Cost of Living in Lexington city, Virginia
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Lexington city Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Lexington city ranks #282 of 3,144 counties for affordability (top 9%)
Data Story
About Cost of Living in Lexington city, Virginia
Lexington offers surprising affordability premium
Lexington city's 13.2% rent-to-income ratio is the lowest among all these counties and well below the national average, while household income of $89,598 runs 20% above the U.S. median. This college town delivers exceptional housing affordability paired with strong earning power.
Virginia's most affordable city
Lexington's 13.2% rent-to-income ratio significantly outperforms Virginia's 18.6% state average, ranking it among the state's most affordable places. This is unusual for a Virginia city, making Lexington a standout value.
Best ratio among all peer counties
Lexington's 13.2% rent-to-income ratio beats every rural neighbor in this comparison, including even lower-income Lee County. At $985 rent and $89,598 household income, Lexington delivers urban amenities with rural-county affordability.
Renters and owners both find value
Renters pay $985 monthly and homeowners pay $926 on median homes valued at $275,300, creating nearly identical affordability for both groups. With household income at $89,598, housing consumes just 13.2% of income—well below the comfortable threshold.
Lexington for urban affordability seekers
If you earn $85,000–$95,000 and want city amenities with exceptional affordability, Lexington delivers—just $985 rent and $275,300 median home values with the lowest housing burden in this entire comparison. Consider Lexington against larger Virginia cities for the best value in urban living.
Cost of Living Advisory: Lexington city
Affordability Verdict
Housing in Lexington city is affordable. The median rent is $985/month against a median household income of $89,598, putting rent at 13.2% of income.
Rent vs. Own
Renters in Lexington city pay $985/month on average, compared to $926/month for homeowners. This market favors buyers by about 6%.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $39,400/year. For owner costs at the 28% rule, the required income is roughly $39,686/year. With a median household income of $89,598, most households can comfortably afford rent here. Notably, 28.0% of renter households in Lexington city are cost-burdened, spending more than 30% of income on housing.
Regional Context
Lexington city sits 6% more expensive than Southampton County ($930/month) in terms of median gross rent.
Affordability Calculator
See how your income compares to housing costs in Lexington city
Rent Burden
13.2%
of gross income
Max Housing (28% Rule)
$2,091
per month
Owner Cost Burden
12.4%
of gross income
The median home in Lexington city may be a stretch
Median home value is $275,300. Estimated monthly cost: $2,198 vs. your max of $2,091.
Rent Affordability Guide
Income Needed Calculator
See how much you need to earn to comfortably afford housing
$0/yr
Needed to stay within recommended threshold
$0/yr
Needed to stay within recommended threshold
$0/yr
Needed to stay within recommended threshold
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
What is the cost of living in Lexington city, Virginia?
What is the median rent in Lexington city?
Is Lexington city affordable?
How does Lexington city's rent compare to the state average?
What is the median home value in Lexington city?
Counties with Similar Housing Costs
Planning a Move?
Researching the cost of living in Lexington city, Virginia? Compare moving quotes from top providers and save on your relocation.
Compare Moving QuotesCompare Mortgage Rates in Lexington city
Whether you're buying your first home or refinancing, compare rates from top lenders to find the best deal.
See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.
CostByCounty participates in affiliate programs. We may earn a commission when you use our links, at no extra cost to you.