Lancaster is a mid-sized city located in the state of Texas. The city has a population of 38,426 residents. In Lancaster, the most common ethnic group is Black or African American with a total of 69%. This is followed by 26% White and 0% Asian ethnic groups. With an average age of 33 years old, Lancaster could be a great place to live for young adults as this age is well below the national average.
Whether you’re moving to a new area to be closer to family, friends or for a new job, living in Lancaster could be a positive experience compared to other cities in Texas if you know where to look. Finding the best places to live in Lancaster and nearby areas is a much easier task when you can rely on information and data from the livability score, which includes amenities, cost of living, weather, employment, housing and other important metrics.
The livability score in Lancaster is 74/100 and the city is ranked in the 79th percentile of all cities across America. If we probe a little deeper into each category within the livability score, we see that Lancaster has higher than average rankings for the following: amenities (B), cost of living (B), weather (B-), education (A-) and housing (B+). Lancaster does not score well for the following: crime (F) and employment (D-). It might be a smart idea to take a closer look at each category to find out why.
Location, location, location - possibly the three most important words in your search for a new place to live. Fortunately, in Lancaster, there is no shortage of amazing local amenities and interesting things to do.
Based on multiple factors including: median home and rental prices, appreciation rates and home affordability, Lancaster has received high marks in the housing category. Based on these calculations, the apartment rental and real estate market appears to be very healthy.
There are many factors that go into deciding if an area is the right fit for your lifestyle. Certain “must haves” like low crime, great schools and nearby amenities are all at the top of most people's lists. But before even considering if those options are available, most people will need to know if the real estate in Lancaster is actually affordable. The median home price for Lancaster homes is $104,500, which is 26.8% lower than the Texas average. If we take a closer look at the affordability of homes in Lancaster, we’ll see that the home price to income ratio is 2, which is 23.1% lower than the Texas average. Knowing if your home will appreciate on a long term or even a short term basis should be factored into your decision making. An increase in your home’s value can be a good way to generate tax-free equity that can create long term financial security. In the past year, appreciation rates for homes in the Lancaster area were 15.8% and 5 year appreciation rates were 12.3%.
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