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City Report · VA

Smithfield

Pop. 8,834·20th most expensive in Virginia·Rental market data updated monthly for Smithfield, VA
Median rent (all units)
$2,498/mo
Year-over-Year
Stable
Month-over-Month
+2.0%
vs US Median
+$536
Rising (Monthly)
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Most AffordableMost Expensive
Smithfield · $2,498
More expensive than 80% of US cities · National median $1,962/mo
Affordability
26% of income
AFFORDABLE
0%30% benchmark60%+

At $2,498/mo, rent takes about 26% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$100,000/yr
Local median income
$113,158/yr
Based on the 30%-of-income rule using Smithfield's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$1,340
1 BR
$1,340
2 BR
$1,540
3 BR
$2,140
4 BR+
$2,550
Fair Market Rent (HUD)
$1,540/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $2,498 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: July 20, 2026

Annual cost
$29,976/yr
At $2,498/mo median
Rent Market Meter
Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are climbing (0.0% YoY), so leverage tilts toward landlords. Act sooner rather than later.
Based on rent-price momentum (+0.0% YoY, +2.0% MoM), not inventory.
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Demographics

Who lives here

Smithfield, VA is majority owner-occupied, has a median income above the national average, 36.9% of residents hold a bachelor's degree or higher.

Population
8,834
Median income
$113,158
Median age
46.3
Renters
17.7%
Age distribution
18.3%
19.7%
26.5%
16.9%
18.6%
Under 1818.3%
18–3419.7%
35–5426.5%
55–6416.9%
65+18.6%
Gender
50.1%
49.9%
Male50.1%
Female49.9%
Race & ethnicity
74.8%
17.8%
White74.8%
Black17.8%
Hispanic2.1%
Other5%
Education (25+)
29.5%
29.7%
36.9%
No HS diploma3.9%
HS diploma29.5%
Some college29.7%
Bachelor's+36.9%
Housing tenure
82.3%
17.7%
Owner82.3%
Renter17.7%

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

2021 vs 2026

How Smithfield, VA has changed in 5 years

Income
$92,913 → $113,158
up 21.8%
Population
8,513 → 8,834
up 3.8%
Renter share
25.7% → 17.7%
-8.0 pts
Bachelor's+
31.8% → 36.9%
+5.1 pts

Median household income climbed from $92,913 to $113,158 between 2021 and 2024, a 21.8% shift. Census counts show Smithfield, VA adding about 321 residents over the five-year window, up 3.8% on net. The renter share has eased from 25.7% to 17.7%, with owner-occupied housing accounting for the remainder. Bachelor's-degree-or-higher attainment moved from 31.8% to 36.9% across the same window.

Community

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

Can you afford rent in Smithfield on your salary?

At $2,498/mo, how Smithfield rent compares to typical pay (30% rule).

By apartment size

Smithfield rent by bedroom count

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

Local insights

Tips for renters in Smithfield

About renting in Smithfield, VA

Last updated: July 20, 2026

The median rent in Smithfield is $2,498/mo as of July 2026. A studio apartment averages $1,340/mo while a 2-bedroom runs $1,540/mo. One-bedroom apartments average $1,340/mo and 3-bedroom units go for $2,140/mo.

At 26% of local median household income ($113,158/yr), Smithfield ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

Is Smithfield an affordable city for renters?

Smithfield is considered affordable for renters. At $2,498/mo, rent takes approximately 26% of the local median household income ($113,158/yr). The standard benchmark is 30%. Smithfield falls comfortably within that range.

How much income do you need to rent in Smithfield?

To keep rent at or below 30% of gross income, you would need to earn at least $100,000/year (~$48/hour full-time) to afford the median rent of $2,498/mo in Smithfield. The local median household income is $113,158/yr, meaning the typical Smithfield household meets that threshold.

Is rent going up or down in Smithfield?

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

How does Smithfield rent compare to other cities in Virginia?

Smithfield is one of the pricier cities in Virginia for rent, ranking #20 out of 83 tracked cities at $2,498/mo.

Which nearby cities are cheaper to rent in than Smithfield?

Several nearby cities have lower median rents than Smithfield ($2,498/mo): Newport News ($1,590/mo), Carrollton ($1,750/mo), Suffolk ($1,999/mo).

What percentage of Smithfield residents rent vs. own?

According to Census data, approximately 17.7% of Smithfield households are renters, while 82.3% are owner-occupied. Smithfield leans toward homeownership, which can mean a smaller rental inventory.

How does Smithfield rent compare to the national average?

Smithfield's median rent of $2,498/mo is $536 (27%) above the US national median of $1,962/mo. Within Virginia, it ranks #20 out of 83 tracked cities.
Income Affordability
26%
AFFORDABLE

At $2,498/mo, rent takes ~26% of Smithfield's median household income ($113,158/yr). The standard benchmark is 30%.

Smithfield 26%Benchmark 30%
State income tax2–5.75%
Run the Smithfield affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Smithfield, VA

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