Total monthly cost of ownership
Cost to Own a Home in Richmond, Kentucky
A $206,000 home here costs
$1,679per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,059. The real number is $620 higher every month — 59% 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 Madison County and Kentucky
| Measure | Richmond | Madison County |
|---|---|---|
| Median home value | $205,900 | $220,700 |
| Median property tax | $1,643 | $1,631 |
| Effective tax rate | 0.798% | 0.739% |
| Median gross rent | $860 | $851 |
| Population | 35,498 | 94,064 |
The weather behind that power bill
Richmond sits in Madison County, which averages a high of 86.9°F in its hottest month and a low of 25.4°F in its coldest, with 49.84" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,289 cooling and 4,432 heating degree days, which is what sets the $135 electricity line above.
See the full climate breakdown for Madison County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Madison County
Full Madison County cost breakdown · Every county in Kentucky
Common questions
How much does it cost to own a home in Richmond?
A $206,000 home in Richmond, Kentucky costs approximately $1,679 per month with 20% down at 6.66%. That is $1,059 principal and interest, $137 property tax, $108 homeowners insurance, $203 utilities and $172 set aside for maintenance.
What is the property tax rate in Richmond?
Richmond has an effective property tax rate of 0.798%, based on a median home value of $205,900 and median real estate taxes of $1,643. That is higher than the Madison County average of 0.739%.
What is the average home price in Richmond?
The median owner-occupied home value in Richmond, Kentucky is $205,900, against $220,700 across Madison County.
Is it cheaper to rent or buy in Richmond?
Median gross rent in Richmond is $860 a month, against $1,679 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 Kentucky.
- 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.