1st Advantage MortgageLexington city households have a median income of $84,517 and median rent of $1,081 a month (ACS 2020 to 2024). Those figures describe the county, not you: compare at least three written offers by APR and total cost, and confirm the lender's license before you apply.
On this page
- Lexington city by the numbers
- Work, industries and travel time in Lexington city
- Paychecks and income spread in Lexington city
- Rent, home values and ownership in Lexington city
- The counties around Lexington city
- Towns and communities in Lexington city
- Room for a loan payment in Lexington city
- Reading the Lexington city data as a borrower
- Lexington city residents: age, schooling, coverage
- Steps before you apply in Lexington city
- Checking a lender's license in Virginia
- Nearby and statewide guides
- Frequently asked questions
Lexington city by the numbers
Lexington city is home to about 7,525 people, according to the Census Bureau's 2020 to 2024 American Community Survey, which makes it the 120th most populous of 133 county-level areas in Virginia. Land area is 2 square miles (2024 Gazetteer), so density runs near 3,011 per square mile. Under the July 2023 OMB definitions, Lexington city is not part of any metropolitan area. Lexington, with about 7,525 people, is the only Census place mainly inside the county. With so few households sampled, Lexington city estimates can move a lot between releases.
Work, industries and travel time in Lexington city
The biggest employer of Lexington city residents, by industry, is education and health care at 45% of workers, followed by professional and administrative services (15%). Compared with Virginia, the county leans toward education and health care (45% against 22%). ACS puts five-year average unemployment at 0.6% in Lexington city. About 54% drive to work alone and 5% have trips of 45 minutes or more. Only 12.6% of homes here go without a vehicle.
| Industry (employed residents 16+) | Lexington city | Gap to Virginia |
|---|---|---|
| Education and health care | 44.8% | +22.5 pts |
| Professional and administrative services | 15.5% | -1.3 pts |
| Arts, lodging and food service | 12.6% | +4.6 pts |
| Retail trade | 8.4% | -1.3 pts |
| Other services | 3.7% | -1.6 pts |
| Construction | 3.4% | -3.1 pts |
If your hours swing with the season or with overtime, size a loan payment against your base pay, not your best month.
Paychecks and income spread in Lexington city
Lexington city households have a median income of $84,517 (ACS 2020 to 2024), which ranks 40th of 133 in Virginia.
| Yearly household income | Lexington city | Gap to Virginia |
|---|---|---|
| Under $35,000 | 27.1% | +9.2 pts |
| $35,000 to $99,999 | 29.1% | -6.1 pts |
| $100,000 to $199,999 | 36.4% | +7.3 pts |
| $200,000 or more | 7.3% | -10.4 pts |
Some 27% of households here live on less than $35,000 a year; 44% have six-figure incomes. Census counts 14.0% of Lexington city residents in poverty, against 9.9% across Virginia. Income from any regular source can count, including Social Security, pensions and disability benefits, as long as you can document it.
Rent, home values and ownership in Lexington city
A typical Lexington city rental runs $1,081 a month including utilities, which is 32% below Virginia. By the Census definition, 47% of Lexington city renters are cost-burdened. With a median value of $275,200, a typical Lexington city house costs 3.3 times what the median household earns in a year. Owners occupy 54% of homes. The median home was built in 1959, so roofs, wiring and heating systems are a common source of repair bills.
| Measure | Lexington city | Virginia | Median U.S. county |
|---|---|---|---|
| Median gross rent | $1,081/mo | $1,579/mo | $877/mo |
| Median home value | $275,200 | $383,700 | $185,300 |
| Owners | 54% | 67% | 75% |
| Rent-burdened renters | 47% | 49% | 45% |
| Burdened owners | 14% | 25% | n/a |
| Vacant units | 22% | 9% | n/a |
With renters making up 46% of households, many Lexington city borrowers have no home equity to fall back on, so the cheapest written offer on an unsecured loan matters more.
