salaryRent here is among the lowest 10% of all U.S. cities. A typical house costs under 3 years of household income, which is easy by U.S. standards. Commutes are short, about 18.6 minutes.
How much money do I need?
To rent here comfortably, you should earn about $32,640 a year. That is $16 an hour at a full-time job.
Is rent cheaper than other Indiana cities?
Yes. Rent here is cheaper than in most of Indiana. It is number 8 of 132 cities from cheapest to most expensive.
How much do households earn in Richmond?
Share of households by yearly income. 11.1% of households earn $100,000 or more.
Rent by apartment size in Richmond
| Size | Richmond | U.S. average |
|---|---|---|
| Studio | $603 | $1,338 |
| 1 bedroom | $681 | $1,324 |
| 2 bedrooms | $932 | $1,509 |
| 3 bedrooms | $1,098 | $1,698 |
| 4 bedrooms | $1,223 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Richmond overall?
Everyday prices in Indiana overall are 7% below the U.S. average (index 93.3, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Richmond, so the Indiana figure is shown.
Taxes and bills in Richmond
Life in Richmond
Is it cheaper to rent or buy in Richmond?
About the same. Renting and owning cost within $22 of each other each month.
Owning assumes a typical $114,400 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $11,440 for the down payment.
Frequently asked questions
What is the average rent in Richmond, IN?
Renting in Richmond costs a median of about $816 a month in 2026, including utilities. The Indiana median is $1,219.
How much do I need to make to live in Richmond?
To keep rent under 30% of income, you need about $32,640 a year, or $16 an hour at a full-time job.
Is Richmond cheap or expensive?
Richmond is rated Cheap: rent takes 20.0% of the typical household income of $48,963. It ranks 8th cheapest of 132 Indiana cities we track.
How much are property taxes in Richmond?
The median homeowner in Richmond pays $951 a year in property taxes, about 0.83% of the median home value.
Is Richmond more expensive than the national average?
Overall prices in Indiana are 7% below the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Richmond?
The median home value in Richmond is $114,400, about 2.3 times the typical yearly household income.
35,581 people live in Richmond. Numbers are typical (middle) values.