Richmond, Kentucky 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.
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Median home price 159% above the Kentucky median$305,230
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Median rent 5% below the Kentucky median$923
Housing Market Overview
| Metric | Richmond | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $305,230 | $118,017 | $248,835 |
| Price Trend (Annual %) | 23.0% | 3.8% | 7.5% |
| Median Gross Rent | $923 | $967 | $1,407 |
| Rent Trend (Annual %) | 4.8% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Richmond is about 159% higher than in Kentucky. Rent is about 5% lower than the Kentucky average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Richmond, up about 23.0% and 4.8% a year respectively. Home prices are changing faster.
Median rent in Richmond rose about 48.4% between 2015 and 2024, from $622 to $923. Over the same span, rent in Kentucky rose about 43.3%.
Affordability
On average, housing unit costs 5.8 yearly household incomes in Richmond.
Buying the median-priced home in Richmond costs roughly 27.6 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Richmond. The price-to-rent ratio in Kentucky is about 10.2.
| Metric | Richmond | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $305,230 | $118,017 | $248,835 |
| Median Household Income | $52,698 | $64,312 | $80,455 |
| Price-to-Income Ratio | 5.8 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Richmond rose about 236.2%, while median household income rose about 56.9% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Richmond | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 38.6% | 61.3% | 58.5% |
| Rental Rate | 52.3% | 28.4% | 31.2% |
| Vacancy Rate | 9.1% | 10.3% | 10.2% |
| Median Tenure (years) | 8.0 | 15.0 | 15.0 |
| Median Year Moved In | 2018 | 2011 | 2011 |
Richmond has a homeownership rate of 38.6%, lower than the Kentucky average of 61.3%. Its housing vacancy rate is 9.1%, compared with 10.3% in Kentucky.
Housing Stock
| Metric | Richmond | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.20 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1992 | 1981 | 1978 |
| Median Number of Rooms | 4.9 | 5.7 | 5.5 |
The typical housing unit in Richmond was built around 1992. On average, 2.2 people live in a home with about 4.9 rooms, staying for about 8.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Richmond, Kentucky.
What is the median home price in Richmond, Kentucky?
The median home price in Richmond, Kentucky is $305,230, higher than the Kentucky average of $118,017.
What is the average home price in Richmond, Kentucky?
The typical home price in Richmond, Kentucky, reported as the median sale price, is $305,230. 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, Kentucky?
The median gross rent in Richmond, Kentucky is $923 per month, lower than the Kentucky average of $967.
What was the median gross rent in Richmond in 2020?
In 2020, the median gross rent in Richmond, Kentucky was $719 per month.
What is the price-to-rent ratio in Richmond, Kentucky?
The price-to-rent ratio in Richmond, Kentucky is about 27.6, meaning it would take roughly 27.6 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Richmond.
Are home prices or rent rising faster in Richmond, Kentucky?
Both home prices and rent are rising in Richmond, up about 23.0% and 4.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Richmond, Kentucky?
38.6% of households in Richmond, Kentucky own their home, lower than the Kentucky average of 61.3%.
What is the vacancy rate in Richmond, Kentucky?
The housing vacancy rate in Richmond, Kentucky is 9.1%, lower than the Kentucky average of 10.3%.
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