David Worth Dennis House · Photo: Nyttend · Public domainMeasured against area pay, Richmond costs less to live in than 66% of U.S. towns
It ranks #396 of 592 in Indiana for affordability. Up 6.7% in a year, 38% below the Indiana typical home.
Census 2020–24 home values, rents, tax bills and cost burden, measured against the median household income of the Richmond, IN micro area ($56K). How TownRatings grades cost of living
In dollars, homes in Richmond cost less than the Indiana typical home. But the grade compares costs with what households in the area earn, and Richmond-area incomes are lower too ($56K, against $74K for the typical U.S. town). Property tax takes 0.83% of a home’s value a year (Indiana: 0.74%), and 53% of renters pay 30% or more of income for housing.
In dollars
- $160Ktypical home, 38% below the Indiana typical homeZillow, September 2026
- $970a month for a two-bedroom, utilities includedHUD Fair Market Rent, 2026
In paychecks the grade
- 2.1 yrsof area income buys the typical home; the typical U.S. town: 3.3$56K, Richmond-area income
- 18%of area income goes to the median rent; the typical U.S. town: 18%Census 2020–24
- 53%of renters pay 30%+ of income for housing; across Indiana: 48%Census 2020–24
- 22%of owners do; the typical U.S. town: 20%Census 2020–24
What Richmond’s housing numbers say
A burst of building in 2025
Richmond permitted 230 new homes in 2025, 97% of them in buildings with two or more homes, against about 36 in a typical year of the past decade. That’s 6.5 per 1,000 residents, against 6 across Indiana. New homes ↓
Owning can cost less than renting
With 20% down at the calculator’s rate, the typical Richmond home runs about $950 a month with tax and insurance. A two-bedroom rents for about $970. Can I afford it? ↓
Most new homes are apartments and condos
Of the 552 homes permitted in Richmond’s past 10 years, 85% were in buildings with two or more homes, not single-family houses. New homes ↓
Written from the data on this page. Home values are the Zillow Home Value Index, through September 2026; sales and supply are Redfin’s for May 2026; permits are Census figures through 2025 (2025 partly estimated); incomes, rents paid, taxes and ownership come from the Census American Community Survey.
What’s behind Richmond’s grade
Measured against what households in the area earn, Richmond is more affordable than 66% of U.S. towns, #396 of 592 in Indiana. The share of households paying 30%+ for housing pulls the grade down most; property tax holds it up.
Values have outpaced Indiana: the typical Richmond home is up 41.3% in five years, against 28.7% statewide (Zillow).
Up 41.3% in five years
Faster than Indiana (28.7%).
Show as a table
| January | Richmond | Indiana |
|---|---|---|
| 2017 | $82,000 | $133,000 |
| 2018 | $86,000 | $142,000 |
| 2019 | $90,000 | $152,000 |
| 2020 | $94,000 | $162,000 |
| 2021 | $104,000 | $180,000 |
| 2022 | $118,000 | $207,000 |
| 2023 | $128,000 | $224,000 |
| 2024 | $131,000 | $234,000 |
| 2025 | $144,000 | $246,000 |
| 2026 | $152,000 | $253,000 |
| September 2026 | $160,000 | $257,000 |
A typical Richmond home worth $82K in October 2016 is worth about $160K today.
Zillow Home Value Index: the typical value of all homes (middle third), smoothed and seasonally adjusted, through September 2026.
A seller's market
Supply is tight — about 2.6 months of homes for sale at the current pace. Buyers should expect competition on well-priced homes.
Under ~4 months of supply favors sellers; over ~6 favors buyers.
Redfin Data Center, all residential sales, May 2026.
A typical home costs 2.1 years of area income
The calculator starts from the area income the grade uses. Switch to Richmond’s own median, or type yours.
That covers a typical Richmond home, with $60K to spare.
A two-bedroom rents for about $970 a month here, $20 more than owning.
An estimate, not a loan offer: payments of up to 28% of income, a 30-year fixed loan, Richmond’s typical property tax (0.83% of value a year, from the Census) and insurance of about 0.35%. Mortgage insurance, HOA fees and other debts aren’t included.
A two-bedroom rents for about $970
Renters already here pay a median of $822, so moving in tends to cost more than staying put.
Fair Market Rent a month, utilities included
U.S. Department of Housing and Urban Development, Fair Market Rents by ZIP code (Union County, IN): the 40th-percentile rent plus utilities for a standard unit. Median rent and renters: U.S. Census Bureau, American Community Survey.
230 new homes permitted in 2025
Builders were permitted 230 new homes in Richmond in 2025: 8 single-family houses and 222 in buildings with two or more homes, worth about $17.8 million to build. That's 6.5 per 1,000 residents, about the pace of Indiana as a whole. Over the past 10 years, Richmond has permitted 552 homes in all.
Between the 2010 and 2020 censuses, Richmond's population fell by 1,092 even though 566 new homes were permitted. Homes are holding fewer people: households are getting smaller, or more homes are used part of the year. Across Indiana: 1.7 new residents per new home.
Every year as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 46 | 12 | 34 | $4.6 million |
| 2025 | 230 | 8 | 222 | $17.8 million |
| 2024 | 4 | 4 | 0 | $1.3 million |
| 2023 | 2 | 2 | 0 | $671,000 |
| 2022 | 27 | 3 | 24 | $4.2 million |
| 2021 | 24 | 24 | 0 | $3.1 million |
| 2020 | 7 | 7 | 0 | $1.4 million |
| 2019 | 6 | 6 | 0 | $1.3 million |
| 2018 | 88 | 9 | 79 | $9 million |
| 2017 | 84 | 10 | 74 | $8.7 million |
| 2016 | 80 | 8 | 72 | $8.2 million |
| 2015 | 71 | 8 | 63 | $7.3 million |
| 2014 | 71 | 8 | 63 | $7.4 million |
| 2013 | 11 | 11 | 0 | $1.5 million |
| 2012 | 10 | 10 | 0 | $1.3 million |
| 2011 | 14 | 14 | 0 | $2.1 million |
| 2010 | 131 | 73 | 58 | $8.5 million |
| 2009 | 15 | 15 | 0 | $2.5 million |
| 2008 | 19 | 19 | 0 | $3.1 million |
| 2007 | 30 | 26 | 4 | $5.7 million |
| 2006 | 39 | 35 | 4 | $7.4 million |
| 2005 | 68 | 52 | 16 | $8.8 million |
| 2004 | 75 | 51 | 24 | $11.6 million |
| 2003 | 59 | 52 | 7 | $6.6 million |
| 2002 | 54 | 35 | 19 | $6.5 million |
| 2001 | 26 | 26 | 0 | $2.6 million |
| 2000 | 30 | 30 | 0 | $2.5 million |
Richmond's permit office reported 10 of 12 months in 2025; the Census estimated the rest.
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey.
Low tax bills, but a high tax rate
The median bill is $951, under the Indiana median of $1,614, because homes cost less. As a share of value it’s 0.83% a year, against 0.74% statewide.
Census American Community Survey 2020–24: the median real-estate tax bill homeowners report, and that bill ÷ the median home value. Bills include town, school and county taxes. The Census reports bills over $10,000 only as “$10,000+”.
Richmond vs. its neighbors
Of the 2 towns here with a Zillow value, Richmond has the lowest. Center Township and Wayne Township have no Zillow value, so they are in the table only.
Cost next door · one source per column
| Town | Cost | Typical home Zillow, September 2026 | Median value Census 2020–24 | Tax rate bill ÷ value | 2-bed rent HUD 2026 |
|---|---|---|---|---|---|
| Richmond | B+ | $160K | $114K | 0.83% | $970 |
| Spring Grove | – | $183K | $127K | 0.61% | $970 |
| Wayne Township | B+ | — | $121K | 0.82% | $970 |
| Center Township | B+ | — | $164K | 0.85% | $1,010 |
“—” under Cost: not graded (too little Census data, or under 1,000 residents). “—” under Zillow: Zillow publishes no value for that town, so it’s left blank rather than mixed with Census figures.
Questions about the cost of living in Richmond
Is Richmond expensive to live in?
Measured against what households in the area earn, Richmond costs less than 66% of U.S. towns: a B+ for cost of living, #396 of 592 in Indiana. The typical home costs 2.1 years of the median household income of the Richmond, IN micro area ($56K).
How much does a house cost in Richmond?
About $160K, Zillow’s typical value for September 2026, up 6.7% in a year. The Indiana typical home is $257K.
What salary do you need to live in Richmond?
To buy the typical home with 20% down at 6.3%, about $41,000 a year, keeping the payment (about $950 a month with tax and insurance) at 28% of income. To rent a two-bedroom at 30% of income, about $39,000.
How much is rent in Richmond?
HUD puts a two-bedroom at about $970 a month with utilities, the going rate for someone moving in. Renters already here pay a median of $822 (Census 2020–24).
What are property taxes in Richmond?
The median bill is $951 a year, 0.83% of the median home value (Indiana: $1,614, 0.74%), from the Census 2020–24.
Are home prices in Richmond going up?
Yes: up 6.7% in the past year and 41.3% in five years, against 28.7% across Indiana (Zillow).
Neighbors talk housing
What Richmond buyers, sellers and renters are saying.
Home values: Zillow Home Value Index (ZHVI), Zillow Research, September 2026. Sales, days on market and supply: Redfin Data Center, May 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. The calculator is an estimate, not a loan offer. Regional price levels: BEA; electricity: EIA. How TownRatings grades cost of living.