Mortgage payment estimates, closing cost breakdowns, and homebuying data for Richmond, Virginia.
Pre-filled with Richmond median home price and Virginia tax/insurance rates. Adjust for your property.
Estimated closing costs based on Virginia rates and fees applied to Richmond prices.
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.