The typical home in Richmond, VA is worth about $370,000.
With 20% down that's a loan near $296,000 — the calculator
is pre-filled with that figure. State-government and finance employment give Richmond a steady base, and prices have climbed at a measured pace. Property tax rates are moderate, and Virginia does not allow a trade-in credit on vehicle sales tax, which matters if you also finance a car.
$1,921.82 / month
Total interest
$395,854
Total paid
$691,854
Payoff
30.0 years
How much you need to earn
Richmond, VA's median household income is about
$78,000 a year. Under standard 28/36
lending rules that supports a home price around
$293,415 with 20% down —
below the $370,000 typical price, so many buyers need a larger down payment, a co-borrower, or a longer commute.
Typical asking rent in Richmond, VA is about $1,550 a month, so owning the median home costs roughly
$767 more per month before tax
effects, maintenance, and any change in home value.
Frequently asked questions
What is a typical mortgage payment in Richmond, VA?
On the metro's roughly $370,000 typical home with 20% down, the loan is about $296,000. Principal and interest run near $1,922 a month at today's rate, and Richmond, VA's property tax plus insurance add about $395, for a full payment near $2,317.
Can I afford a home in Richmond, VA on the median income?
The median household income is about $78,000 a year. Under standard 28/36 lending rules that supports a home price around $293,415 with 20% down — below the $370,000 typical price, so buyers often need a larger down payment or a co-borrower.
Is it cheaper to rent or buy in Richmond, VA?
Typical asking rent is about $1,550 a month. The full owner payment on a median home is near $2,317, so owning costs roughly $767 more per month before tax effects, maintenance, and any appreciation.
How much are property taxes in Richmond, VA?
The effective property tax rate in the core county is about 0.85% of market value — roughly $3,145 a year on the typical home. Your exact rate depends on the municipality and any exemptions.
Are home prices in Richmond, VA rising or falling?
Home values are up about 4% over the past year. State-government and finance employment give Richmond a steady base, and prices have climbed at a measured pace. Property tax rates are moderate, and Virginia does not allow a trade-in credit on vehicle sales tax, which matters if you also finance a car.