Here’s What Rent Gen X Should Expect To Pay In Richmond and 4 Other Virginia Cities
Written by
Jacob Wade
Edited by
Angela Corry
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
While Gen X is rapidly approaching retirement age, this doesn’t mean all of them own a home. According to data from Redfin, nearly 28% of Gen Xers don’t own a home, which means there are over 60 million of Gen X renters around the U.S.
If you’re looking to rent an apartment or home in Virginia, average rents have continued to rise since 2020. According to Zillow, rent is up $67 year over year in the state with the average monthly cost coming in at $1,950 — a mere 3% under the national average.
To figure out how much it costs to rent in five of Virginia’s most popular towns, GOBankingRates analyzed the cost of living, median income and one- and two-bedroom apartment rents.
Here’s how much Gen Xers can expect to pay monthly to live in each of these five popular Virginia cities.
Virginia Beach
Virginia Beach is a beautiful oceanfront city with a population of just over half a million people. With beachfront resorts, miles of beaches, and hundreds of hotels and vacation rentals this is a destination town for locals and out-of-towners alike. Average rents in Virginia Beach will cost Gen X around $1,682 per month. A one-bedroom rental is around $1,394 per month, while a two-bedroom rental is about $1,576 per month.
Chesapeake
Chesapeake is a sprawling city in Virginia with access to farmlands, wetlands and miles of waterfront living along the Atlantic Intracoastal Waterway. With a population of nearly 250,000 residents, it is Virginia’s second-most populous city. Renting a home costs about $1,637 on average, with one-bedroom rentals costing around $1,424 per month, and two-bedrooms coming in around $1,546 per month.
Norfolk
Norfolk is another large city adjacent to Chesapeake and Virginia Beach, with a population of around 240,000 residents. Norfolk offers plenty of waterfront living, with the Chesapeake Bay to the north and miles of canals. Renting a home in Norfolk is affordable, with average rents coming in around $1,436 per month. Gen Xers can get a one-bedroom apartment for around $1,193 per month, while a two-bedroom goes for around $1,395 per month.
Arlington
Arlington County is a government-centric part of Virginia, housing the United States Pentagon. It’s strategically located across the Potomac River from Washington D.C. making it a popular destination for military leaders and high-ranking government officials. This makes Arlington one of the most expensive places to live in Virginia. Average rents are around $2,440, with a one-bedroom renting for $2,298, and a two-bedroom going for $2,777 on average.
Richmond
Richmond is the capital city of Virginia. With the James River running through the middle of the city, this is a great area for white water rapid enthusiasts who can enjoy the only Class IV rapids in any major city in the U.S. Richmond boasts affordable rents too for budget cautious Gen Xers, with average rent prices around $1,348. A one-bedroom goes for around $1,219 per month, while a two-bedroom rents for around $1,389 per month.
More From GOBankingRates
