Total monthly cost of ownership
Cost to Own a Home in Richmond, Virginia
A $328,000 home here costs
$2,656per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $114,000 a year.
A standard mortgage calculator would have told you $1,817. The real number is $839 higher every month, 46% more than the payment most buyers budget for.
Compare Richmond city 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 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 $181 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
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 $328,000 home in Richmond, Virginia costs approximately $2,656 per month with 20% down at 7.4%. That is $1,817 principal and interest, $236 property tax, $81 homeowners insurance, $249 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 $2,656 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, Virginia at today's rate takes a household income of roughly $114,000 a year. That covers the full $2,656 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 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.