City Report · IN

Richmond

Pop. 35,581·58th most expensive in Indiana·One of the most affordable rental markets in the US

Median rent (all units)

$894/mo

Year-over-Year

+4.7%

Month-over-Month

-1.6%

vs US Median

-$1,038

Reported rents

Falling (Monthly)

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Most AffordableMost Expensive

Richmond · $894

More affordable than 99% of US cities · National median $1,932/mo

Affordability

24% of income

VERY AFFORDABLE

0%30% benchmark60%+

At $894/mo, rent takes about 24% of the local median household income, comfortably within the 30% benchmark.

Income to afford

$36,000/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 $894 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: October 17, 2026

From the history

What the numbers show

Past year vs. the rest of Indiana

Rent in Richmond changed +4.7% over the year to September 2026. Across the 49 Indiana cities Zillow tracks, the typical change was +4.5%.

Recent direction

Rent rose in 10 of the last 12 months.

What a typical income covers

30% of the median household income ($45,399) is $1,135 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($940); a 3-bedroom is $1,160.

From Zillow's monthly rent index (ZORI) for Richmond. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$10,728/yr

At $894/mo median

Rent Market Meter

Balanced Market

Renter's MarketBalancedLandlord's Market

Rents are roughly steady, with neither renters nor landlords holding a strong edge right now.

Based on rent-price momentum (+4.7% YoY, -1.6% MoM), not inventory.

Rent check

Is your rent fair?

Compare your rent to the local median.

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 $894/mo, how Richmond rent compares to typical pay (30% rule).

Registered Nurse

Avg $86,922/yr · Rent = 12.3% income

very comfortable

Elementary School Teacher

Avg $61,714/yr · Rent = 17.4% income

very comfortable

Police Officer

Avg $71,088/yr · Rent = 15.1% income

very comfortable

Software Developer

Avg $127,061/yr · Rent = 8.4% income

very comfortable

Lawyer

Avg $162,352/yr · Rent = 6.6% income

very comfortable

Firefighter

Avg $57,785/yr · Rent = 18.6% income

very comfortable

Truck Driver

Avg $52,173/yr · Rent = 20.6% income

affordable

Electrician

Avg $64,308/yr · Rent = 16.7% income

very comfortable

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: October 17, 2026

The median rent in Richmond is $894/mo as of October 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 24% of local median household income ($45,399/yr), Richmond ranks as affordable compared to the national benchmark of 30%. Rents have increased 4.7% over the past year.

FAQ

Frequently asked questions

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 $36,000/year (about $17/hour full-time) to afford the median rent of $894/mo in Richmond. The local median household income is $45,399/yr, so the typical household meets that bar.

Is rent going up or down in Richmond?

Rent in Richmond has risen 4.7% over the past year.

How does Richmond rent compare to other cities in Indiana?

Richmond is one of the more affordable among Indiana cities for rent, ranking #58 of 60 tracked cities at $894/mo. Over the year to September 2026, rent in Richmond changed +4.7%, against a typical +4.5% across the 49 Indiana cities Zillow tracks.