Total monthly cost of ownership
Cost to Own a Home in Richmond, Indiana
A $108,000 home here costs
$1,000per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $555. The real number is $445 higher every month — 80% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Richmond against Wayne County and Indiana
| Measure | Richmond | Wayne County |
|---|---|---|
| Median home value | $107,600 | $126,100 |
| Median property tax | $932 | $1,101 |
| Effective tax rate | 0.866% | 0.873% |
| Median gross rent | $815 | $813 |
| Population | 35,551 | 66,377 |
The weather behind that power bill
Richmond sits in Wayne County, which averages a high of 84.8°F in its hottest month and a low of 19.6°F in its coldest, with 42.86" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 941 cooling and 5,536 heating degree days, which is what sets the $163 electricity line above.
See the full climate breakdown for Wayne County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Wayne County
Common questions
How much does it cost to own a home in Richmond?
A $108,000 home in Richmond, Indiana costs approximately $1,000 per month with 20% down at 6.66%. That is $555 principal and interest, $78 property tax, $46 homeowners insurance, $231 utilities and $90 set aside for maintenance.
What is the property tax rate in Richmond?
Richmond has an effective property tax rate of 0.866%, based on a median home value of $107,600 and median real estate taxes of $932. That is in line with the Wayne County average of 0.873%.
What is the average home price in Richmond?
The median owner-occupied home value in Richmond, Indiana is $107,600, against $126,100 across Wayne County.
Is it cheaper to rent or buy in Richmond?
Median gross rent in Richmond is $815 a month, against $1,000 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
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 Indiana.
- 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.