Why Live in Lexington
Lexington, Virginia, a small city in the Shenandoah Valley, is known for its historic downtown, two universities, and scenic views of the Blue Ridge Mountains. The Virginia Military Institute and Washington and Lee University are key employers and cultural hubs, with the latter being one of the oldest higher education institutions in the country. The city features a mix of historic homes, including Colonial Revival, Craftsman, and American Foursquare styles, alongside midcentury ranch-style and Cape Cod houses. On the outskirts, newer colonial and ranch-style homes on spacious lots are common, as well as subdivisions with Craftsman-inspired homes. Downtown Lexington, listed on the National Register of Historic Places, offers a walkable area with locally owned shops, art galleries, and restaurants. Notable dining options include Golden Garden for Asian cuisine and Haywood’s Piano Bar and Grill for upscale American dishes. For dessert, Sweet Things Ice Cream Shoppe is a local favorite. Outdoor enthusiasts can explore Jordan’s Point Park, the Chessie Nature Trail, and the George Washington and Jefferson National Forests. The Lime Kiln Theater and Virginia Horse Center provide venues for concerts and equestrian events, while Hull’s Drive-In offers a retro movie experience. Students attend highly rated Harrington Waddell Elementary and Lylburn Downing Middle schools. The city is accessible via U.S. Routes 60 and 11, with Interstate 81 connecting to nearby cities like Staunton and Roanoke.
Frequently Asked Questions
How much does it cost to rent a home in Lexington, VA?
The median rent for a home in Lexington, VA is $1,675 per month, though prices vary by neighborhood, size, and property type. As of June 2026, townhouses tend to be the most affordable option while condos and single-family homes are currently more expensive.
How much do you need to make to afford rent in Lexington, VA?
To comfortably afford the median rent in Lexington, VA, a household needs to earn roughly $67,000 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 $1,675 per month in Lexington, VA, renters typically need to show $5,025 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 Lexington, VA?
In Lexington, VA, the price-to-rent ratio is 19.4, 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.
Rental Trends in Lexington, VA
There are currently 1 homes available for rent in Lexington, VA. The median rent is $1,675 per month, with single-family homes renting at $2,200, townhouses at $1,550 and condos at $1,600.
Number of Homes for Rent
1
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Median Single Family Home Rent
$2,200
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Median Townhouse Rent
$1,550
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