The typical owner-occupied home in Richland is worth about $289,300, 25% above the Michigan median of $231,600 and 13% below the national median of $332,700. Owners pay a median $3,667 a year in property taxes, about 1.27% of their home's value, close to the Michigan rate of 1.25%. The median household earns $95,104 a year, so the median home costs 3.0 times the median income (3.2 times for Michigan). 77% of occupied homes here are lived in by their owners, and 65% of those owners still have a mortgage.
Richland at a glance
| Richland | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $289,300 | $231,600 | $332,700 |
| Median property tax paid per year | $3,667 | $2,904 | $3,119 |
| Property tax as a share of value | 1.27% | 1.25% | 0.94% |
| Median household income | $95,104 | $72,875 | $80,734 |
| Homes lived in by their owners | 77% | 73% | 65% |
| Owner homes with a mortgage | 65% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,734 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 18.6% | 19.3% | 21.0% |
| Median rent | $1,375 | $1,129 | $1,413 |
| Rent as a share of renters' income | 30.0% | 30.2% | 30.6% |
| Median year homes were built | 1994 | 1972 | 1980 |
| Vacant homes | 2.0% | 11.8% | 10.1% |
| Population | 1,098 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Richland
At this week's average 30-year rate of 7.11%, buying the median Richland home of $289,300 with 20% down costs about $1,984 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,466, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $85,013 for the 20%-down payment. That payment is 25% of the median Richland household income of $95,104; at that income and 20% down, the 28% guideline points to a home of about $324,000.
The median rent here is $1,375 a month, so owning the median home costs about $609 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $57,860 |
|---|---|
| Loan amount | $231,440 |
| Principal and interest | $1,557 |
| Property taxes (1.27% a year) | $306 |
| Homeowners insurance (our estimate, 0.5% a year) | $121 |
| PMI | $0 |
| Total per month | $1,984 |
Change the numbers in the calculator
| Down payment | $10,126 |
|---|---|
| Loan amount | $284,060 |
| Principal and interest | $1,911 |
| Property taxes (1.27% a year) | $306 |
| Homeowners insurance (our estimate, 0.5% a year) | $121 |
| FHA mortgage insurance | $128 |
| Total per month | $2,466 |
Change the numbers in the calculator
Questions about home buying in Richland
What is the median home value in Richland?
About $289,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Richland?
Homeowners pay a median $3,667 a year, which is about 1.27% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Richland?
For the median home with 20% down at 7.11%, the payment is about $1,984 a month. Keeping that under 28% of gross income takes about $85,013 a year.
More about Richland
- Mortgage Refinance in Richland
- Debt Relief in Richland
- Home Equity Loans in Richland
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data