Richmond, VA
Richmond (city) County · Pop. 226,610
Ranked #119 of 243 cities
40Moderate
Median Home Price
🏠$320K
4.5% YoY
Median Rent
🔑$1,400
3.5% YoY
Median Income
💰$48K
Rent Burden
📊35.0%
% of income to rent
Income to Buy
🏦$92K
annual income needed
Income to Rent
📝$56K
annual income needed
Price-to-Income
⚖️6.7x
Homeownership
🏡42.0%
Rent vs. Buy
Buy
$1,703/mo
Est. mortgage (7%, 20% down)
Need $92K/yr income
Rent
$1,400/mo
Median rent
Need $56K/yr income
How Richmond Compares
| Metric | Richmond | Virginia | National |
|---|---|---|---|
| Home Price | $320K | $383K | $410K |
| Rent | $1,400 | $1,567 | $1,500 |
| Income | $48K | $90K | $75K |
| Rent Burden | 35.0% | 31.0% | 30.0% |
Key Takeaways
- • Home prices in Richmond are 22% lower than the national average.
- • Rent is 7% lower than the national average.
- • You need an income of $92K to comfortably buy a home here.
- • The homeownership rate is 42.0%, compared to 65.0% nationally.