Central Business District median real estate price is $209,891, which is less expensive than 86.9% of Virginia neighborhoods and 77.2% of all U.S. neighborhoods.
The average rental price in Central Business District is currently $1,669, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 76.3% of Virginia neighborhoods.
Central Business District is a suburban neighborhood (based on population density) located in Lynchburg, Virginia.
Central Business District real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) apartment complexes/high-rise apartments and small apartment buildings. Most of the residential real estate is renter occupied. Many of the residences in the Central Business District neighborhood are relatively historic, built no later than 1939, and in some cases, quite a bit earlier. A number of residences were also built between 1940 and 1969.
Vacant apartments or homes are a major fact of life in Central Business District. The current real estate vacancy rate here is 32.0%. This is higher than the rate of vacancies in 95.5% of all U.S. neighborhoods. In addition, most vacant housing here is vacant year round. This can sometimes be the case in neighborhoods dominated by new construction that is not yet occupied. But often neighborhoods with vacancy rates this high are places that can be plagued by a protracted vacancy problem. If you live here, you may find that a number of buildings in your neighborhood are actually empty.
The way a neighborhood looks and feels when you walk or drive around it, from its setting, its buildings, and its flavor, can make all the difference. This neighborhood has some really cool things about the way it looks and feels as revealed by NeighborhoodScout's exclusive research. This might include anything from the housing stock to the types of households living here to how people get around.
Real Estate
The Central Business District neighborhood is very unique in that it has one of the highest proportions of one, two, or no bedroom real estate of any neighborhood in America. Most neighborhoods have a mixture of home or apartment sizes from small to large, but here the concentration of studios and other small living spaces is at near-record heights. With 95.9% of the real estate here of this small size, this most assuredly is a notable feature that makes this neighborhood unique, along with just a handful of other neighborhoods in the U.S. that share this characteristic.
In addition, 95.4% of the real estate in the Central Business District neighborhood is occupied by renters, which is nearly the highest rate of renter occupancy of any neighborhood in America. Vacant homes and apartments are a significant characteristic of this neighborhood. In fact, with 32.0% of the residential real estate vacant, the Central Business District neighborhood claims the distinction of having a higher vacancy rate than 95.5% of the neighborhoods in America. This can either be because much of the property is seasonally occupied, like in many vacation areas, or that much of the real estate is more permanently abandoned.
Furthermore, the real estate in the Central Business District neighborhood really stands out in the way it looks for a unique reason: this neighborhood has a higher proportion of apartment complexes or high-rise apartments than nearly every neighborhood in the country. Most neighborhoods are a mixture of real estate and housing types, but here it is almost entirely dominated by big apartment buildings and complexes. In fact, 79.7% of the real estate here is classified as apartment complexes or high-rise apartments, which is more than is found in 96.7% of American neighborhoods.
Also of note, if you find historic homes and neighborhoods attractive, you love the details, the history, and the charm, then you are sure to be interested in this neighborhood. With 75.7% of the residential real estate in the Central Business District neighborhood built no later than 1939, and some built considerably earlier, this neighborhood has a greater concentration of historic residences than 99.3% of all neighborhoods in America. In this regard, this neighborhood truly stands out as special.
Occupations
The Central Business District neighborhood stands out nationally for having a greater proportion of its residents active in the military than 98.4% of other U.S. neighborhoods. If you come here, you will notice military people active in their jobs, going to and from work, and in plain clothes out and about the neighborhood.
People
One of the most interesting things about the Central Business District neighborhood is that it has a greater concentration of residents who live alone than most all neighborhoods in America. With 57.4% of the households here made up of people living alone, NeighborhoodScout's research reveals that this is a larger proportion of people living alone than in 98.3% of the neighborhoods in America.
In addition, neighborhoodScout's analysis shows that the Central Business District neighborhood has a greater concentration of residents currently enrolled in college than 97.7% of the neighborhoods in the U.S. With 20.1% of the population here attending college, this is very much a college-focused neighborhood.
