Richmond, Indiana Housing Market Prices
Richmond Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
-
Median home price 84% below the Indiana median$22,947
-
Median rent 23% below the Indiana median$819
Housing Market Overview
| Metric | Richmond | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $22,947 | $142,738 | $248,835 |
| Price Trend (Annual %) | -7.0% | 7.2% | 7.5% |
| Median Gross Rent | $819 | $1,062 | $1,407 |
| Rent Trend (Annual %) | 3.8% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Richmond is about 84% lower than in Indiana. Rent is about 23% lower than the Indiana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Richmond: home prices fell about 7.0% a year while rent rose about 3.8% a year. That is an unusual pattern worth watching.
Median rent in Richmond rose about 33.3% between 2015 and 2024, from $614 to $819. Over the same span, rent in Indiana rose about 42.6%.
Affordability
On average, housing unit costs 0.5 yearly household incomes in Richmond.
Buying the median-priced home in Richmond costs roughly 2.3 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Richmond. The price-to-rent ratio in Indiana is about 11.2.
| Metric | Richmond | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $22,947 | $142,738 | $248,835 |
| Median Household Income | $42,805 | $71,967 | $80,455 |
| Price-to-Income Ratio | 0.5 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Richmond fell about 43.5%, while median household income rose about 15.8% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Richmond | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 46.5% | 64.4% | 58.5% |
| Rental Rate | 37.2% | 26.9% | 31.2% |
| Vacancy Rate | 16.3% | 8.8% | 10.2% |
| Median Tenure (years) | 11.0 | 15.0 | 15.0 |
| Median Year Moved In | 2015 | 2011 | 2011 |
Richmond has a homeownership rate of 46.5%, lower than the Indiana average of 64.4%. Its housing vacancy rate is 16.3%, compared with 8.8% in Indiana.
Housing Stock
| Metric | Richmond | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.27 people | 2.45 people | 2.53 people |
| Median Structure Built Year | 1956 | 1975 | 1978 |
| Median Number of Rooms | 5.6 | 5.9 | 5.5 |
The typical housing unit in Richmond was built around 1956. On average, 2.3 people live in a home with about 5.6 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Richmond, Indiana.
What is the median home price in Richmond, Indiana?
The median home price in Richmond, Indiana is $22,947, lower than the Indiana average of $142,738.
What is the average home price in Richmond, Indiana?
The typical home price in Richmond, Indiana, reported as the median sale price, is $22,947. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Richmond, Indiana?
The median gross rent in Richmond, Indiana is $819 per month, lower than the Indiana average of $1,062.
What was the median gross rent in Richmond in 2020?
In 2020, the median gross rent in Richmond, Indiana was $704 per month.
What is the price-to-rent ratio in Richmond, Indiana?
The price-to-rent ratio in Richmond, Indiana is about 2.3, meaning it would take roughly 2.3 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Richmond.
Are home prices or rent rising faster in Richmond, Indiana?
Home prices and rent are moving in opposite directions in Richmond: home prices fell about 7.0% a year while rent rose about 3.8% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Richmond, Indiana?
46.5% of households in Richmond, Indiana own their home, lower than the Indiana average of 64.4%.
What is the vacancy rate in Richmond, Indiana?
The housing vacancy rate in Richmond, Indiana is 16.3%, higher than the Indiana average of 8.8%.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →