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Richmond city Housing Market

Virginia · 133 counties · Ranked #2746 in home value

Above National Avg

Housing at a Glance

Median Home Value

$328,100

vs national+$328,100 vs $281,900 national

Median Gross Rent

$1,314/mo

vs national+$1,314 vs $1,163 national

Effective Tax Rate

0.86%

vs national0.86% vs 1.02% national

Median Household Income

$62,671

vs national$62,671 vs $74,755 national

Affordability Ratio

5.2x

Home value ÷ income. <3 = affordable, >5 = expensive.

Rent Burden

31.0%

% of income spent on rent. >30% = burdened.

More Housing Data

Property Tax (Median)

$2,834

Tax as % of Home Value

0.86%

Monthly Owner Cost

$1,514

Renter Income

$45,199

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Similar Counties by Home Value

South Central Connecticut Planning Region

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Frequently Asked Questions

What is the median home value in Richmond city?

The median home value in Richmond city is $328,100. This is above the national median of $281,900.

How much is rent in Richmond city?

The median gross rent in Richmond city is $1,314 per month.

What is the property tax rate in Richmond city?

The effective property tax rate in Richmond city is 0.86%. The median annual property tax bill is $2,834.

Is Richmond city affordable?

With a home-value-to-income ratio of 5.2x, Richmond city is considered expensive compared to the recommended 3-4x guideline.

Data: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.