Richmond appears moderately affordable relative to its income and housing costs. With a median gross rent of $1,372 and a uniform non-housing baseline of $1,250, total monthly housing-related costs reach $2,622, which is about 48.7% of the median monthly household income of $5,382. This suggests housing costs consume a significant but not extreme share of income, though actual affordability varies by household and neighborhood.
Richmond at a glance
What the default budget models
A one-person renting household begins with a modeled annual core-cost baseline of $31,464. It combines the ACS median gross-rent estimate with a uniform $1,250 monthly non-housing baseline. State income tax is excluded until a current official reference is approved; the calculator labels that limitation instead of guessing.
| 2024 ACS population estimate | 229,359 |
| 2024 ACS median household income | $64,587 |
| 2024 ACS median gross rent | $1,372 |
| 2024 ACS median owner-occupied home value | $353,000 |
| Derived one-way commute estimate | 23 minutes |
| State-tax treatment | Excluded — official reference pending |
| Rent-to-income reference | 25% |
The trade-off
Relative strength: Median rent is $1,372/month; median home value is $353,000.. Watch closely: lower home values may reflect older housing stock or fewer amenities compared to higher-cost metros..
Compare Richmond
Frequently asked questions
Is rent in Richmond, Virginia affordable for median earners?
At $1,372 per month, median gross rent represents about 25.4% of the median monthly household income of $5,382, which is within a commonly referenced affordability threshold, though individual circumstances vary.
How does Richmond's median home value compare to its income?
The median owner-occupied home value of $353,000 is roughly 5.5 times the median household income of $64,587, indicating a moderate home price-to-income ratio relative to national benchmarks.
Source ledger
Every production input below is retained with its publisher and dataset. The ACS figures are five-year estimates, not live listings or guarantees.
- PopulationU.S. Census Bureau · 2024 ACS 5-Year B01003
- Median household incomeU.S. Census Bureau · 2024 ACS 5-Year B19013
- Median gross rentU.S. Census Bureau · 2024 ACS 5-Year B25064
- Median owner-occupied home valueU.S. Census Bureau · 2024 ACS 5-Year B25077
- Commute-time distributionU.S. Census Bureau · 2024 ACS 5-Year B08303
Interpretation: The ACS 2024 five-year estimates generally summarize observations across 2020–2024. The commute number is a weighted midpoint estimate from table B08303. State income tax is not included in the modeled take-home result. Verify a current address, quote, commute, and tax situation before making a decision.