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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 $280,760, lower than the Virginia average of $323,261.
The average cost of rent is $1,355/mo in Richmond, primarily driven by the current value of real estate in the Richmond area. While nearly 30.50% of residents own their homes outright in Richmond, 27.07% rent.
Housing affordability isn’t just about home prices, though. The average household income in Richmond is $7,634 per month. Households that rent pay about 17.75% of their income on rent here. Richmond's most expensive areas are in the northwestern regions, while the cheapest areas are in the eastern parts of the city.
Nearby Cities
- Henrico, VA: higher priced homes
- Manchester, VA: less expensive homes
- Lakeside, VA: less expensive homes
- Bon Air, VA: equally priced homes
- East Highland Park, VA: less expensive homes
- Montrose, VA: less expensive homes
- Tuckahoe, VA: higher priced homes
- Laurel, VA: less expensive homes
- Chamberlayne, VA: equally priced homes
- Bensley, VA: less expensive homes
Cities with Similar Populations
- Longmont, CO: higher priced homes
- Macon, GA: less expensive homes
- Maple Grove, MN: higher priced homes
- Lynn, MA: higher priced homes
- Longview, TX: less expensive homes
- Marietta, GA: higher priced homes
- Long Beach, CA: higher priced homes
- Madison, WI: equally priced homes
- Lynnwood, WA: higher priced homes
- Mansfield, OH: less expensive homes
All Local Stats
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