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These days, finding an affordable place to live in the Richmond area can be challenging. Home prices in Richmond are now at a median cost of $358,944, higher than the Illinois average of $300,242.
The average cost of rent is $1,145/mo in Richmond, primarily driven by the current value of real estate in the Richmond area. In Richmond, 28.08% of households rent, and 32.74% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Richmond is $7,290 per month. Households that rent pay about 15.71% of their income on rent here. Richmond’s most expensive areas are in the southern regions, while the cheapest areas are in the northern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Solon Mills, IL: higher priced homes
- Spring Grove, IL: equally priced homes
- Genoa City, WI: less expensive homes
- Twin Lakes, WI: less expensive homes
- Ringwood, IL: less expensive homes
- Pistakee Highlands, IL: less expensive homes
- Johnsburg, IL: less expensive homes
- Powers Lake, WI: equally priced homes
- Pell Lake, WI: less expensive homes
- Channel Lake, IL: less expensive homes
Cities with Similar Populations
- Gambier, OH: less expensive homes
- Florissant, CO: higher priced homes
- Lewisburg, OH: less expensive homes
- Avenue B and C, AZ: less expensive homes
- Westfield, NY: less expensive homes
- Spring Valley, TX: higher priced homes
- Ragley, LA: less expensive homes
- Pride, LA: less expensive homes
- Pell Lake, WI: less expensive homes
- Pekin, IN: less expensive homes
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