The typical owner-occupied home in Richmond is worth about $405,600, 28% above the Vermont median of $316,600 and 22% above the national median of $332,700. Owners pay a median $7,128 a year in property taxes, about 1.76% of their home's value, higher than the Vermont rate of 1.59%. The median household earns $71,250 a year, so the median home costs 5.7 times the median income (3.9 times for Vermont). 36% of occupied homes here are lived in by their owners, and 80% of those owners still have a mortgage.
Richmond at a glance
| Richmond | Vermont | U.S. | |
|---|---|---|---|
| Median home value | $405,600 | $316,600 | $332,700 |
| Median property tax paid per year | $7,128 | $5,039 | $3,119 |
| Property tax as a share of value | 1.76% | 1.59% | 0.94% |
| Median household income | $71,250 | $81,203 | $80,734 |
| Homes lived in by their owners | 36% | 73% | 65% |
| Owner homes with a mortgage | 80% | 60% | 61% |
| Median monthly costs, owners with a mortgage | $2,750 | $1,907 | $1,963 |
| Those costs as a share of the owners' income | 36.6% | 21.7% | 21.0% |
| Median rent | $1,875 | $1,234 | $1,413 |
| Rent as a share of renters' income | 31.0% | 29.4% | 30.6% |
| Median year homes were built | 1938 | 1976 | 1980 |
| Vacant homes | 0.0% | 19.4% | 10.1% |
| Population | 753 | 647,106 | 334,922,499 |
What a typical home costs per month in Richmond
At this week's average 30-year rate of 7.11%, buying the median Richmond home of $405,600 with 20% down costs about $2,947 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,622, 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 $126,286 for the 20%-down payment. That payment is 50% of the median Richmond household income of $71,250; at that income and 20% down, the 28% guideline points to a home of about $229,000.
The median rent here is $1,875 a month, so owning the median home costs about $1,072 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $81,120 |
|---|---|
| Loan amount | $324,480 |
| Principal and interest | $2,183 |
| Property taxes (1.76% a year) | $595 |
| Homeowners insurance (our estimate, 0.5% a year) | $169 |
| PMI | $0 |
| Total per month | $2,947 |
Change the numbers in the calculator
| Down payment | $14,196 |
|---|---|
| Loan amount | $398,254 |
| Principal and interest | $2,679 |
| Property taxes (1.76% a year) | $595 |
| Homeowners insurance (our estimate, 0.5% a year) | $169 |
| FHA mortgage insurance | $179 |
| Total per month | $3,622 |
Change the numbers in the calculator
Questions about home buying in Richmond
What is the median home value in Richmond?
About $405,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Richmond?
Homeowners pay a median $7,128 a year, which is about 1.76% 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 Richmond?
For the median home with 20% down at 7.11%, the payment is about $2,947 a month. Keeping that under 28% of gross income takes about $126,286 a year.
More about Richmond
- Mortgage Refinance in Richmond
- Debt Relief in Richmond
- Home Equity Loans in Richmond
- 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