Starting at $1,025 Plus Fees
- 2 Beds
420 S 21st Ave, Hopewell, VA 23860
Madison Terrace Newly Remodeled Units!Stop in and check out what we we are doing to this beautiful community.
Madison Terrace Apartments
(804) 636-3906
Frequently Asked Questions
How much does it cost to rent a home in Hopewell, VA?
The median rent for a home in Hopewell, VA is $1,597 per month, though prices vary by neighborhood, size, and property type. As of May 2026, condos tend to be the most affordable option while townhouses and single-family homes are currently more expensive.
How much do you need to make to afford rent in Hopewell, VA?
To comfortably afford the median rent in Hopewell, VA, a household needs to earn roughly $63,880 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $1,597 per month in Hopewell, VA, renters typically need to show $4,791 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Hopewell, VA?
In Hopewell, VA, the price-to-rent ratio is 13.3, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.
What neighborhoods in Hopewell, VA are best for renting a home?
The best neighborhood for renting in Hopewell, VA depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a home include Bermuda Hundred, Old Towne Petersburg, Jeff Davis, Bellwood and Bensley, each with its own character and price range.
