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Affordable
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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 $398,600, higher than the Tennessee average of $315,131.
The average cost of rent is $1,043/mo in Richmond, primarily driven by the current value of real estate in the Richmond area. In Richmond, 4.12% of households rent, and 57.58% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Richmond is $7,173 per month. Households that rent pay about 14.54% of their income on rent here. Richmond’s most expensive areas are in the central regions, while the cheapest areas are in the central parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Branchville, TN: less expensive homes
- Vannatta, TN: less expensive homes
- Palmetto, TN: less expensive homes
- Belfast, TN: less expensive homes
- Talley, TN: less expensive homes
- Sims Spring, TN: less expensive homes
- Shelbyville, TN: less expensive homes
- Elbethel, TN: less expensive homes
- Flat Creek, TN: equally priced homes
- Halls Mill, TN: less expensive homes
Cities with Similar Populations
- New Lebanon, MO: less expensive homes
- Norden, CA: higher priced homes
- Noble, MO: less expensive homes
- Niobe, ND: less expensive homes
- Nimshew, CA: less expensive homes
- Nimmons, AR: less expensive homes
- Nikep, MD: less expensive homes
- Nicholasville, GA: less expensive homes
- Newburg, AR: less expensive homes
- Nordmont, PA: less expensive homes
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