Mortgage payment estimates, closing cost breakdowns, and homebuying data for Richmond, Virginia.
Median Home Price
$335K
Population
227K
Avg Monthly Rent
$1,380
Property Tax Rate
0.82% *
* Property tax shown is the Virginia 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 Virginia Median
The median home price in Richmond is $335,000, which is 16% below the Virginia state median of $400,000.
Mortgage Calculator — Richmond, VA
Pre-filled with Richmond median home price and Virginia tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $335K home using Virginia's 0.82% tax rate and $1,700/yr insurance.
5% Down
$2,568/mo
Down: $16,750
Loan: $318K
P&I: $2,012
Tax: $229
Insurance: $142
PMI: $186
10% Down
$2,452/mo
Down: $33,500
Loan: $302K
P&I: $1,906
Tax: $229
Insurance: $142
PMI: $176
20% Down (No PMI)
$2,065/mo
Down: $67,000
Loan: $268K
P&I: $1,694
Tax: $229
Insurance: $142
Income needed (28% rule): $89K/year with 20% down, $105K/year with 10% down.
Rent vs Buy in Richmond
Rent
$1,380/mo
vs
Buy (10% down)
$2,452/mo
Price-to-rent ratio: 20.2 — At a ratio above 20, renting may be more economical in Richmond for shorter stays. Buying costs $1,072 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Richmond is $335,000, 16% below the Virginia state median of $400,000. With a population of 226,610, Richmond is a mid-size city where home prices tend to be more accessible than in many parts of Virginia.
Property taxes in Virginia average 0.82% annually. This moderate property tax rate means a $335,000 home in Richmond would carry roughly $229/month in property taxes. Homeowners insurance in Virginia runs approximately $1,700 per year. This is within the normal range nationally.
Average rent in Richmond is $1,380/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Richmond presents moderate affordability. The $335K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Richmond.