Total monthly cost of ownership
Cost to Own a Home in East Lexington, Virginia
A $276,000 home here costs
$2,178per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $93,500 a year.
A standard mortgage calculator would have told you $1,505. The real number is $673 higher every month, 45% more than the payment most buyers budget for.
Compare Rockbridge County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for East Lexington from a five-year rolling sample, and with about 2,020 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Rockbridge County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
East Lexington against Rockbridge County and Virginia
| Measure | East Lexington | Rockbridge County |
|---|---|---|
| Median home value | $275,800 | $238,700 |
| Median property tax | $1,500 | $1,432 |
| Effective tax rate | 0.544% | 0.600% |
| Median gross rent | $965 | $956 |
| Population | 2,020 | 22,578 |
The weather behind that power bill
East Lexington sits in Rockbridge County, which averages a high of 86.6°F in its hottest month and a low of 23.3°F in its coldest, with 42.89" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 1,020 cooling and 4,661 heating degree days, which is what sets the $182 electricity line above.
See the full climate breakdown for Rockbridge County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Rockbridge County
Full Rockbridge County cost breakdown · Every county in Virginia
Talk to someone who works this market
These are East Lexington averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works East Lexington every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in East Lexington I already own here and may sell
Common questions
How much does it cost to own a home in East Lexington?
A $276,000 home in East Lexington, Virginia costs approximately $2,178 per month with 20% down at 7.24%. That is $1,505 principal and interest, $125 property tax, $68 homeowners insurance, $250 utilities and $230 set aside for maintenance.
What is the property tax rate in East Lexington?
East Lexington has an effective property tax rate of 0.544%, based on a median home value of $275,800 and median real estate taxes of $1,500. That is lower than the Rockbridge County average of 0.600%.
What is the average home price in East Lexington?
The median owner-occupied home value in East Lexington, Virginia is $275,800, against $238,700 across Rockbridge County.
Is it cheaper to rent or buy in East Lexington?
Median gross rent in East Lexington is $965 a month, against $2,178 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in East Lexington?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in East Lexington, Virginia at today's rate takes a household income of roughly $93,500 a year. That covers the full $2,178 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for East Lexington, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Virginia.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.