ZIP Code · VA

ZIP 24502

Part of Lynchburg, VA

Pop. 41,979·Lynchburg City·179th most expensive ZIP in Virginia

Median rent (all units)

$1,377/mo

Year-over-Year

+2.1%

Month-over-Month

+0.4%

vs US Median

-$555

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 24502 · $1,377

More affordable than 81% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,290

1 BR

$1,300

2 BR

$1,490

3 BR

$2,050

4 BR+

$2,200

Research median

$1,490/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

August. Asking rents in ZIP 24502 usually run 0.8% below trend in August and 1% above it in February, about $25 a month apart at today's median. Based on 5 years of data.

Compared with the peak

Rent in ZIP 24502 is at its highest level since Zillow's records here began in March 2021.

Past year vs. the rest of Virginia

Rent in ZIP 24502 changed +2.2% over the year to September 2026. Across the 169 Virginia ZIP codes Zillow tracks, the typical change was +3.4%.

Recent direction

Rent rose in 7 of the last 12 months.

What a typical income covers

30% of the median household income ($68,872) is $1,722 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,490); a 3-bedroom is $2,050.

Rank in Lynchburg

4th cheapest of 4 ZIP codes in Lynchburg.

Cheaper nearby

ZIP 24504, 10 miles away, rents for 16% less ($1,151/mo), about $2,700 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 24502. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$16,524/yr

At $1,377/mo median

Location

CityLynchburg

StateVA

CountyLynchburg City

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (2.1% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+2.1% YoY, +0.4% MoM), not inventory.

Demographics

Who lives here

ZIP 24502 (Lynchburg, VA) is roughly split between renters and owners, skews toward younger working-age adults, 37.9% of residents hold a bachelor's degree or higher.

Population

41,979

Median income

$68,872

Median age

32.6

Renters

47.7%

Age distribution

18.3%

35%

19.9%

15.8%

Under 1818.3%

18–3435%

35–5419.9%

55–6411.1%

65+15.8%

Gender

47.7%

52.3%

Male47.7%

Female52.3%

Race & ethnicity

69.7%

17.5%

White69.7%

Black17.5%

Hispanic6.3%

Asian2.6%

Other3.9%

Education (25+)

22.8%

31.7%

37.9%

No HS diploma7.5%

HS diploma22.8%

Some college31.7%

Bachelor's+37.9%

Housing tenure

52.3%

47.7%

Owner52.3%

Renter47.7%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 24502 in Lynchburg, VA has changed in 5 years

Rent

$979 → $1,377

up 40.7%

Income

$58,360 → $68,872

up 18.0%

Population

40,420 → 41,979

up 3.9%

Renter share

48% → 47.7%

-0.3 pts

Bachelor's+

40.2% → 37.9%

-2.3 pts

Median age

32.1 → 32.6

+0.5 yrs

Compared with 2021, rent in ZIP 24502 in Lynchburg, VA has increased by $398 per month, settling near $1,377 after starting the period at $979. Household income in the area moved from $58,360 to $68,872 across the same window, up 18.0% versus 2021. Rent outpaced income growth by roughly 22.7 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 40,420 to 41,979 between 2021 and 2024, a 3.9% change. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher slipped from 40.2% to 37.9%. Reading these numbers side by side helps frame whether current listings in ZIP 24502 in Lynchburg, VA look reasonable against where the market sat half a decade ago.

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About renting in ZIP 24502

Last updated: October 17, 2026

ZIP code 24502 covers Lynchburg, VA. The median rent here is $1,377/mo as of October 2026. A 1-bedroom rents for a median of $1,300/mo. A 2-bedroom rents for a median of $1,490/mo.

At 24% of local median household income ($68,872/yr), ZIP 24502 ranks as affordable compared to the national benchmark of 30%. Rents have increased 2.1% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 24502?

To keep rent at or below 30% of gross income, you would need to earn at least $55,000/year (about $26/hour full-time) to afford the median rent of $1,377/mo in ZIP 24502. The local median household income is $68,872/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 24502?

Rent in ZIP 24502 has risen 2.1% over the past year as of September 2026. That is the highest level since Zillow's records here began in March 2021.

When is the cheapest time to rent in ZIP 24502?

Asking rents in ZIP 24502 are usually lowest in August, about 0.8% below their yearly trend, and highest in February, about 1% above it. At today's median that is a gap of roughly $25 a month. This pattern comes from 5 years of Zillow rent data.

How does ZIP 24502 compare to other ZIPs in Virginia?

ZIP 24502 is one of the more affordable among Virginia ZIP codes for rent, ranking #179 of 194 at $1,377/mo. Over the year to September 2026, rent in ZIP 24502 changed +2.2%, against a typical +3.4% across the 169 Virginia ZIP codes Zillow tracks.