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City · 35,581 residents · Wayne County, Indiana

Richmond , Indiana

In Richmond, a typical home is worth $114,400 and typical rent is $822 a month. Compared with all of Wayne County, typical household income is 18% lower, the typical home value is 18% lower, and the share of households that own their home is 12 points lower.

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  • Typical home value

    $114,400

    18% below the county

    48% below Indiana

    • Richmond
    • Wayne
    • Indiana

  • Typical rent

    $822a month

    About the same as the county

    23% below Indiana

    • Richmond
    • Wayne
    • Indiana

  • Typical household income

    $45,399a year

    18% below the county

    37% below Indiana

    • Richmond
    • Wayne
    • Indiana

  • Households that own their home

    57%

    12 points below the county

    13 points below Indiana

    • Richmond
    • Wayne
    • Indiana

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$160,095
6.7% more than 12 months ago
Typical rent
$894 a month
4.4% more than 12 months ago

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Richmond is in Wayne County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Wayne County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Richmond apart

What this place has that others do not, from public data, most unusual first.

  1. According to Zillow, in the 12 months to September 2026 the typical home value in Richmond rose 6.7%; in Indiana, it rose 2.9%.

  2. Richmond has the 9th lowest typical household income of the 134 cities in Indiana with more than 5,000 people ($45,399).

  3. 57% of households in Richmond own their home, against 69% in Wayne County.

  4. The typical home in Richmond is worth $114,400, 18% less than in Wayne County as a whole ($140,200).

Sources: Zillow (September 2026 data); U.S. Census Bureau (Average 2020–2024). Zillow data

The homes here

Housing in Richmond

What homes there are in Richmond, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

Detached houses are the majority in Richmond (69%), but less so than in Wayne County (78%).

Year built

By age, homes in Richmond look like those in Wayne County: the typical year built is 1957.

In Richmond, 16% of homes have 1 bedroom or none (studios); 57% have 3 bedrooms or more, against 64% in Wayne County.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes

The FHA limit for Wayne County is high ($541,287): at least 98% of owner-occupied homes in Richmond are worth less than $500,000.

Monthly rent with utilities

By rent, most homes in Richmond cost less than HUD's 2-bedroom fair market rent ($1,014): about 75%.

With a mortgage

$1,027 a month

Wayne County: $1,117 a month

Without a mortgage

$384 a month

Wayne County: $442 a month

Owners with a mortgage

63%

Wayne County: 63%

In Richmond, 63% of owners have a mortgage, and their typical cost is $1,027 a month, against $1,117 in Wayne County. Without one it drops to $384.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

Homes in Richmond gained value more slowly than in Wayne County: 29% since 2015–2019, against 40%.

The typical rent in Richmond rose 21% since 2015–2019, about the same as in Wayne County (19%).

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureRichmondWayne CountyIndianaUnited States
Rental vacancy 7.4%6.3%5.6%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate0.8%0.9%
More than one person per room Unreliable estimate1.1%1.8%3.4%
People per household 2.272.392.462.53
Drive alone 78%79%76%69%
Carpool 12%11%9%9%
Public transit Unreliable estimateUnreliable estimate1%3%
Walk or bike 5%3%2%3%
Work from home 5%7%11%15%
Other means Unreliable estimateUnreliable estimate1%2%
Typical commute 10 to 19 minutes10 to 19 minutes20 to 29 minutes20 to 29 minutes

There is more rental housing open in Richmond: 7.4% is empty and offered for rent, against 6.3% in Wayne County.

Households in Richmond are smaller: 2.27 people on average; in Wayne County, 2.39.

To get to work, 78% of workers in Richmond drive alone; in Wayne County, 79%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Richmond?

A typical home is within reach of the typical income

We start with a typical home in Richmond, worth $114,400, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 25% of the typical household income in Richmond, which is $45,399 a year.

The calculator's FHA and conventional loan limits are those of all of Wayne County.

Your numbers

Local data
$

Starts at the typical home value in Richmond. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $4,004 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$938

at 7.18% · 30 years

Loan amount
$112,328
Total interest
$161,614
Paid off in
November 2056

Includes $1,932 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,059 a month

    Your payment · 25%

  • Tight

    $1,059 to $1,362 a month

  • Hard

    more than $1,362 a month

Compared with the typical household income in Richmond ($45,399 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$938
Principal & interest$761
Property tax$79
Home insurance$48
FHA mortgage insurance (MIP)$51

You need at least $4,004 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Richmond and Wayne County

Richmond is in Wayne County, Indiana. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Richmond's own numbers

Typical home value
$114,400
Typical monthly rent
$822
Typical yearly household income
$45,399
Households that own their home
57%
Effective property tax rate
0.83%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Wayne County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,014
Price change over 5 years (FHFA)
+50%
Homes in a high flood-risk zone
1.6%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Wayne County.

