Hopewell, VA

Very Low · 67

Virginia · Population 22,944 · Updated March 2026

$1,085
Median Rent / Month
$48,681
Median Income
$165,100
Median Home Value
$1,049
Owner Costs / Month

Affordability

How far your income goes in Hopewell

26.7%
Rent-to-Income Ratio
Moderate
Rent takes 25-35% of median income — moderate affordability.

Tax Burden in Virginia

State-level tax rates that affect your costs

5.75%
Income Tax (Top Rate)
5.3%
Sales Tax
0.8%
Property Tax Rate

Estimated Annual Costs

$13,020
Annual Rent
$2,799
State Income Tax
$1,321
Property Tax (est.)

Cost of Living Overview

Hopewell is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 67 (where 100 equals the national median), Hopewell residents can expect to pay median rent of $1,085/month while earning a median household income of $48,681/year.

The median home value in Hopewell, VA is $165,100, with typical monthly owner costs around $1,049 including mortgage, insurance, and taxes. With a rent-to-income ratio of 26.7%, Hopewell falls within the generally affordable range, though it's approaching the 30% burden threshold.

Virginia has a moderate income tax rate of 5.75%. Combined with a 5.3% sales tax rate and 0.8% effective property tax rate, the overall tax environment is a factor in the total cost of living in Hopewell.

Frequently Asked Questions

Common questions about living costs in Hopewell

What is the cost of living in Hopewell, VA?
The cost of living index in Hopewell, VA is 67 (US average = 100). Median monthly rent is $1,085, median household income is $48,681/year, and the median home value is $165,100.
Is Hopewell, VA affordable?
Yes, Hopewell is more affordable than the national average with a cost index of 67. The rent-to-income ratio is 26.7%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Hopewell, VA?
The median gross rent in Hopewell, VA is $1,085 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $13,020.
What is the median household income in Hopewell?
The median household income in Hopewell, VA is $48,681 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Virginia?
Virginia has a top income tax rate of 5.75%, a sales tax of 5.3%, and an effective property tax rate of 0.8%.