States › Michigan › Richmond

Is Richmond, MI expensive to live in?

CheapRent takes 16 cents of every $1 people earn here.
🏠 Rent per month (2026)$95546% lower than U.S. average
💵 Families earn per year (2026)$69,799about $5,817/month · 20% lower than U.S. average
🔑 House price$237,70029% lower than U.S. average

Rent here is among the lowest 10% of all U.S. cities. A typical house costs about 3.4 years of household income. Most homes (76.6%) are owned, so rentals can be hard to find.

How much money do I need?

To rent here comfortably, you should earn about $38,200 a year. That is $18 an hour at a full-time job.

Is rent cheaper than other Michigan cities?

Yes. Rent here is cheaper than in most of Michigan. It is number 28 of 179 cities from cheapest to most expensive.

Richmond
$955
Petoskey
$1,113
Swartz Creek
$1,379
Buena Vista
$1,002
Houghton Lake
$912
Belding
$739
Holly
$1,097

How much do households earn in Richmond?

Under $25k
16.8%
$25k–50k
21.2%
$50k–100k
33.8%
$100k–150k
20.3%
$150k+
4.3%

Share of households by yearly income. 24.6% of households earn $100,000 or more.

Rent by apartment size in Richmond

SizeRichmondU.S. average
1 bedroom$883$1,324
2 bedrooms$970$1,509

Median monthly rent plus utilities for all renters, by number of bedrooms.

How expensive is Richmond overall?

Everyday prices in Michigan overall are 4% below the U.S. average (index 96.2, U.S. = 100).

Housing
82
Goods (food, clothes…)
96
Utilities
100
Other services
101
U.S. average
100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Richmond, so the Michigan figure is shown.

Taxes and bills in Richmond

🏛️ Property tax$2,942a year · 1.24% of home value · U.S. $3,119
⚡ Electric bill$120a month (typical) · U.S. $156

Life in Richmond

Commute to work25.9 minU.S.: 26.4 min
College degree25.1%U.S.: 35.7%
Own their home76.6%U.S.: 65.2%
Below poverty line13.5%U.S.: 12.5%
Unemployment11.5%U.S.: 5.2%

Is it cheaper to rent or buy in Richmond?

Renting is cheaper right now: about $694 a month less.

Renting
$955
Owning
$1,649

Owning assumes a typical $237,700 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $23,770 for the down payment.

Frequently asked questions

What is the average rent in Richmond, MI?

Renting in Richmond costs a median of about $955 a month in 2026, including utilities. The Michigan median is $1,314.

How much do I need to make to live in Richmond?

To keep rent under 30% of income, you need about $38,200 a year, or $18 an hour at a full-time job.

Is Richmond cheap or expensive?

Richmond is rated Cheap: rent takes 16.4% of the typical household income of $69,799. It ranks 28th cheapest of 179 Michigan cities we track.

How much are property taxes in Richmond?

The median homeowner in Richmond pays $2,942 a year in property taxes, about 1.24% of the median home value.

Is Richmond more expensive than the national average?

Overall prices in Michigan are 4% 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 $237,700, about 3.4 times the typical yearly household income.

5,855 people live in Richmond. Numbers are typical (middle) values.