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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 $272,784, higher than the Michigan average of $250,415.
The average cost of rent is $957/mo in Richmond, primarily driven by the current value of real estate in the Richmond area. In Richmond, 18.91% of households rent, and 34.48% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Richmond is $7,367 per month. Households that rent pay about 12.99% of their income on rent here. Richmond’s most expensive areas are in the southwestern regions, while the cheapest areas are in the southeastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Muttonville, MI: higher priced homes
- Mount Vernon, MI: higher priced homes
- Columbus, MI: higher priced homes
- Anchorville, MI: equally priced homes
- New Haven, MI: less expensive homes
- Casco, MI: less expensive homes
- Memphis, MI: higher priced homes
- Armada, MI: higher priced homes
- Berville, MI: higher priced homes
- Rattle Run, MI: higher priced homes
Cities with Similar Populations
- Orange Beach, AL: higher priced homes
- Osprey, FL: higher priced homes
- Oroville East, CA: higher priced homes
- Orono, MN: higher priced homes
- Orlovista, FL: less expensive homes
- Orland Hills, IL: equally priced homes
- Orient, OH: higher priced homes
- Orchard Mesa, CO: higher priced homes
- Orange, VA: higher priced homes
- Pine Bush, NY: higher priced homes
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