Total monthly cost of ownership
Cost to Own a Home in Richland, Washington
A $402,000 home here costs
$3,104per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $133,000 a year.
A standard mortgage calculator would have told you $2,227. The real number is $877 higher every month, 39% more than the payment most buyers budget for.
Compare Benton County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Richland against Benton County and Washington
| Measure | Richland | Benton County |
|---|---|---|
| Median home value | $401,800 | $369,400 |
| Median property tax | $3,288 | $2,910 |
| Effective tax rate | 0.818% | 0.788% |
| Median gross rent | $1,397 | $1,256 |
| Population | 61,912 | 210,224 |
The weather behind that power bill
Richland sits in Benton County, which averages a high of 92.5°F in its hottest month and a low of 27.3°F in its coldest, with 7.62" of precipitation a year and 38% of it in a single three-month stretch. That climate drives 788 cooling and 5,011 heating degree days, which is what sets the $140 electricity line above.
See the full climate breakdown for Benton County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Benton County
Full Benton County cost breakdown · Every county in Washington
Talk to someone who works this market
These are Richland averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Richland every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Richland I already own here and may sell
Common questions
How much does it cost to own a home in Richland?
A $402,000 home in Richland, Washington costs approximately $3,104 per month with 20% down at 7.4%. That is $2,227 principal and interest, $274 property tax, $60 homeowners insurance, $208 utilities and $335 set aside for maintenance.
What is the property tax rate in Richland?
Richland has an effective property tax rate of 0.818%, based on a median home value of $401,800 and median real estate taxes of $3,288. That is higher than the Benton County average of 0.788%.
What is the average home price in Richland?
The median owner-occupied home value in Richland, Washington is $401,800, against $369,400 across Benton County.
Is it cheaper to rent or buy in Richland?
Median gross rent in Richland is $1,397 a month, against $3,104 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Richland?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Richland, Washington at today's rate takes a household income of roughly $133,000 a year. That covers the full $3,104 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Richland, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Washington.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.