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City Report · VA

Hopewell

Pop. 22,959·75th most expensive in Virginia·One of the most affordable rental markets in the US
Median rent (all units)
$1,419/mo
Year-over-Year
+0.7%
Month-over-Month
+2.3%
vs US Median
-$546
Rising (Monthly)
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Most AffordableMost Expensive
Hopewell · $1,419
More affordable than 81% of US cities · National median $1,965/mo
Affordability
31% of income
MODERATE
0%30% benchmark60%+

At $1,419/mo, rent takes about 31% of the local median household income, slightly above the 30% benchmark.

Income to afford
$57,000/yr
Local median income
$54,729/yr
Based on the 30%-of-income rule using Hopewell's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$1,240
1 BR
$1,290
2 BR
$1,430
3 BR
$1,810
4 BR+
$2,240
Research median
$1,430/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$17,028/yr
At $1,419/mo median
Rent Market Meter
Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are climbing (0.7% YoY), so leverage tilts toward landlords. Act sooner rather than later.
Based on rent-price momentum (+0.7% YoY, +2.3% MoM), not inventory.
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Demographics

Who lives here

Hopewell, VA is majority owner-occupied, has a large share of families with children, has a median income below the national average, 13.7% of residents hold a bachelor's degree or higher.

Population
22,959
Median income
$54,729
Median age
37.5
Renters
42.1%
Age distribution
25.4%
22.2%
24.5%
12.8%
15.1%
Under 1825.4%
18–3422.2%
35–5424.5%
55–6412.8%
65+15.1%
Gender
46.5%
53.5%
Male46.5%
Female53.5%
Race & ethnicity
41.1%
43.6%
White41.1%
Black43.6%
Hispanic8.9%
Asian1.1%
Other5.3%
Education (25+)
39.3%
35.7%
13.7%
No HS diploma11.3%
HS diploma39.3%
Some college35.7%
Bachelor's+13.7%
Housing tenure
57.9%
42.1%
Owner57.9%
Renter42.1%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Hopewell, VA has changed in 5 years

Income
$44,209 → $54,729
up 23.8%
Population
23,020 → 22,959
down 0.3%
Renter share
50.2% → 42.1%
-8.1 pts
Bachelor's+
11.4% → 13.7%
+2.3 pts
Median age
35.8 → 37.5
+1.7 yrs

On the earnings side, the typical household in Hopewell, VA now reports about $54,729, up from $44,209 in 2021. About 42.1% of households rent today, against 50.2% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 11.4% to 13.7%.

Community

Discussions about Hopewell

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View Hopewell rent history (2015–2026) →
Salary vs rent

Can you afford rent in Hopewell on your salary?

At $1,419/mo, how Hopewell rent compares to typical pay (30% rule).

By apartment size

Hopewell rent by bedroom count

Median rent for each apartment size in Hopewell. Click any size for full breakdown.

Local insights

Tips for renters in Hopewell

About renting in Hopewell, VA

Last updated: July 20, 2026

The median rent in Hopewell is $1,419/mo as of July 2026. A studio apartment averages $1,240/mo while a 2-bedroom runs $1,430/mo. One-bedroom apartments average $1,290/mo and 3-bedroom units go for $1,810/mo.

At 31% of local median household income ($54,729/yr), Hopewell ranks as moderate compared to the national benchmark of 30%. Rents have increased 0.7% over the past year.

FAQ

Frequently asked questions

Is Hopewell an affordable city for renters?

Hopewell is considered moderate for renters. At $1,419/mo, rent takes approximately 31% of the local median household income ($54,729/yr). The standard benchmark is 30%. Hopewell slightly exceeds that threshold, so budgeting carefully matters here.

How much income do you need to rent in Hopewell?

To keep rent at or below 30% of gross income, you would need to earn at least $57,000/year (~$27/hour full-time) to afford the median rent of $1,419/mo in Hopewell. The local median household income is $54,729/yr, meaning the typical Hopewell household falls short of that threshold.

Is rent going up or down in Hopewell?

Rent in Hopewell has increased 0.7% over the past year as of July 2026, putting upward pressure on renter budgets.

How does Hopewell rent compare to other cities in Virginia?

Hopewell is one of the more affordable cities in Virginia for rent, ranking #75 out of 83 tracked cities at $1,419/mo.

Which nearby cities are cheaper to rent in than Hopewell?

Petersburg is nearby and more affordable at $1,337/mo, which is $82 less than Hopewell.

What percentage of Hopewell residents rent vs. own?

According to Census data, approximately 42.1% of Hopewell households are renters, while 57.9% are owner-occupied. Hopewell leans toward homeownership, which can mean a smaller rental inventory.

How does Hopewell rent compare to the national average?

Hopewell's median rent of $1,419/mo is $546 (28%) below the US national median of $1,965/mo. Within Virginia, it ranks #75 out of 83 tracked cities.
Income Affordability
31%
MODERATE

At $1,419/mo, rent takes ~31% of Hopewell's median household income ($54,729/yr). The standard benchmark is 30%.

Hopewell 31%Benchmark 30%
State income tax2–5.75%
Run the Hopewell affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Hopewell, VA

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