How much rent can you afford in Richmond, IN?
Run your salary against Richmond's current rent, or find the income you'd need for a target rent. Powered by live RentDataNow medians.
The 30% rent rule, in Richmond
At a median rent of $870/mo, Richmond is very affordable when measured against Richmond median household income of $45,399/yr. Rent would consume roughly 23% of pre-tax income, and a salary of about $34,800 keeps rent at the recommended 30% threshold.
How Richmond compares nearby
Median rent for the closest cities with data.
Frequently asked
How much rent can I afford in Richmond?
On a $45,399 salary (the Richmond median household income), the recommended ceiling is 30% of pre-tax income, or about $1,135/mo. Richmond's median rent is $870/mo. Use the calculator on this page to run your own salary.
What salary do I need to live in Richmond?
To keep Richmond's $870/mo median rent under 30% of income, you'd need about $34,800/yr. Lower your target share (e.g. 25%) to need more, or raise it (e.g. 40%) to need less.
Is Richmond affordable on the median Indiana income?
Richmond is very affordable on a $45,399 income. Rent would take 23% of pre-tax pay, inside the recommended 30% threshold.
What's the 30% rent rule?
The 30% rule is a long-standing budgeting guideline that keeps rent at or below 30% of gross (pre-tax) income. It leaves enough room for utilities, transit, savings, and debt service. In high-cost markets, many renters exceed 30%, and the Census Bureau classifies households paying more than 30% of income on rent as "cost-burdened".