Total monthly cost of ownership
Cost to Own a Home in Lexington, Virginia
A $275,000 home here costs
$2,135per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,414. The real number is $721 higher every month — 51% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Lexington against Lexington city and Virginia
| Measure | Lexington | Lexington city |
|---|---|---|
| Median home value | $275,300 | $275,300 |
| Median property tax | $2,378 | $2,378 |
| Effective tax rate | 0.864% | 0.864% |
| Median gross rent | $985 | $985 |
| Population | 7,420 | 7,420 |
The weather behind that power bill
Lexington sits in Lexington city, 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 $158 electricity line above.
See the full climate breakdown for Lexington city — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lexington city
No other places of this size are published in Lexington city.
Full Lexington city cost breakdown · Every county in Virginia
Common questions
How much does it cost to own a home in Lexington?
A $275,000 home in Lexington, Virginia costs approximately $2,135 per month with 20% down at 6.66%. That is $1,414 principal and interest, $198 property tax, $68 homeowners insurance, $226 utilities and $229 set aside for maintenance.
What is the property tax rate in Lexington?
Lexington has an effective property tax rate of 0.864%, based on a median home value of $275,300 and median real estate taxes of $2,378. That is in line with the Lexington city average of 0.864%.
What is the average home price in Lexington?
The median owner-occupied home value in Lexington, Virginia is $275,300, against $275,300 across Lexington city.
Is it cheaper to rent or buy in Lexington?
Median gross rent in Lexington is $985 a month, against $2,135 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for 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.