salaryRent is lower than in 83% of U.S. cities. A typical house costs about 3.9 years of household income. Most households rent (62%), so there are plenty of rental options.
How much money do I need?
To rent here comfortably, you should earn about $43,440 a year. That is $21 an hour at a full-time job.
Is rent cheaper than other Kentucky cities?
Yes. Rent here is cheaper than in most of Kentucky. It is number 33 of 87 cities from cheapest to most expensive.
How much do households earn in Richmond?
Share of households by yearly income. 13.5% of households earn $100,000 or more.
Rent by apartment size in Richmond
| Size | Richmond | U.S. average |
|---|---|---|
| Studio | $684 | $1,338 |
| 1 bedroom | $803 | $1,324 |
| 2 bedrooms | $965 | $1,509 |
| 3 bedrooms | $1,183 | $1,698 |
| 4 bedrooms | $1,377 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Richmond overall?
Everyday prices in Kentucky overall are 10% below the U.S. average (index 90.2, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Richmond, so the Kentucky figure is shown.
Taxes and bills in Richmond
Life in Richmond
Is it cheaper to rent or buy in Richmond?
Renting is cheaper right now: about $405 a month less.
Owning assumes a typical $214,900 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $21,490 for the down payment.
Frequently asked questions
What is the average rent in Richmond, KY?
Renting in Richmond costs a median of about $1,086 a month in 2026, including utilities. The Kentucky median is $1,175.
How much do I need to make to live in Richmond?
To keep rent under 30% of income, you need about $43,440 a year, or $21 an hour at a full-time job.
Is Richmond cheap or expensive?
Richmond is rated OK: rent takes 23.8% of the typical household income of $54,863. It ranks 33rd cheapest of 87 Kentucky cities we track.
How much are property taxes in Richmond?
The median homeowner in Richmond pays $1,713 a year in property taxes, about 0.80% of the median home value.
Is Richmond more expensive than the national average?
Overall prices in Kentucky are 10% 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 $214,900, about 3.9 times the typical yearly household income.
37,111 people live in Richmond. Numbers are typical (middle) values.