Also, with a nice mix of college students, safety from crime, and decent walkability, the Central Business District neighborhood rates highly as a college student friendly place to live, and one that college students and their parents may want to consider. NeighborhoodScout's analysis shows that it rates more highly for a good place for college students to live than 89.8% of the neighborhoods in VA. This often also means that the area has certain amenities and services geared towards college students, from undergraduates to graduate students. In addition to being an excellent choice for college students, this neighborhood is also a very good choice for young, single professionals.
Diversity
Did you know that the Central Business District neighborhood has more Welsh and Czechoslovakian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 5.6% of this neighborhood's residents have Welsh ancestry and 0.7% have Czechoslovakian ancestry.
Central Business District is also pretty special linguistically. Significantly, 0.6% of its residents five years old and above primarily speak Persian at home. While this may seem like a small percentage, it is higher than 96.1% of the neighborhoods in America.
Migration / Stability
The freedom of moving to new places versus the comfort of home. How much and how often people move not only can create diverse and worldly neighborhoods, but simultaneously it can produce a loss of intimacy with one's surroundings and a lack of connectedness to one's neighbors. NeighborhoodScout's exclusive research has identified this neighborhood as unique with regard to the transience of its populace. In the Central Business District neighborhood, a greater proportion of the residents living here today did not live here five years ago than is found in 99.5% of U.S. Neighborhoods. This neighborhood, more than almost any other in America, has new residents from other areas.
There are two complementary measures for understanding the income of a neighborhood's residents: the average and the extremes. While a neighborhood may be relatively wealthy overall, it is equally important to understand the rate of people - particularly children - who are living at or below the federal poverty line, which is extremely low income. Some neighborhoods with a lower average income may actually have a lower childhood poverty rate than another with a higher average income, and this helps us understand the conditions and character of a neighborhood.
The neighbors in the Central Business District neighborhood in Lynchburg are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 90.6% of U.S. neighborhoods. With 48.6% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 93.4% of U.S. neighborhoods.
What we choose to do for a living reflects who we are. Each neighborhood has a different mix of occupations represented, and together these tell you about the neighborhood and help you understand if this neighborhood may fit your lifestyle.
In the Central Business District neighborhood, 44.2% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is sales and service jobs, from major sales accounts, to working in fast food restaurants, with 36.6% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (13.3%), and 5.9% in manufacturing and laborer occupations.
Languages
The most common language spoken in the Central Business District neighborhood is English, spoken by 98.8% of households.
Ethnicity / Ancestry
Culture is the shared learned behavior of peoples. Undeniably, different ethnicities and ancestries have different cultural traditions, and as a result, neighborhoods with concentrations of residents of one or another ethnicities or ancestries will express those cultures. It is what makes the North End in Boston so fun to visit for the Italian restaurants, bakeries, culture, and charm, and similarly, why people enjoy visiting Chinatown in San Francisco.
In the Central Business District neighborhood in Lynchburg, VA, residents most commonly identify their ethnicity or ancestry as English (15.5%). There are also a number of people of German ancestry (14.1%), and residents who report Irish roots (6.9%), and some of the residents are also of Welsh ancestry (5.6%), along with some Scottish ancestry residents (3.9%), among others.
How you get to work – car, bus, train or other means – and how much of your day it takes to do so is a large quality of life and financial issue. Especially with gasoline prices rising and expected to continue doing so, the length and means of one's commute can be a financial burden. Some neighborhoods are physically located so that many residents have to drive in their own car, others are set up so many walk to work, or can take a train, bus, or bike. The greatest number of commuters in Central Business District neighborhood spend under 15 minutes commuting one-way to work (55.9% of working residents), one of the shortest commutes across America.
Here most residents (78.7%) drive alone in a private automobile to get to work. In addition, quite a number also hop out the door and walk to work to get to work (8.7%) . In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.
