Cost of Living in Hopewell city, Virginia
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Hopewell city Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Hopewell city ranks #3,064 of 3,144 counties for affordability (bottom 3%)
Data Story
About Cost of Living in Hopewell city, Virginia
Hopewell Faces Virginia's Highest Pressure
At 26.8%, Hopewell's rent-to-income ratio represents Virginia's least affordable housing market, significantly exceeding both the national benchmark and state average of 18.6%. The city's median household income of $48,681—35% below the national median—combined with $1,085 median rent, creates the most severe affordability squeeze in this comparison.
Virginia's Housing Affordability Crisis
Hopewell's 26.8% rent-to-income ratio stands as one of Virginia's worst, nearly 45% above the state average of 18.6%. This historic industrial city struggles with a mismatch between local incomes and housing costs, marking it as Virginia's most strained housing market.
Higher Costs, Lower Income Than Peers
Hopewell's $1,085 median rent exceeds more affordable rural counties like Henry ($705) and Highland ($859), while its $48,681 median income trails even those lower-cost areas. Unlike Henrico or Hanover, Hopewell lacks the income advantages that can offset housing costs in other Virginia regions.
Housing Consumes Over One-Quarter of Income
Hopewell renters spend $1,085 monthly—26.8% of a $48,681 annual income—leaving minimal room for savings or discretionary spending. Even homeowners at $1,009 monthly face a 24.9% of-income burden, making Hopewell's housing market financially challenging for working families.
Hopewell Requires Financial Caution
Relocating to Hopewell demands careful financial planning: housing here consumes a larger share of income than anywhere else in this comparison. Consider Hopewell only if you have household income above the median or access to additional resources—otherwise, look toward Henry or Highland counties for genuine affordability.
Cost of Living Advisory: Hopewell city
Affordability Verdict
For renters in Hopewell city, the market is moderately affordable. Expect to pay around $1,085/month in gross rent, with 37.0% of renter households considered cost-burdened.
Rent vs. Own
At $1,085/month rent versus $1,009/month in owner costs, owning is roughly $76/month cheaper — a 7% difference.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $43,400/year. For owner costs at the 28% rule, the required income is roughly $43,243/year. With a median household income of $48,681, most households can comfortably afford rent here. Notably, 37.0% of renter households in Hopewell city are cost-burdened, spending more than 30% of income on housing.
Regional Context
Within Virginia, Hopewell city is less affordable than Gloucester County by roughly 5% ($1,085/mo vs $1,144/mo).
Affordability Calculator
See how your income compares to housing costs in Hopewell city
Rent Burden
26.7%
of gross income
Max Housing (28% Rule)
$1,136
per month
Owner Cost Burden
24.9%
of gross income
The median home in Hopewell city may be a stretch
Median home value is $165,100. Estimated monthly cost: $1,318 vs. your max of $1,136.
Rent Affordability Guide
Income Needed Calculator
See how much you need to earn to comfortably afford housing
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.
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