Home Affordability in Richmond, VA
The median home price in Richmond is $310,000 with a median household income of $49,843. Housing is significantly stretched relative to local incomes.
Median Home Price
$310,000
Median Income
$49,843
Price-to-Income Ratio
6.2x
Est. Affordable Home
$194,000
Property Tax Rate
1.20%
Annual Property Tax
$3,720
Sales Tax Rate
6.00%
Cost of Living Index
98
Buying a Home in Richmond
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $49,843 in Richmond can afford a monthly housing payment of approximately $1,163. This translates to a home price of roughly $194,000, which is below the median home price of $310,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Richmond would be approximately $3,720 per year ($310/month) at the effective rate of 1.20%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $9,300 | $300,700 | Yes |
| 5% | $15,500 | $294,500 | Yes |
| 10% | $31,000 | $279,000 | Yes |
| 20% | $62,000 | $248,000 | No |
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