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Real Estate Prices & Overview

Lakeland / Doral Acres median real estate price is $269,254, which is less expensive than 79.6% of Virginia neighborhoods and 67.8% of all U.S. neighborhoods.

The average rental price in Lakeland / Doral Acres is currently $1,882, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 66.3% of Virginia neighborhoods.

Lakeland / Doral Acres is a suburban neighborhood (based on population density) located in Lynchburg, Virginia.

Lakeland / Doral Acres real estate is primarily made up of medium sized (three or four bedroom) to small (studio to two bedroom) apartment complexes/high-rise apartments and single-family homes. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Lakeland / Doral Acres neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1970 and 1999.

Real estate vacancies in Lakeland / Doral Acres are 3.3%, which is lower than one will find in 76.2% of American neighborhoods. Demand for real estate in Lakeland / Doral Acres is above average for the U.S., and may signal some demand for either price increases or new construction of residential product for this neighborhood.

Notable & Unique Neighborhood Characteristics

Many things matter about a neighborhood, but the first thing most people notice is the way a neighborhood looks and its particular character. For example, one might notice whether the buildings all date from a certain time period or whether shop signs are in multiple languages. This particular neighborhood in Lynchburg, the Lakeland / Doral Acres neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

People

For many reasons, Lakeland / Doral Acres is rated by NeighborhoodScout as one of the top 3.4% of ideal neighborhoods for first-time home buyers in the state of Virginia. Homes here are priced below median housing values in the state, yet the neighborhood has a track record according to NeighborhoodScout's exclusive neighborhood home appreciation rates of above average real estate appreciation over the last five years compared to other VA neighborhoods, protecting your investment in your first home, while simultaneously making it less risky for your lender. Not only does this neighborhood stand out for combining price and home value stability or increases, it also is a neighborhood with a high quality resident population according exclusive data, meaning this is likely a good place to buy, live, and enjoy. While many first time home buyers focus purely on low cost and convenient location, which can risk your investment in your first home and put you in a less than desirable neighborhood, this neighborhood is a true standout for a lot of reasons, and definitely worth a look if you are a first time home buyer.

Diversity

Did you know that the Lakeland / Doral Acres neighborhood has more Welsh ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 3.9% of this neighborhood's residents have Welsh ancestry.

Lakeland / Doral Acres is also pretty special linguistically. Significantly, 3.7% of its residents five years old and above primarily speak Korean at home. While this may seem like a small percentage, it is higher than 98.3% of the neighborhoods in America.

The Neighbors

How wealthy a neighborhood is, from very wealthy, to middle income, to low income is very formative with regard to the personality and character of a neighborhood. Equally important is the rate of people, particularly children, who live below the federal poverty line. In some wealthy gated communities, the areas immediately surrounding can have high rates of childhood poverty, which indicates other social issues. NeighborhoodScout's analysis reveals both aspects of income and poverty for this neighborhood.

The neighbors in the Lakeland / Doral Acres neighborhood in Lynchburg are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 74.6% of U.S. neighborhoods. With 11.8% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 54.8% of U.S. neighborhoods.

The old saying "you are what you eat" is true. But it is also true that you are what you do for a living. The types of occupations your neighbors have shape their character, and together as a group, their collective occupations shape the culture of a place.

In the Lakeland / Doral Acres neighborhood, 48.9% 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 31.3% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (10.2%), and 9.6% in manufacturing and laborer occupations.

Languages

The languages spoken by people in this neighborhood are diverse. These are tabulated as the languages people preferentially speak when they are at home with their families. The most common language spoken in the Lakeland / Doral Acres neighborhood is English, spoken by 75.1% of households. Other important languages spoken here include Spanish, Korean and French.

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 Lakeland / Doral Acres neighborhood in Lynchburg, VA, residents most commonly identify their ethnicity or ancestry as English (13.5%). There are also a number of people of Asian ancestry (9.1%), and residents who report Sub-Saharan African roots (6.6%), and some of the residents are also of German ancestry (6.4%), along with some Puerto Rican ancestry residents (5.8%), among others. In addition, 16.8% of the residents of this neighborhood were born in another country.

Getting to Work

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 Lakeland / Doral Acres neighborhood spend under 15 minutes commuting one-way to work (50.9% of working residents), one of the shortest commutes across America.

Here most residents (74.9%) drive alone in a private automobile to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (10.5%) . In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.

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