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City Report · VA

Hopewell

Pop. 22,959·77th most expensive in Virginia·One of the most affordable rental markets in the US
Median rent (all units)
$1,340/mo
Year-over-Year
-4.0%
Month-over-Month
-5.6%
vs US Median
-$622
Falling (Monthly)
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Most AffordableMost Expensive
Hopewell · $1,340
More affordable than 85% of US cities · National median $1,962/mo
Affordability
29% of income
AFFORDABLE
0%30% benchmark60%+

At $1,340/mo, rent takes about 29% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$54,000/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
Fair Market Rent (HUD)
$1,430/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,340 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.

Source: HUD Small Area Fair Market Rents. Read the methodology →

Rent trends

12-month history

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Last updated: August 17, 2026

Annual cost
$16,080/yr
At $1,340/mo median
Rent Market Meter
Strong Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are down 4.0% year-over-year. Push hard on price, concessions, and lease terms.
Based on rent-price momentum (-4.0% YoY, -5.6% 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 $1,340/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: August 17, 2026

The median rent in Hopewell is $1,340/mo as of August 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 29% of local median household income ($54,729/yr), Hopewell ranks as affordable compared to the national benchmark of 30%. Rents have decreased 4.0% over the past year.

FAQ

Frequently asked questions

Is Hopewell an affordable city for renters?

Hopewell is considered affordable for renters. At $1,340/mo, rent takes approximately 29% of the local median household income ($54,729/yr). The standard benchmark is 30%. Hopewell falls comfortably within that range.

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 $54,000/year (~$26/hour full-time) to afford the median rent of $1,340/mo in Hopewell. The local median household income is $54,729/yr, meaning the typical Hopewell household meets that threshold.

Is rent going up or down in Hopewell?

Rent in Hopewell has decreased 4.0% over the past year as of August 2026, offering some relief compared to 12 months ago.

How does Hopewell rent compare to other cities in Virginia?

Hopewell is one of the more affordable cities in Virginia for rent, ranking #77 out of 83 tracked cities at $1,340/mo.

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 $1,340/mo is $622 (32%) below the US national median of $1,962/mo. Within Virginia, it ranks #77 out of 83 tracked cities.
Income Affordability
29%
AFFORDABLE

At $1,340/mo, rent takes ~29% of Hopewell's median household income ($54,729/yr). The standard benchmark is 30%.

Hopewell 29%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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