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Home Affordability Calculator Richmond, VA — 2026
Median home price in Richmond: $325,000. At 6.5% on a 30-year loan with 20% down, the estimated total monthly payment (PITI) is $2,022 — requiring $86,657/year in gross income. Enter your income below for a personalised estimate.
Reviewed for accuracy June 2026 by Gary Sing
Median home price
$325,000
Income needed (annual)
$86,657
Est. monthly PITI
$2,022
Property tax/month
$257
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How much house can you afford in Richmond at your salary?
Maximum home price at each income level: 6.5% rate, 30-year term, 20% down payment, no existing debt. Property tax (0.95%) and insurance (0.45%) included in the 28% front-end DTI budget.
| Annual income | Max home price | Max monthly budget | Affords Richmond median? |
|---|---|---|---|
| $50,000 | $187,463 | $1,167/mo | ✗ No |
| $75,000 | $281,194 | $1,750/mo | ✗ No |
| $100,000 | $374,925 | $2,333/mo | ✓ Yes |
| $125,000 | $468,656 | $2,917/mo | ✓ Yes |
| $150,000 | $562,388 | $3,500/mo | ✓ Yes |
| $175,000 | $656,119 | $4,083/mo | ✓ Yes |
| $200,000 | $749,850 | $4,667/mo | ✓ Yes |
Assumes 20% down, 6.5% rate, 30-year term, zero existing monthly debt. Property tax at 0.95% effective rate; insurance estimated at 0.45% annually. PMI required below 20% down — not included here.
Monthly payment breakdown on the median Richmond home
$325,000 purchase price with 20% down ($65,000) at 6.5% on a 30-year loan.
Principal & interest (30yr)
$1,643/month on a $260,000 loan at 6.5% over 30 years. Total interest paid over the life of the loan: $331,480.
Property tax (0.95% effective rate)
$257/month ($3,084/year). Richmond area property taxes average approximately 0.95% effectively — below the national average and competitive with comparable Mid-Atlantic markets. Virginia's overall tax environment is favourable relative to neighbouring Maryland and DC, contributing to Richmond's growing relocation appeal.
Homeowners insurance (est.)
$122/month estimated at 0.45% of home value annually. Rates vary significantly by coverage level, age of home, and local risk factors — always get quotes before closing.
Total PITI (monthly)
$2,022/month estimated. Income needed to keep this under 28% of gross monthly income: $86,657/year.
Richmond housing market 2026
Richmond is a growing mid-size market with strong financial services, healthcare, and government employment. Scott's Addition and Manchester have seen rapid gentrification and above-average appreciation. Northern Virginia's high prices push remote workers and hybrid commuters into Richmond as an affordable alternative with direct Amtrak access to DC.
Key numbers for Richmond buyers
- Median home price: $325,000 (2026 estimate)
- 20% down payment: $65,000
- Loan amount (80% LTV): $260,000
- Monthly P&I at 6.5% / 30yr: $1,643
- Monthly P&I at 6.5% / 15yr: $2,265
- Est. PITI (P&I + tax + insurance): $2,022/month
- Income needed (28% front-end DTI): $86,657/year
Compare home affordability by city
📍 Los Angeles, CA
Median $900,000 · income needed $244,543/yr · 1.09% tax
📍 Chicago, IL
Median $330,000 · income needed $101,614/yr · 2.1% tax
📍 Houston, TX
Median $290,000 · income needed $89,143/yr · 2.09% tax
📍 Phoenix, AZ
Median $400,000 · income needed $102,429/yr · 0.65% tax
📍 Miami, FL
Median $580,000 · income needed $155,143/yr · 0.97% tax
📍 Seattle, WA
Median $740,000 · income needed $195,257/yr · 0.87% tax
📍 Denver, CO
Median $560,000 · income needed $141,171/yr · 0.54% tax
📍 Austin, TX
Median $525,000 · income needed $161,614/yr · 2.1% tax
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Home affordability Richmond — frequently asked questions
How much house can I afford in Richmond?
On a $100,000 annual income with no other debt, 20% down, and a 6.5% 30-year mortgage, you can afford approximately $374,925 in Richmond. The median home price in Richmond is $325,000, which requires approximately $86,657/year in gross income using the 28% front-end DTI rule (principal, interest, property tax, and insurance all within 28% of gross monthly income).
What income do I need to buy a home in Richmond?
To afford Richmond's median home price of $325,000 at 6.5% on a 30-year loan with 20% down, you need approximately $86,657/year in gross income. This assumes the full PITI payment of $2,022/month (P&I $1,643 + property tax $257 + insurance $122) stays within 28% of gross monthly income. Existing debts reduce this buying power further.
What is the median home price in Richmond in 2026?
The estimated median home price in Richmond in 2026 is approximately $325,000. This varies significantly by neighbourhood — enter the specific purchase price you are evaluating in the calculator above for a personalised estimate.
What are property taxes in Richmond?
Richmond, VA's effective property tax rate is approximately 0.95%. On a $325,000 home, that is roughly $257/month or $3,084/year in property taxes. Richmond area property taxes average approximately 0.95% effectively — below the national average and competitive with comparable Mid-Atlantic markets. Virginia's overall tax environment is favourable relative to neighbouring Maryland and DC, contributing to Richmond's growing relocation appeal.
Is Richmond affordable to buy in 2026?
Richmond's median home price of $325,000 requires an annual gross income of approximately $86,657 to qualify under the 28% front-end DTI rule at 6.5% with 20% down. The estimated total monthly payment (PITI) is $2,022/month. Richmond is a growing mid-size market with strong financial services, healthcare, and government employment.