For $N\geq 2$, a bounded smooth domain $\Omega$ in $\mathbb {R}^{N}$, and $g_0,\, V_0 \in L^{1}_{loc}(\Omega )$, we study the optimization of the first eigenvalue for the following weighted eigenvalue problem:\[ -\Delta_p \phi + V |\phi|^{p-2}\phi = \lambda g |\phi|^{p-2}\phi \text{ in } \Omega, \quad \phi=0 \text{ on } \partial \Omega, \] where $g$ and $V$ vary over the rearrangement classes of $g_0$ and $V_0$, respectively. We prove the existence of a minimizing pair $(\underline {g},\,\underline {V})$ and a maximizing pair $(\overline {g},\,\overline {V})$ for $g_0$ and $V_0$ lying in certain Lebesgue spaces. We obtain various qualitative properties such as polarization invariance, Steiner symmetry of the minimizers as well as the associated eigenfunctions for the case $p=2$. For annular domains, we prove that the minimizers and the corresponding eigenfunctions possess the foliated Schwarz symmetry.