appraisers and insurance agents might also want to consider these factors when evaluating property values and risks, respectively.
Average Total Tax Liability Per Tax Return in Lynchburg city, VA Over the Last 10 Years
Over the past decade, Lynchburg city in Virginia has seen fluctuations in average total tax liability per tax return, ranging from a low of approximately $8,569.10 in 2013 to a high of about $10,896.46 in 2021. The most notable spikes occurred in 2014 and 2021, suggesting periods of increased income or changes in tax policies. Potential investors and property developers might view these variances as indicators of economic growth or shifts in financial health, while insurance agents and real estate professionals could consider these factors when assessing market conditions and advising clients.
Cost of Living in Lynchburg city
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,366 | $1,476 | $1,628 | $1,301 | $1,223 |
| 1 adult 4 children | $1,366 | $1,205 | $1,242 | $1,301 | $1,347 |
| 2 adults 3 children | $1,366 | $1,206 | $1,413 | $1,301 | $1,004 |
| 1 adult 3 children | $1,366 | $984 | $1,028 | $1,301 | $1,113 |
| 2 adults 2 children | $1,005 | $987 | $1,199 | $1,127 | $831 |
| 1 adult 2 children | $1,005 | $737 | $814 | $1,127 | $798 |
| 2 adults 1 child | $1,005 | $780 | $985 | $564 | $763 |
| 1 adult 1 child | $1,005 | $504 | $600 | $564 | $656 |
| 2 adults | $885 | $627 | $771 | $0 | $645 |
| 1 adult | $870 | $342 | $385 | $0 | $586 |
Safety trends & Data
In Lynchburg, Virginia, property crime trends over the past five years suggest significant reductions in larceny-theft, dropping from 340.00 incidents in 2018 to 206.00 in 2022, and a halving of vandalism incidents from 78.00 in 2020 to 39.00 in 2022. Fraud cases showed a notable dip in 2019 but slightly increased to 67.00 in 2022. Burglary instances have also declined, moving from 39.00 in 2018 to 30.00 in 2022, while motor vehicle thefts have shown minor fluctuations. These patterns might... Read more
Property Crime Trends in Lynchburg city, VA Over the Last 5 Years
In Lynchburg, Virginia, property crime has seen notable fluctuations over the past five years. Larceny-theft, while still prevalent, dropped significantly from 340.0 incidents in 2018 to 206.0 in 2022. Vandalism peaked at 78.0 incidents in 2020 but has since decreased to 39.0 incidents by 2022. Fraud cases have varied, showing a notable decline in 2019 followed by a slight rise in recent years, standing at 67.0 in 2022. Burglary numbers declined from 39.0 in 2018 to 30.0 in 2022, and motor vehicle thefts have remained relatively stable with minor variations. The trends may be of interest to real estate investors and insurance agents considering risk factors for property and planning coverage expenses.
Demographics
In Lynchburg city, Virginia, the adult population shows a slightly higher number of females compared to males. Age distribution is skewed towards younger demographics, with a significant portion aged between 20 to 34 years. Educational attainment reveals a notable segment of the population possessing a bachelor's degree or higher, hinting at a relatively educated community. The racial composition largely comprises individuals identifying as White, with Black or African American being the second... Read more
Race Distribution in Lynchburg city, Virginia (2022)
Educational Attainment in Lynchburg city, Virginia (2022)
Age Distribution in Lynchburg city, Virginia
Citizen Population in Lynchburg city, Virginia (2022)
Political Trends & Data
In Lynchburg City, Virginia, the real estate market could potentially be influenced by the competitive political landscape, as the 2020 Presidential Election results showed a tight race between Democrats and Republicans. Such a nearly even split may reflect diverse neighborhood preferences and a balanced demand for various property types, suggesting that buyers and sellers in this area should anticipate a mixed, dynamic market... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Lynchburg City, Virginia, the 2020 U.S. Presidential Election saw a narrow margin between the two major parties, with Democrats slightly leading Republicans by a small percentage. Libertarians accounted for a minor share, while other parties had minimal impact. This close distribution may suggest a competitive political landscape in the area.
47.02% of voters voted for the Republican party in the 2020 Presidential Election
49.63% of voters voted for the Democrat party in the 2020 Presidential Election
2.36% of voters voted for the Livertarian party in the 2020 Presidential Election
1.00% of voters voted for the Other party in the 2020 Presidential Election
School Data
Over the last decade, Lynchburg City, Virginia has seen a notable decrease in its student-to-teacher ratio, dropping from around 15 students per teacher in 2014 to just under 13 by 2023. This trend points to better educational resources and might attract families and real estate investors, potentially raising property values. Compared to the national average of 14 students per teacher, Lynchburg City's focus on reducing class sizes could also appeal to educators and policymakers concerned with... Read more
Student-to-teacher ratio in Lynchburg City, Virginia over the last 10 years
Over the last decade, Lynchburg City, Virginia has seen a notable decrease in its student-to-teacher ratio, dropping from around 15 students per teacher in 2014 to just under 13 by 2023. This trend suggests an improvement in educational resources, which could be appealing for families considering moving to the area. A lower student-to-teacher ratio often indicates more individualized attention for students, a factor that could increase the appeal for real estate investors, appraisers, and insurance agents by potentially raising property values and stability. Compared to the national average of 14 students per teacher, Lynchburg City's focus on reducing class sizes could also be a significant draw for educators and policy makers focused on educational outcomes.
