Lexington, VA
Population 7,420 · Virginia
About Lexington, VA
Lexington is a small town located in Virginia with a population of 7,420 residents according to the latest US Census Bureau American Community Survey data. The median household income is $89,598 per year, which is 19% above the national median of $75,149. The median age of 22.5 years is notably younger the US median age of 38.9 years, indicating a younger, often more dynamic population base.
Housing Market Overview
The housing market in Lexington features a median home value of $275,300, which is 12% above the national median of $244,900. This positions Lexington in a moderately priced market relative to the rest of the country. Median monthly rent is $985, 15% below the national average of $1,163/month. Of the 2,644 total housing units, 52% are owner-occupied (1,065 units) and 48% are renter-occupied (996 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Lexington shows an unemployment rate of 0.7%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 15.9%, above the national average of 12.4%. Workers in Lexington have an average one-way commute time of 12.4 minutes, one of the shorter commutes in the region.
Education & Demographics
57.3% of Lexington residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 2.2% White, 4.1% Hispanic or Latino, 0.5% Black or African American, and 2.2% Asian residents, with 5.0% of the population being foreign-born.
How Lexington Ranks in Virginia
Cost of Living in Lexington, VA
Compared to national averages, Lexington has a median household income of $89,598 (19% above the national median of $75,149). Home values average $275,300, which is 12% above the national median. Monthly rent at $985 is 15% below the US average of $1,163. Within Virginia, Lexington's income is 2% above the state average of $87,957, and home values are 16% below the state median of $327,514.
Why Live in Lexington, VA?
Lexington offers a strong local economy with a median household income of $89,598, well above the national average, and rent that’s lower than the national average at $985/month, and a strong job market with an unemployment rate of just 0.7%. Additionally, the city features a well-educated community where 57.3% of residents hold a bachelor’s degree or higher, and short commute times averaging just 12.4 minutes.
Lexington has a population of 7,420 with a median age of 22.5 years. Compare Lexington with other cities to see how it stacks up, or explore all cities in Virginia.
Similar Cities Near Lexington
Cities in Virginia with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Mantua | 7,447 | $197,677 | $947,700 | Compare |
| Woodlake | 7,373 | $133,782 | $371,900 | Compare |
| North Springfield | 7,511 | $124,118 | $630,300 | Compare |
| Bull Run CDP (Fairfax County), Virginia | 7,513 | $238,500 | $879,000 | Compare |
| Laurel Hill | 7,551 | $139,803 | $625,900 | Compare |
| Farmville | 7,613 | $40,282 | $223,700 | Compare |
| Collinsville | 7,645 | $50,465 | $123,500 | Compare |
| Ashland | 7,667 | $65,000 | $272,600 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Virginia
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Lexington With Other Cities
Frequently Asked Questions about Lexington
What is the population of Lexington, VA?
The population of Lexington, VA is 7,420 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Virginia.
What is the median household income in Lexington?
The median household income in Lexington, VA is $89,598 per year, which is 19% above the national median of $75,149.
What is the median home value in Lexington?
The median home value in Lexington, VA is $275,300, which is 12% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Lexington?
The median monthly rent in Lexington, VA is $985, which is 15% below the national average of $1,163/month.
What is the unemployment rate in Lexington?
The unemployment rate in Lexington, VA is 0.7%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Lexington, VA a good place to live?
Lexington offers above-average incomes, a competitive housing market, and a strong job market. With a population of 7,420 and a median age of 22.5, the city appeals to young professionals and families.
How educated is Lexington, VA?
57.3% of residents in Lexington aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Lexington?
Key cost-of-living indicators for Lexington, VA: median home value is $275,300 (12% above national), median rent is $985/month, and median household income is $89,598. The home-value-to-income ratio is 3.1x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Lexington?
The poverty rate in Lexington, VA is 15.9%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Lexington, VA?
Lexington's population is 2.2% White, 4.1% Hispanic or Latino, 0.5% Black or African American, 2.2% Asian, and 4.7% two or more races. 5.0% of residents are foreign-born.