ZIP Code · VA

ZIP 24503

Part of Lynchburg, VA

Pop. 20,419·Lynchburg City·182nd most expensive ZIP in Virginia

Median rent (all units)

$1,341/mo

Year-over-Year

Stable

Month-over-Month

-2.3%

vs US Median

-$591

Reported rents

Falling (Monthly)

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Most AffordableMost Expensive

ZIP 24503 · $1,341

More affordable than 84% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$980

1 BR

$980

2 BR

$1,130

3 BR

$1,560

4 BR+

$1,670

Research median

$1,130/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

What a typical income covers

30% of the median household income ($89,137) is $2,228 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($1,670).

Rank in Lynchburg

3rd cheapest of 4 ZIP codes in Lynchburg.

Cheaper nearby

ZIP 24572, 9 miles away, rents for 26% less ($989/mo), about $4,200 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 24503. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$16,092/yr

At $1,341/mo median

Location

CityLynchburg

StateVA

CountyLynchburg City

Rent Market Meter

Renter's Market

Renter's MarketBalancedLandlord's Market

Rents are softening (down 0.0% YoY), so renters have negotiating leverage.

Based on rent-price momentum (+0.0% YoY, -2.3% MoM), not inventory.

Demographics

Who lives here

ZIP 24503 (Lynchburg, VA) is majority owner-occupied, has a large retiree population, 60.2% of residents hold a bachelor's degree or higher.

Population

20,419

Median income

$89,137

Median age

39.3

Renters

25%

Age distribution

25.9%

19.8%

20.6%

22.8%

Under 1825.9%

18–3419.8%

35–5420.6%

55–6411%

65+22.8%

Gender

46.7%

53.3%

Male46.7%

Female53.3%

Race & ethnicity

80.2%

White80.2%

Black10.8%

Hispanic3.8%

Asian0.9%

Other4.3%

Education (25+)

15.2%

21.5%

60.2%

No HS diploma3.1%

HS diploma15.2%

Some college21.5%

Bachelor's+60.2%

Housing tenure

75%

25%

Owner75%

Renter25%

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

2021 vs 2026

How ZIP 24503 in Lynchburg, VA has changed in 5 years

Income

$79,335 → $89,137

up 12.4%

Population

19,384 → 20,419

up 5.3%

Renter share

26.8% → 25%

-1.8 pts

Bachelor's+

58.2% → 60.2%

+2.0 pts

Median age

41.1 → 39.3

-1.8 yrs

Median household income grew from $79,335 to $89,137 between 2021 and 2024, a 12.4% shift. Headcount in the area went from 19,384 to 20,419 between 2021 and 2024, a 5.3% change. About 25% of households rent today, against 26.8% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 58.2% to 60.2%.

Community

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Local insights

Tips for renters in ZIP 24503

About renting in ZIP 24503

Last updated: October 17, 2026

ZIP code 24503 covers Lynchburg, VA. The median rent here is $1,341/mo as of October 2026. A 1-bedroom rents for a median of $980/mo. A 2-bedroom rents for a median of $1,130/mo.

At 18% of local median household income ($89,137/yr), ZIP 24503 ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 24503?

To keep rent at or below 30% of gross income, you would need to earn at least $54,000/year (about $26/hour full-time) to afford the median rent of $1,341/mo in ZIP 24503. The local median household income is $89,137/yr, so the typical household meets that bar.