RentDataNowRentDataNow
City Report · VA

Lexington

Pop. 7,525·60th most expensive in Virginia·Rental market data updated monthly for Lexington, VA
Median rent (all units)
$1,699/mo
Year-over-Year
Stable
Month-over-Month
+10.4%
vs US Median
-$266
Rising (Monthly)
Be the first to discuss Lexington rents ↓
Most AffordableMost Expensive
Lexington · $1,699
More affordable than 62% of US cities · National median $1,965/mo
Affordability
24% of income
VERY AFFORDABLE
0%30% benchmark60%+

At $1,699/mo, rent takes about 24% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$68,000/yr
Local median income
$84,517/yr
Based on the 30%-of-income rule using Lexington's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$830
1 BR
$870
2 BR
$980
3 BR
$1,370
4 BR+
$1,610
Research median
$980/mo

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

Rent trends

12-month history

Loading…

Last updated: July 20, 2026

Annual cost
$20,388/yr
At $1,699/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 0.0% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+0.0% YoY, +10.4% MoM), not inventory.
Rent check

Is your rent fair?

Compare your rent to the local median.

Demographics

Who lives here

Lexington, VA is roughly split between renters and owners, skews toward younger working-age adults, 50.7% of residents hold a bachelor's degree or higher.

Population
7,525
Median income
$84,517
Median age
22.6
Renters
46.2%
Age distribution
55.4%
13.2%
16.9%
Under 187.3%
18–3455.4%
35–5413.2%
55–647.2%
65+16.9%
Gender
53.3%
46.7%
Male53.3%
Female46.7%
Race & ethnicity
82.7%
White82.7%
Black5.8%
Hispanic6.3%
Asian3.5%
Other1.8%
Education (25+)
24.7%
15.7%
50.7%
No HS diploma8.9%
HS diploma24.7%
Some college15.7%
Bachelor's+50.7%
Housing tenure
53.8%
46.2%
Owner53.8%
Renter46.2%

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

2021 vs 2026

How Lexington, VA has changed in 5 years

Income
$66,114 → $84,517
up 27.8%
Population
7,287 → 7,525
up 3.3%
Renter share
46.2% → 46.2%
+0.0 pts
Bachelor's+
60.5% → 50.7%
-9.8 pts

On the earnings side, the typical household in Lexington, VA now reports about $84,517, up from $66,114 in 2021. Headcount in the area went from 7,287 to 7,525 between 2021 and 2024, a 3.3% change. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher slipped from 60.5% to 50.7%.

Community

Discussions about Lexington

No discussions yet. Start the conversation.

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

Can you afford rent in Lexington on your salary?

At $1,699/mo, how Lexington rent compares to typical pay (30% rule).

By apartment size

Lexington rent by bedroom count

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

Local insights

Tips for renters in Lexington

About renting in Lexington, VA

Last updated: July 20, 2026

The median rent in Lexington is $1,699/mo as of July 2026. A studio apartment averages $830/mo while a 2-bedroom runs $980/mo. One-bedroom apartments average $870/mo and 3-bedroom units go for $1,370/mo.

At 24% of local median household income ($84,517/yr), Lexington ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

Is Lexington an affordable city for renters?

Lexington is considered very affordable for renters. At $1,699/mo, rent takes approximately 24% of the local median household income ($84,517/yr). The standard benchmark is 30%. Lexington falls comfortably within that range.

How much income do you need to rent in Lexington?

To keep rent at or below 30% of gross income, you would need to earn at least $68,000/year (~$33/hour full-time) to afford the median rent of $1,699/mo in Lexington. The local median household income is $84,517/yr, meaning the typical Lexington household meets that threshold.

Is rent going up or down in Lexington?

Rent in Lexington has been relatively stable over the past year, with a 0.0% change year over year as of July 2026.

How does Lexington rent compare to other cities in Virginia?

Lexington is one of the more affordable cities in Virginia for rent, ranking #60 out of 83 tracked cities at $1,699/mo.

Which nearby cities are cheaper to rent in than Lexington?

Several nearby cities have lower median rents than Lexington ($1,699/mo): Lynchburg ($1,325/mo), Madison Heights ($1,351/mo), Forest ($1,557/mo).

What percentage of Lexington residents rent vs. own?

According to Census data, approximately 46.2% of Lexington households are renters, while 53.8% are owner-occupied. Lexington leans toward homeownership, which can mean a smaller rental inventory.

How does Lexington rent compare to the national average?

Lexington's median rent of $1,699/mo is $266 (14%) below the US national median of $1,965/mo. Within Virginia, it ranks #60 out of 83 tracked cities.
Income Affordability
24%
VERY AFFORDABLE

At $1,699/mo, rent takes ~24% of Lexington's median household income ($84,517/yr). The standard benchmark is 30%.

Lexington 24%Benchmark 30%
State income tax2–5.75%
Run the Lexington affordability calculator →
Lowest-rent ZIP codes in Lexington
Compare

How does this area stack up?

Pick another city or ZIP to compare.

Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Lexington, VA

Recent submissions

Be the first to submit your rent for Lexington.

Recent discussions

No discussions yet.