Quick facts: Lancaster, VA

Quick Facts

106
Cost of Living
above US average
10,750
Population
1.4
Crime Rate per 1000
below US average
$62,674
Median Income
below US average
$99,000
Median House Price
above US average
$1497.0
Average Rent
above US average
10%
Poverty Rate
below US average
3.1%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $62,674.

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Income Needed to Buy

βœ“ Affordable
$31k/year
Based on $99,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($62,674) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$64k/year
Based on $1497.0/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $64k vs median $62,674
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Lancaster, VA

Lancaster, Virginia, is a charming rural community located in the northeastern part of the state, along the banks of the Rappahannock River. It serves as the seat of Lancaster County and is known for its scenic landscapes, rich history, and close-knit community feel. The area is characterized by its picturesque countryside, featuring rolling hills, farmlands, and waterfront views, making it a haven for nature lovers and outdoor enthusiasts. The town boasts a variety of historical landmarks, including 18th-century churches and colonial homes, which reflect its deep-rooted heritage. Lancaster's downtown has a quaint atmosphere with local shops, eateries, and access to the river, offering a glimpse into the region's maritime culture. For those interested in recreational activities, nearby waterways provide opportunities for fishing, boating, and kayaking. The local community is often vibrant, with events and festivals celebrating the area's agriculture and arts. Overall, Lancaster is an ideal destination for those seeking tranquility, history, and a sense of community in a picturesque Virginia setting.

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