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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 $134,894, lower than the Indiana average of $232,932.
The average cost of rent is $820/mo in Richmond, primarily driven by the current value of real estate in the Richmond area. In Richmond, 36.43% of households rent, and 37.92% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Richmond is $4,769 per month. Households that rent pay about 17.20% of their income on rent here. Richmond’s most expensive areas are in the southeastern regions, while the cheapest areas are in the southern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Spring Grove, IN: higher priced homes
- New Westville, OH: higher priced homes
- Webster, IN: higher priced homes
- Centerville, IN: higher priced homes
- Boston, IN: higher priced homes
- New Paris, OH: less expensive homes
- Whitewater, IN: higher priced homes
- Greens Fork, IN: higher priced homes
- West Florence, OH: higher priced homes
- Fountain City, IN: equally priced homes
Cities with Similar Populations
- Belleville, MI: higher priced homes
- Buda, TX: higher priced homes
- Bullhead City, AZ: higher priced homes
- Burlington, VT: higher priced homes
- Chatsworth, CA: higher priced homes
- Clovis, NM: higher priced homes
- Eagle Mountain, UT: higher priced homes
- Elmwood Park, IL: higher priced homes
- Rohnert Park, CA: higher priced homes
- Shenandoah, LA: higher priced homes
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