Total monthly cost of ownership
Cost to Own a Home in Richmond, Utah
A $349,000 home here costs
$2,458per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,794. The real number is $664 higher every month — 37% 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 Cache County and Utah
| Measure | Richmond | Cache County |
|---|---|---|
| Median home value | $348,700 | $392,800 |
| Median property tax | $1,632 | $1,929 |
| Effective tax rate | 0.468% | 0.491% |
| Median gross rent | $930 | $1,137 |
| Population | 2,971 | 137,031 |
The weather behind that power bill
Richmond sits in Cache County, which averages a high of 88.2°F in its hottest month and a low of 17.6°F in its coldest, with 18.97" of precipitation a year and 36% of it in a single three-month stretch. That climate drives 719 cooling and 6,693 heating degree days, which is what sets the $117 electricity line above.
See the full climate breakdown for Cache County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Cache County
Common questions
How much does it cost to own a home in Richmond?
A $349,000 home in Richmond, Utah costs approximately $2,458 per month with 20% down at 6.66%. That is $1,794 principal and interest, $136 property tax, $52 homeowners insurance, $185 utilities and $291 set aside for maintenance.
What is the property tax rate in Richmond?
Richmond has an effective property tax rate of 0.468%, based on a median home value of $348,700 and median real estate taxes of $1,632. That is lower than the Cache County average of 0.491%.
What is the average home price in Richmond?
The median owner-occupied home value in Richmond, Utah is $348,700, against $392,800 across Cache County.
Is it cheaper to rent or buy in Richmond?
Median gross rent in Richmond is $930 a month, against $2,458 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 Utah.
- 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.