Mortgage payment estimates, closing cost breakdowns, and homebuying data for Richmond, Kentucky.
Median Home Price
$215K
Population
37K
Avg Monthly Rent
$980
Property Tax Rate
0.83% *
* Property tax shown is the Kentucky state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Richmond.
Richmond vs Kentucky Median
The median home price in Richmond is $215,000, which is roughly in line with the Kentucky state median of $210,000.
Mortgage Calculator — Richmond, KY
Pre-filled with Richmond median home price and Kentucky tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $215K home using Kentucky's 0.83% tax rate and $2,400/yr insurance.
5% Down
$1,759/mo
Down: $10,750
Loan: $204K
P&I: $1,291
Tax: $149
Insurance: $200
PMI: $119
10% Down
$1,685/mo
Down: $21,500
Loan: $194K
P&I: $1,223
Tax: $149
Insurance: $200
PMI: $113
20% Down (No PMI)
$1,436/mo
Down: $43,000
Loan: $172K
P&I: $1,087
Tax: $149
Insurance: $200
Income needed (28% rule): $62K/year with 20% down, $72K/year with 10% down.
Rent vs Buy in Richmond
Rent
$980/mo
vs
Buy (10% down)
$1,685/mo
Price-to-rent ratio: 18.3 — A ratio between 15-20 means the rent vs buy decision in Richmond depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Richmond is $215,000, roughly in line with the Kentucky state median of $210,000. With a population of 37,292, Richmond is a smaller market where home prices reflect strong demand and local economic factors.
Property taxes in Kentucky average 0.83% annually. This moderate property tax rate means a $215,000 home in Richmond would carry roughly $149/month in property taxes. Homeowners insurance in Kentucky runs approximately $2,400 per year. This is within the normal range nationally.
Average rent in Richmond is $980/month. The price-to-rent ratio in Richmond is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Richmond offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Kentucky's KHC Regular DAP program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Richmond.