States › Virginia › Lexington

Is Lexington, VA expensive to live in?

CheapRent takes 17 cents of every $1 people earn here.
🏠 Rent per month (2026)$1,27827% lower than U.S. average
💵 Families earn per year (2026)$91,152about $7,596/month · 5% higher than U.S. average
🔑 House price$275,20017% lower than U.S. average

Rent is lower than in 71% of U.S. cities. A typical house costs about 3.0 years of household income. Commutes are short, about 12.7 minutes.

How much money do I need?

To rent here comfortably, you should earn about $51,120 a year. That is $25 an hour at a full-time job.

Is rent cheaper than other Virginia cities?

Yes. Rent here is cheaper than in most of Virginia. It is number 33 of 199 cities from cheapest to most expensive.

Lexington
$1,278
Aquia Harbour
$2,682
Floris
$3,568
Laurel Hill
$2,253
Sandston
$1,274
Woodlake
$2,001
Bedford
$910

How much do households earn in Lexington?

Under $25k
18.8%
$25k–50k
12.8%
$50k–100k
39.1%
$100k–150k
16.1%
$150k+
9.6%

Share of households by yearly income. 25.8% of households earn $100,000 or more.

Rent by apartment size in Lexington

SizeLexingtonU.S. average
1 bedroom$904$1,324
2 bedrooms$1,129$1,509
3 bedrooms$1,654$1,698

Median monthly rent plus utilities for all renters, by number of bedrooms.

How expensive is Lexington overall?

Everyday prices in Virginia overall are 1% above the U.S. average (index 101.1, U.S. = 100).

Housing
107
Goods (food, clothes…)
100
Utilities
92
Other services
100
U.S. average
100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Lexington, so the Virginia figure is shown.

Taxes and bills in Lexington

🏛️ Property tax$2,224a year · 0.81% of home value · U.S. $3,119
⚡ Electric bill$112a month (typical) · U.S. $156

Life in Lexington

Commute to work12.7 minU.S.: 26.4 min
College degree50.7%U.S.: 35.7%
Own their home53.8%U.S.: 65.2%
Below poverty line14%U.S.: 12.5%
Unemployment0.6%U.S.: 5.2%

Is it cheaper to rent or buy in Lexington?

Renting is cheaper right now: about $632 a month less.

Renting
$1,278
Owning
$1,910

Owning assumes a typical $275,200 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $27,520 for the down payment.

Frequently asked questions

What is the average rent in Lexington, VA?

Renting in Lexington costs a median of about $1,278 a month in 2026, including utilities. The Virginia median is $2,049.

How much do I need to make to live in Lexington?

To keep rent under 30% of income, you need about $51,120 a year, or $25 an hour at a full-time job.

Is Lexington cheap or expensive?

Lexington is rated Cheap: rent takes 16.8% of the typical household income of $91,152. It ranks 33rd cheapest of 199 Virginia cities we track.

How much are property taxes in Lexington?

The median homeowner in Lexington pays $2,224 a year in property taxes, about 0.81% of the median home value.

Is Lexington more expensive than the national average?

Overall prices in Virginia are 1% above the U.S. average, according to the U.S. Bureau of Economic Analysis.

How much does a house cost in Lexington?

The median home value in Lexington is $275,200, about 3.0 times the typical yearly household income.

7,525 people live in Lexington. Numbers are typical (middle) values.