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City Report · KY

Richmond

Pop. 37,111·27th most expensive in Kentucky·Richmond rents are up 22.0% over the past year
Median rent (all units)
$1,188/mo
Year-over-Year
+22.0%
Month-over-Month
+1.6%
vs US Median
-$777
Rising (Monthly)
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Most AffordableMost Expensive
Richmond · $1,188
More affordable than 93% of US cities · National median $1,965/mo
Rent Reality Score
43/100
Fairly priced
OverheatedFairGreat value

Rents are 4% above what Richmond's 10-year trend predicts — running hotter than its own history.

Actual rent
$1,188/mo
Expected by trend
$1,146/mo
The Rent Reality Score compares today's median rent to where Richmond's own long-run trajectory projects it should be. See the full rankings →
Medians by bedroom

Rent by unit size

Studio
$740
1 BR
$830
2 BR
$950
3 BR
$1,330
4 BR+
$1,420
Research median
$950/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$14,256/yr
At $1,188/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 22.0% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+22.0% YoY, +1.6% MoM), not inventory.
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Demographics

Who lives here

Richmond, KY is majority renter-occupied, skews toward younger working-age adults, has a median income below the national average, 34.9% of residents hold a bachelor's degree or higher.

Population
37,111
Median income
$50,870
Median age
28.4
Renters
61.7%
Age distribution
18%
41.9%
21.8%
Under 1818%
18–3441.9%
35–5421.8%
55–647.5%
65+10.7%
Gender
48.5%
51.5%
Male48.5%
Female51.5%
Race & ethnicity
84.8%
White84.8%
Black5.8%
Hispanic4.2%
Asian1.4%
Other3.8%
Education (25+)
28.9%
26.4%
34.9%
No HS diploma9.9%
HS diploma28.9%
Some college26.4%
Bachelor's+34.9%
Housing tenure
38.3%
61.7%
Owner38.3%
Renter61.7%

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

2021 vs 2026

How Richmond, KY has changed in 5 years

Rent
$773 → $1,188
up 53.7%
Income
$40,221 → $50,870
up 26.5%
Population
34,662 → 37,111
up 7.1%
Renter share
63.6% → 61.7%
-1.9 pts
Bachelor's+
34.3% → 34.9%
+0.6 pts
Median age
26.3 → 28.4
+2.1 yrs

Five years ago, renters in Richmond, KY paid around $773 a month. That figure now sits near $1,188, up 53.7% from the 2021 baseline. Household income in the area moved from $40,221 to $50,870 across the same window, up 26.5% versus 2021. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show Richmond, KY adding about 2,449 residents over the five-year window, up 7.1% on net. The renter share has eased from 63.6% to 61.7%, with owner-occupied housing accounting for the remainder. Reading these numbers side by side helps frame whether current listings in Richmond, KY look reasonable against where the market sat half a decade ago.

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 $1,188/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, KY

Last updated: July 20, 2026

The median rent in Richmond is $1,188/mo as of July 2026. A studio apartment averages $740/mo while a 2-bedroom runs $950/mo. One-bedroom apartments average $830/mo and 3-bedroom units go for $1,330/mo.

At 28% of local median household income ($50,870/yr), Richmond ranks as affordable compared to the national benchmark of 30%. Rents have increased 22.0% over the past year.

FAQ

Frequently asked questions

Is Richmond an affordable city for renters?

Richmond is considered affordable for renters. At $1,188/mo, rent takes approximately 28% of the local median household income ($50,870/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 $48,000/year (~$23/hour full-time) to afford the median rent of $1,188/mo in Richmond. The local median household income is $50,870/yr, meaning the typical Richmond household meets that threshold.

Is rent going up or down in Richmond?

Rent in Richmond has increased 22.0% over the past year as of July 2026, putting upward pressure on renter budgets.

How does Richmond rent compare to other cities in Kentucky?

Richmond is one of the more affordable cities in Kentucky for rent, ranking #27 out of 39 tracked cities at $1,188/mo.

Which nearby cities are cheaper to rent in than Richmond?

Paris is nearby and more affordable at $1,023/mo, which is $165 less than Richmond.

What percentage of Richmond residents rent vs. own?

According to Census data, approximately 61.7% of Richmond households are renters, while 38.3% are owner-occupied. With a majority renter population, Richmond has a strong rental market.

How does Richmond rent compare to the national average?

Richmond's median rent of $1,188/mo is $777 (40%) below the US national median of $1,965/mo. Within Kentucky, it ranks #27 out of 39 tracked cities.
Income Affordability
28%
AFFORDABLE

At $1,188/mo, rent takes ~28% of Richmond's median household income ($50,870/yr). The standard benchmark is 30%.

Richmond 28%Benchmark 30%
State income tax4%
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Lowest-rent ZIP codes in Richmond
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Richmond, KY

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