Lake Ridge, Virginia Housing Market Prices
Lake Ridge Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 59% above the Virginia median$408,270
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Median rent 27% above the Virginia median$2,006
Housing Market Overview
| Metric | Lake Ridge | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $408,270 | $256,082 | $248,835 |
| Price Trend (Annual %) | 5.9% | 3.5% | 7.5% |
| Median Gross Rent | $2,006 | $1,579 | $1,407 |
| Rent Trend (Annual %) | 2.0% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lake Ridge is about 59% higher than in Virginia. Rent is about 27% higher than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Lake Ridge, up about 5.9% and 2.0% a year respectively. Home prices are changing faster.
Median rent in Lake Ridge rose about 17.0% between 2015 and 2024, from $1,714 to $2,006. Over the same span, rent in Virginia rose about 41.5%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in Lake Ridge.
Buying the median-priced home in Lake Ridge costs roughly 17.0 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Lake Ridge. The price-to-rent ratio in Virginia is about 13.5.
| Metric | Lake Ridge | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $408,270 | $256,082 | $248,835 |
| Median Household Income | $128,574 | $93,527 | $80,455 |
| Price-to-Income Ratio | 3.2 | 2.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Lake Ridge rose about 63.1%, while median household income rose about 30.9% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Lake Ridge | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 76.2% | 61.5% | 58.5% |
| Rental Rate | 21.9% | 29.8% | 31.2% |
| Vacancy Rate | 1.9% | 8.7% | 10.2% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Lake Ridge has a homeownership rate of 76.2%, higher than the Virginia average of 61.5%. Its housing vacancy rate is 1.9%, compared with 8.7% in Virginia.
Housing Stock
| Metric | Lake Ridge | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.91 people | 2.52 people | 2.53 people |
| Median Structure Built Year | 1989 | 1982 | 1978 |
| Median Number of Rooms | 6.6 | 6.0 | 5.5 |
The typical housing unit in Lake Ridge was built around 1989. On average, 2.9 people live in a home with about 6.6 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lake Ridge, Virginia.
What is the median home price in Lake Ridge, Virginia?
The median home price in Lake Ridge, Virginia is $408,270, higher than the Virginia average of $256,082.
What is the average home price in Lake Ridge, Virginia?
The typical home price in Lake Ridge, Virginia, reported as the median sale price, is $408,270. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Lake Ridge, Virginia?
The median gross rent in Lake Ridge, Virginia is $2,006 per month, higher than the Virginia average of $1,579.
What was the median gross rent in Lake Ridge in 2020?
In 2020, the median gross rent in Lake Ridge, Virginia was $1,866 per month.
What is the price-to-rent ratio in Lake Ridge, Virginia?
The price-to-rent ratio in Lake Ridge, Virginia is about 17.0, meaning it would take roughly 17.0 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Lake Ridge.
Are home prices or rent rising faster in Lake Ridge, Virginia?
Both home prices and rent are rising in Lake Ridge, up about 5.9% and 2.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lake Ridge, Virginia?
76.2% of households in Lake Ridge, Virginia own their home, higher than the Virginia average of 61.5%.
What is the vacancy rate in Lake Ridge, Virginia?
The housing vacancy rate in Lake Ridge, Virginia is 1.9%, lower than the Virginia average of 8.7%.
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