Total monthly cost of ownership
Cost to Own a Home in Richmond, Texas
A $230,000 home here costs
$2,125per 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 $91,000 a year.
A standard mortgage calculator would have told you $1,254. The real number is $871 higher every month, 69% more than the payment most buyers budget for.
Compare Fort Bend 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 Fort Bend County and Texas
| Measure | Richmond | Fort Bend County |
|---|---|---|
| Median home value | $229,800 | $350,300 |
| Median property tax | $3,419 | $6,965 |
| Effective tax rate | 1.488% | 1.988% |
| Median gross rent | $1,248 | $1,770 |
| Population | 12,117 | 859,721 |
The weather behind that power bill
Richmond sits in Fort Bend County, which averages a high of 95.0°F in its hottest month and a low of 45.3°F in its coldest, with 49.71" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 3,385 cooling and 1,148 heating degree days, which is what sets the $174 electricity line above.
See the full climate breakdown for Fort Bend County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Fort Bend County
Full Fort Bend County cost breakdown · Every county in Texas
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 $230,000 home in Richmond, Texas costs approximately $2,125 per month with 20% down at 7.24%. That is $1,254 principal and interest, $285 property tax, $152 homeowners insurance, $242 utilities and $192 set aside for maintenance.
What is the property tax rate in Richmond?
Richmond has an effective property tax rate of 1.488%, based on a median home value of $229,800 and median real estate taxes of $3,419. That is lower than the Fort Bend County average of 1.988%.
What is the average home price in Richmond?
The median owner-occupied home value in Richmond, Texas is $229,800, against $350,300 across Fort Bend County.
Is it cheaper to rent or buy in Richmond?
Median gross rent in Richmond is $1,248 a month, against $2,125 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, Texas at today's rate takes a household income of roughly $91,000 a year. That covers the full $2,125 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 Texas.
- 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.