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City Report · IN

Richmond

Pop. 35,581·61st most expensive in Indiana·Richmond rents are up 6.4% over the past year
Median rent (all units)
$865/mo
Year-over-Year
+6.4%
Month-over-Month
-0.6%
vs US Median
-$1,097
Falling (Monthly)
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Most AffordableMost Expensive
Richmond · $865
More affordable than 99% of US cities · National median $1,962/mo
Affordability
23% of income
VERY AFFORDABLE
0%30% benchmark60%+

At $865/mo, rent takes about 23% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$35,000/yr
Local median income
$45,399/yr
Based on the 30%-of-income rule using Richmond's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$710
1 BR
$720
2 BR
$940
3 BR
$1,160
4 BR+
$1,350
Fair Market Rent (HUD)
$940/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $865 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.

Source: HUD Small Area Fair Market Rents. Read the methodology →

Rent trends

12-month history

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Last updated: August 17, 2026

Annual cost
$10,380/yr
At $865/mo median
Rent Market Meter
Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are climbing (6.4% YoY), so leverage tilts toward landlords. Act sooner rather than later.
Based on rent-price momentum (+6.4% YoY, -0.6% MoM), not inventory.
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Demographics

Who lives here

Richmond, IN is majority owner-occupied, has a median income below the national average, 20.1% of residents hold a bachelor's degree or higher.

Population
35,581
Median income
$45,399
Median age
38.6
Renters
42.8%
Age distribution
22.4%
23.9%
21.8%
13%
18.9%
Under 1822.4%
18–3423.9%
35–5421.8%
55–6413%
65+18.9%
Gender
48.1%
51.9%
Male48.1%
Female51.9%
Race & ethnicity
79.5%
White79.5%
Black6.3%
Hispanic5.4%
Asian1.5%
Other7.3%
Education (25+)
14.3%
34.1%
31.4%
20.1%
No HS diploma14.3%
HS diploma34.1%
Some college31.4%
Bachelor's+20.1%
Housing tenure
57.2%
42.8%
Owner57.2%
Renter42.8%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Richmond, IN has changed in 5 years

Income
$41,569 → $45,399
up 9.2%
Population
35,854 → 35,581
down 0.8%
Renter share
44.2% → 42.8%
-1.4 pts
Bachelor's+
19.8% → 20.1%
+0.3 pts

Median household income grew from $41,569 to $45,399 between 2021 and 2024, a 9.2% shift.

Community

Discussions about Richmond

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View Richmond rent history (2015–2026) →
Salary vs rent

Can you afford rent in Richmond on your salary?

At $865/mo, how Richmond rent compares to typical pay (30% rule).

By apartment size

Richmond rent by bedroom count

Median rent for each apartment size in Richmond. Click any size for full breakdown.

Local insights

Tips for renters in Richmond

About renting in Richmond, IN

Last updated: August 17, 2026

The median rent in Richmond is $865/mo as of August 2026. A studio apartment averages $710/mo while a 2-bedroom runs $940/mo. One-bedroom apartments average $720/mo and 3-bedroom units go for $1,160/mo.

At 23% of local median household income ($45,399/yr), Richmond ranks as affordable compared to the national benchmark of 30%. Rents have increased 6.4% over the past year.

FAQ

Frequently asked questions

Is Richmond an affordable city for renters?

Richmond is considered very affordable for renters. At $865/mo, rent takes approximately 23% of the local median household income ($45,399/yr). The standard benchmark is 30%. Richmond falls comfortably within that range.

How much income do you need to rent in Richmond?

To keep rent at or below 30% of gross income, you would need to earn at least $35,000/year (~$17/hour full-time) to afford the median rent of $865/mo in Richmond. The local median household income is $45,399/yr, meaning the typical Richmond household meets that threshold.

Is rent going up or down in Richmond?

Rent in Richmond has increased 6.4% over the past year as of August 2026, putting upward pressure on renter budgets.

How does Richmond rent compare to other cities in Indiana?

Richmond is one of the more affordable cities in Indiana for rent, ranking #61 out of 62 tracked cities at $865/mo.

Which nearby cities are cheaper to rent in than Richmond?

Several nearby cities have lower median rents than Richmond ($865/mo): New Castle ($743/mo), Greenville ($754/mo).

What percentage of Richmond residents rent vs. own?

According to Census data, approximately 42.8% of Richmond households are renters, while 57.2% are owner-occupied. Richmond leans toward homeownership, which can mean a smaller rental inventory.

How does Richmond rent compare to the national average?

Richmond's median rent of $865/mo is $1,097 (56%) below the US national median of $1,962/mo. Within Indiana, it ranks #61 out of 62 tracked cities.
Income Affordability
23%
VERY AFFORDABLE

At $865/mo, rent takes ~23% of Richmond's median household income ($45,399/yr). The standard benchmark is 30%.

Richmond 23%Benchmark 30%
State income tax3.05%
Run the Richmond affordability calculator →
Lowest-rent ZIP codes in Richmond
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Richmond, IN

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