Total monthly cost of ownership
Cost to Own a Home in Richmond, Missouri
A $136,000 home here costs
$1,179per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $699. The real number is $480 higher every month — 69% 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 Ray County and Missouri
| Measure | Richmond | Ray County |
|---|---|---|
| Median home value | $135,500 | $187,400 |
| Median property tax | $1,252 | $1,533 |
| Effective tax rate | 0.924% | 0.818% |
| Median gross rent | $734 | $808 |
| Population | 5,979 | 23,149 |
The weather behind that power bill
Richmond sits in Ray County, which averages a high of 87.2°F in its hottest month and a low of 14.9°F in its coldest, with 42.06" of precipitation a year and 39% of it in a single three-month stretch. That climate drives 1,099 cooling and 5,597 heating degree days, which is what sets the $123 electricity line above.
See the full climate breakdown for Ray County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Ray County
No other places of this size are published in Ray County.
Common questions
How much does it cost to own a home in Richmond?
A $136,000 home in Richmond, Missouri costs approximately $1,179 per month with 20% down at 6.66%. That is $699 principal and interest, $105 property tax, $71 homeowners insurance, $191 utilities and $113 set aside for maintenance.
What is the property tax rate in Richmond?
Richmond has an effective property tax rate of 0.924%, based on a median home value of $135,500 and median real estate taxes of $1,252. That is higher than the Ray County average of 0.818%.
What is the average home price in Richmond?
The median owner-occupied home value in Richmond, Missouri is $135,500, against $187,400 across Ray County.
Is it cheaper to rent or buy in Richmond?
Median gross rent in Richmond is $734 a month, against $1,179 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 Missouri.
- 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.