Cost of Living in Lexington city, Virginia

$985/mo

Median Monthly Rent

$275,300

Median Home Value

14% below state averageUnaffordable

At a Glance

Median Monthly Rent

$985/mo

14% below state average

Median Home Value

$275,300

2% below national

Rent-to-Income Ratio

28.0%

% of income spent on rent

Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)

Affordability Rating

Unaffordable

Rent over 50% of income

How Lexington city Compares

Median monthly rent comparison

Lexington city$985/mo

Virginia Average$1,140/mo

National Median$1,163/mo

Detailed Housing Stats

$985/mo

Median Gross Rent

$275,300

Median Home Value

$926/mo

Monthly Owner Cost

28.0%

Rent-to-Income Ratio

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.

Affordability Calculator

See how your income compares to housing costs in Lexington city

Your Annual Household Income

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

Your rent-to-income ratio13.2%

Recommended max30.0%

Frequently Asked Questions

What is the cost of living in Lexington city, Virginia?

Lexington city, Virginia has a median monthly rent of $985/mo and a median home value of $275,300. The affordability rating is Unaffordable, with rent making up approximately 28.0% of median household income.

What is the median rent in Lexington city?

The median gross rent in Lexington city is $985/mo. This is 14% below state average for Virginia.

Is Lexington city affordable?

Lexington city is rated Unaffordable based on rent-to-income ratio of 28.0%. Spending over 50% of income on rent is generally considered unaffordable.

How does Lexington city's rent compare to the state average?

Lexington city's median rent of $985/mo is 14% below state average of $1,140/mo for Virginia.

What is the median home value in Lexington city?

The median home value in Lexington city, Virginia is $275,300. This is 2% below the national median home value of $281,900.