Is It Worth Buying a Home in Richmond, VA?
The decision to rent or buy in Richmond, Virginia depends on how long you plan to stay, your down payment, and current mortgage rates. With a median home price of $335,000 and median monthly rent of $1,650, the math plays out differently depending on your personal situation.
Richmond has an average property tax rate of 0.80% annually, which adds approximately $223/month to the cost of homeownership on a median-priced home.
Historically, home values in Richmond have appreciated at roughly 3.0% per year, which works in favor of buyers who plan to stay long-term. Use the calculator above to find your personal break-even point.
Key Factors for Richmond Buyers
- Down payment of 20% on a median home = $67,000
- Monthly mortgage (30yr at 6.99%) ≈ $1,781/mo
- Property tax ≈ $223/mo
- Estimated maintenance ≈ $279/mo