The typical owner-occupied home in Richlands is worth about $111,000, 71% below the Virginia median of $383,700 and 67% below the national median of $332,700. Owners pay a median $796 a year in property taxes, about 0.72% of their home's value, close to the Virginia rate of 0.73%. The median household earns $37,154 a year, so the median home costs 3.0 times the median income (4.1 times for Virginia). 64% of occupied homes here are lived in by their owners, and 32% of those owners still have a mortgage.
Richlands at a glance
| Richlands | Virginia | U.S. | |
|---|---|---|---|
| Median home value | $111,000 | $383,700 | $332,700 |
| Median property tax paid per year | $796 | $2,790 | $3,119 |
| Property tax as a share of value | 0.72% | 0.73% | 0.94% |
| Median household income | $37,154 | $93,170 | $80,734 |
| Homes lived in by their owners | 64% | 67% | 65% |
| Owner homes with a mortgage | 32% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $1,189 | $2,127 | $1,963 |
| Those costs as a share of the owners' income | 18.9% | 20.1% | 21.0% |
| Median rent | $804 | $1,579 | $1,413 |
| Rent as a share of renters' income | 32.3% | 29.4% | 30.6% |
| Median year homes were built | 1974 | 1984 | 1980 |
| Vacant homes | 18.1% | 8.7% | 10.1% |
| Population | 5,171 | 8,705,170 | 334,922,499 |
What a typical home costs per month in Richlands
At this week's average 30-year rate of 7.11%, buying the median Richlands home of $111,000 with 20% down costs about $710 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $895, 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 $30,438 for the 20%-down payment. That payment is 23% of the median Richlands household income of $37,154; at that income and 20% down, the 28% guideline points to a home of about $135,000.
The median rent here is $804 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $22,200 |
|---|---|
| Loan amount | $88,800 |
| Principal and interest | $597 |
| Property taxes (0.72% a year) | $67 |
| Homeowners insurance (our estimate, 0.5% a year) | $46 |
| PMI | $0 |
| Total per month | $710 |
Change the numbers in the calculator
| Down payment | $3,885 |
|---|---|
| Loan amount | $108,990 |
| Principal and interest | $733 |
| Property taxes (0.72% a year) | $67 |
| Homeowners insurance (our estimate, 0.5% a year) | $46 |
| FHA mortgage insurance | $49 |
| Total per month | $895 |
Change the numbers in the calculator
Questions about home buying in Richlands
What is the median home value in Richlands?
About $111,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Richlands?
Homeowners pay a median $796 a year, which is about 0.72% 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 Richlands?
For the median home with 20% down at 7.11%, the payment is about $710 a month. Keeping that under 28% of gross income takes about $30,438 a year.
More about Richlands
- Mortgage Refinance in Richlands
- Debt Relief in Richlands
- Home Equity Loans in Richlands
- 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