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According to a new report released today by LendEDU.com, Lynchburg has ranked No. 55 out of 300 cities with the Most Affordable Homes in the U.S. for 2020. The ranking was included in the Cities with the Most and Least Affordable Homes in the U.S. for 2020.
Using data from the Harvard Joint Center for Housing Studies and the U.S. Census Bureau, the study looked at which major metropolitan areas had the highest and lowest proportions of affordable homes for families living there.
The study showed that 93.02% of Lynchburg’s homes were affordable for the average household living here. For the purpose of the study, homes were considered to be affordable if the required monthly mortgage payment was less than 31% of the median monthly household income for that area.
Only homes purchased within 12 months prior to the U.S. Census Bureau survey date were included in the study.
Rankings are based off the percentage of homes in an area that required monthly payments deemed affordable—as defined by requiring less than 31% of monthly household income—to a household making the median household income for that area.