Total monthly cost of ownership
Cost to Own a Home in Richmond, Virginia
A $328,000 home here costs
$2,503per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,686. The real number is $816 higher every month — 48% 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 Richmond city and Virginia
| Measure | Richmond | Richmond city |
|---|---|---|
| Median home value | $328,100 | $328,100 |
| Median property tax | $2,834 | $2,834 |
| Effective tax rate | 0.864% | 0.864% |
| Median gross rent | $1,314 | $1,314 |
| Population | 227,595 | 227,595 |
The weather behind that power bill
Richmond sits in Richmond city, which averages a high of 89.5°F in its hottest month and a low of 28.8°F in its coldest, with 45.5" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,561 cooling and 3,736 heating degree days, which is what sets the $158 electricity line above.
See the full climate breakdown for Richmond city — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Richmond city
No other places of this size are published in Richmond city.
Full Richmond city cost breakdown · Every county in Virginia
Common questions
How much does it cost to own a home in Richmond?
A $328,000 home in Richmond, Virginia costs approximately $2,503 per month with 20% down at 6.66%. That is $1,686 principal and interest, $236 property tax, $81 homeowners insurance, $226 utilities and $273 set aside for maintenance.
What is the property tax rate in Richmond?
Richmond has an effective property tax rate of 0.864%, based on a median home value of $328,100 and median real estate taxes of $2,834. That is in line with the Richmond city average of 0.864%.
What is the average home price in Richmond?
The median owner-occupied home value in Richmond, Virginia is $328,100, against $328,100 across Richmond city.
Is it cheaper to rent or buy in Richmond?
Median gross rent in Richmond is $1,314 a month, against $2,503 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 Virginia.
- 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.