Total monthly cost of ownership
Cost to Own a Home in Richmond, California
A $650,000 home here costs
$4,913per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $210,500 a year.
A standard mortgage calculator would have told you $3,544. The real number is $1,369 higher every month, 39% more than the payment most buyers budget for.
Compare Contra Costa 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.
Richmond against Contra Costa County and California
| Measure | Richmond | Contra Costa County |
|---|---|---|
| Median home value | $650,100 | $830,800 |
| Median property tax | $6,113 | $6,903 |
| Effective tax rate | 0.940% | 0.831% |
| Median gross rent | $1,895 | $2,322 |
| Population | 115,396 | 1,161,458 |
The weather behind that power bill
Richmond sits in Contra Costa County, which averages a high of 82.8°F in its hottest month and a low of 41.3°F in its coldest, with 26.05" of precipitation a year and 58% of it in a single three-month stretch. That climate drives 926 cooling and 3,309 heating degree days, which is what sets the $150 electricity line above.
See the full climate breakdown for Contra Costa County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Contra Costa County
Full Contra Costa County cost breakdown · Every county in California
Talk to someone who works this market
These are Richmond 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 Richmond every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Richmond I already own here and may sell
Common questions
How much does it cost to own a home in Richmond?
A $650,000 home in Richmond, California costs approximately $4,913 per month with 20% down at 7.24%. That is $3,544 principal and interest, $509 property tax, $101 homeowners insurance, $218 utilities and $542 set aside for maintenance.
What is the property tax rate in Richmond?
Richmond has an effective property tax rate of 0.940%, based on a median home value of $650,100 and median real estate taxes of $6,113. That is higher than the Contra Costa County average of 0.831%.
What is the average home price in Richmond?
The median owner-occupied home value in Richmond, California is $650,100, against $830,800 across Contra Costa County.
Is it cheaper to rent or buy in Richmond?
Median gross rent in Richmond is $1,895 a month, against $4,913 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 Richmond?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Richmond, California at today's rate takes a household income of roughly $210,500 a year. That covers the full $4,913 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Richmond, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for California.
- 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.