CALCMONEY // HOME AFFORDABILITY // VA // RICHMOND
How much house can you afford in Richmond? Based on local median home prices, current VA mortgage rates, and Richmond property tax data.
$350,000
$2,340/mo
$100,282/yr
$202,608
Monthly housing costs of $2,340 represent 41.9% of Richmond's median gross monthly income ($5,583/mo). At 41.9%, median-income buyers in Richmond are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $350,000 |
| Down Payment (20%) | $70,000 |
| Loan Amount | $280,000 |
| Monthly PI Payment | $1,844 |
| Monthly Property Tax | $350 |
| Monthly Insurance Est. | $146 |
| Total Monthly PITI | $2,340 |
| Housing Cost % of Income | 41.9% |
| Required Income (28% rule) | $100,282/yr |
| Max Affordable Home | $202,608 |
$12,250
$2,959/mo
Richmond Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $350,000 | Richmond city median |
| Down Payment (20%) | $70,000 | Conventional loan |
| Monthly PITI | $2,340 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $100,282 | Annual gross |
| Max Affordable Home | $202,608 | Based on median income |
| FHA Down (3.5%) | $12,250 | Minimum FHA |
| Housing Cost % of Income | 41.9% | Median income: $67,000/yr |
| Property Tax Rate | 1.2% | $4,200/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Richmond is $350,000, with a local 30-year mortgage rate of 6.9%. A buyer putting 20% down carries a loan of $280,000, generating a monthly P&I payment of $1,844. Adding property taxes ($350/mo) and homeowners insurance ($146/mo) brings total monthly PITI to $2,340.
Richmond's property tax rate of 1.2% is near the national average, adding a standard increment to monthly housing costs. On the Richmond median home, that is $350/month, or $4,200 per year.
Virginia levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Richmond should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Richmond's median income of $67,000/year can afford up to $1,563/month in total housing costs. Based on Richmond's mortgage rate of 6.9% and property tax rate of 1.2%, that translates to a maximum affordable home price of approximately $202,608 with 20% down on a 30-year loan.
To afford the median Richmond home priced at $350,000, you need an annual gross income of approximately $100,282. Total monthly housing costs (principal and interest of $1,844, property taxes of $350, and insurance of $146) come to $2,340/month, which equals 28% of the required income.
At the median home price of $350,000 and median household income of $67,000, the total monthly housing cost of $2,340 represents 41.9% of gross monthly income. This is well above the standard 28% threshold, making Richmond a challenging market for buyers at median income.
A conventional 20% down payment on the median Richmond home of $350,000 is $70,000. An FHA loan requires just 3.5% down — $12,250 — but adds mortgage insurance of roughly $239/month, bringing total FHA payments to $2,959/month.
Virginia Beach
$365,000 median
VANorfolk
$295,000 median
VAChesapeake
$375,000 median
VAArlington
$720,000 median