The counties around Lexington city
Nearest neighbors first, measured between county centers (2 to 30 miles). Income ranges from $41,944 in Covington city to $81,213 in Botetourt County; none of these neighbors top Lexington city's median.
| Neighbor | Distance | Income | Rent | Own |
|---|---|---|---|---|
| Lexington city | - | $84,517 | $1,081/mo | 54% |
| Rockbridge County, VA | 2 mi | $65,469 | $925/mo | 79% |
| Buena Vista city, VA | 6 mi | $57,833 | $1,112/mo | 56% |
| Amherst County, VA | 19 mi | $68,724 | $871/mo | 81% |
| Botetourt County, VA | 24 mi | $81,213 | $1,035/mo | 86% |
| Bath County, VA | 25 mi | $56,184 | $736/mo | 71% |
| Covington city, VA | 30 mi | $41,944 | $794/mo | 70% |
Towns and communities in Lexington city
Lexington is the only Census place mainly inside Lexington city, with about 7,525 of the county's 7,525 residents. None of the 1 has its own city guide, so this page covers all of them.
| Community | Type | Residents | Household income (median) | Rent (median) | Distance |
|---|---|---|---|---|---|
| Lexington | city | 7,525 | $84,517 | $1,081 | 0 mi |
Room for a loan payment in Lexington city
How much room does a median Lexington city budget have? Take median income, subtract median rent, and check what is left under a few common debt-to-income limits.
- Median income divided by twelve: $7,043 before taxes
- Median rent: $1,081, or 15 cents of every gross dollar
- At 40%, room after rent is $1,736 a month
If your rent is above $1,081, the room shrinks dollar for dollar.
Reading the Lexington city data as a borrower
The county's numbers point to a few situations that come up often for Lexington city borrowers.
- Six-figure budgets. For the 44% earning $100,000 or more, lifestyle creep, not approval, is the usual problem.
- Rent squeeze. 47% of renters spend 30%+ of income on rent; borrow only if the loan cuts what you pay overall.
- Scams. A fee demanded before funding is a red flag; report it at ReportFraud.ftc.gov (spotting scams).
Lexington city residents: age, schooling, coverage
51% of Lexington city adults 25 and older hold a bachelor's degree or more. About 5% go without health insurance.
| Measure | Lexington city | Virginia statewide | Typical U.S. county |
|---|---|---|---|
| Median age | 22.6 | 39.0 | 41.5 |
| Bachelor's or higher | 50.7% | 42.2% | 22.2% |
| No high school diploma | 8.9% | 8.4% | n/a |
| No health insurance | 5.3% | 6.9% | 7.8% |
| No vehicle | 12.6% | 6.1% | 5.4% |
| Work from home | 14.5% | 18.3% | 8.7% |
| Poverty rate | 14.0% | 9.9% | 13.2% |
| Unemployment (ACS) | 0.6% | 4.3% | 4.4% |
| Commute length | Lexington city |
|---|---|
| Under 15 min | 66.3% |
| 15 to 29 min | 21.5% |
| 30 to 44 min | 6.8% |
| 45 to 59 min | 5.1% |
| 60+ min | 0.4% |
Steps before you apply in Lexington city
A short checklist for Lexington city borrowers:
- Size the loan to the bill, not to the most a lender offers.
- Ask each lender for the APR and all fees in writing.
- Look the lender up with the state regulator first.
- Pick the shortest term whose payment still fits.
Checking a lender's license in Virginia
The Virginia Bureau of Financial Institutions is the place to verify any lender's Virginia license. Banks and credit unions have their own regulators, and the CFPB takes complaints about any lender. Statewide data and rules: Virginia guide.
Nearby and statewide guides
The Virginia guide covers the whole state.
Frequently asked questions
What does a typical Lexington city household make?
About $84,517 a year at the median (ACS 2020-24), 9% below the Virginia median.
What do renters pay in Lexington city?
$1,081 a month at the median, about 15% of median household income.
Which towns does the Lexington city guide cover?
Every community in the county, unincorporated areas included. The largest of its 1 Census places: Lexington.
Are Lexington city applicants treated differently?
No. Everyone answers the same questions and is screened on the same objective points; lending partners set their own criteria under fair-lending laws.
Is there a Lexington city office that licenses lenders?
No, licensing is statewide. In Virginia it is the Virginia Bureau of Financial Institutions.