Everything about Wayne County

Buying

Buying a home in Richmond

A typical home in Richmond is worth $114,400: 18% below the county and 48% below Indiana. With the typical household income in Richmond ($45,399 a year), a typical home costs 2.5 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Richmond 2.5 years
  • Wayne 2.5 years
  • Indiana 3.0 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Wayne County

According to FHFA’s house price index, home prices in Wayne County rose 78% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Wayne County.

Period County Indiana U.S.
Last year (2025) +6.4% +4.3% +2.9%
5 years (2020–2025) +50% +53% +47%
10 years (2015–2025) +78% +95% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Richmond next to Wayne County, Indiana and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Richmond $114,400
  • Wayne $140,200
  • Indiana $218,200
  • United States $332,700
Typical monthly rent
  • Richmond $822
  • Wayne $815
  • Indiana $1,062
  • United States $1,413
Typical yearly household income
  • Richmond $45,399
  • Wayne $55,692
  • Indiana $71,957
  • United States $80,734
See the full table
Richmond next to Wayne County and Indiana
Measure Richmond Wayne County Indiana U.S.
Typical home value $114,400 $140,200 $218,200 $332,700
Typical monthly rent $822 $815 $1,062 $1,413
Typical yearly household income $45,399 $55,692 $71,957 $80,734
Households that own their home 57% 69% 71% 65%
Typical yearly property tax $951 $1,137 $1,614 $3,119
Effective property tax rate 0.83% 0.81% 0.74% 0.94%
Renters with high rent for their income 53% 51% 48% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Wayne County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Richmond

For a typical $114,400 home in Richmond, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Richmond's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $938a month

    Least cash to close
    Down payment
    $4,004
    Cash to close
    $7,436
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $51

  • Conventional, 5% down $917a month

    Down payment
    $5,720
    Cash to close
    $9,152
    Rate
    7.18%
    Mortgage insurance
    PMI · $54

  • Conventional, 20% down, no PMI $747a month

    Down payment
    $22,880
    Cash to close
    $26,312
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $853a month

    Down payment
    $17,160
    Cash to close
    $20,592
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Richmond and for Wayne County.

Property tax

Effective rate in Richmond

0.83%of the home’s value each year

$951 a year for the typical owner in Richmond.

  • Richmond 0.83%
  • Wayne 0.81%
  • Indiana 0.74%

What Indiana publishes Homestead standard deduction: the amount drops each year (Indiana Department of Local Government Finance (DLGF), Form HC10)

Exemptions and deadlines in Indiana

Flood risk in Wayne County

FEMA does not publish these numbers by city: they are for all of Wayne County.

Homes in the high-risk zone
1.6%
440
Of those, with NFIP insurance
15%
County Indiana U.S.
Homes in the high-risk zone 1.6% 2.3% 3.5%
Of those, with NFIP insurance 15% 17% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Richmond

Typical rent in Richmond is $822 a month: about the same as the county. In Richmond, 53% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Wayne County, by unit size. To pay the 2-bedroom one ($1,014 a month) without spending more than 30% of your income, you would need to earn $19.50 an hour working full time.

HUD fair market rent for all of Wayne County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $770 $14.81 $30,800
1 bedroom $775 $14.90 $31,000
2 bedrooms $1,014 $19.50 $40,560
3 bedrooms $1,281 $24.63 $51,240
4 bedrooms $1,333 $25.63 $53,320

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Richmond

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Richmond is in ZIP code 47374.

For 2 bedrooms it is $1,030: $16 more than the fair market rent for Wayne County ($1,014).

  • 47374 $1,030$1,300

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Richmond when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Richmond

HUD lists 20 buildings with rents for lower incomes in Richmond. These are the largest.

  • Cambridge Square Richmond 3800 S A St, Richmond 47374 150 low-income homes · For older adults (765) 962-4526
  • Carriage House Richmond 701 Dillon Dr, Richmond 47374 106 low-income homes · For families (765) 935-3796
  • Merle Henderson Apartments 81 S 14th St, Richmond 47374 104 low-income homes · Run by Housing Authority of the City of Richmond · Average payment: $285 a month · Average wait: 12 months (765) 966-2687
  • Interfaith Housing B 510 W Main St, Richmond 47374 101 homes, 100 low-income · For older adults (765) 966-0064
  • Greenwood Apartments 1460 S 16th St, Richmond 47374 100 low-income homes · For families (765) 962-0886

See all 21 buildings in Wayne County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Richmond

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

We found no HUD-approved agencies with an office in Wayne County. The nearest ones are below; many serve by phone or online.

A man smiles on a bench outside his apartment building.

HUD counseling is free or low-cost

Assistance programs in Richmond

No down payment, repair or rent-help program on our list is for Richmond or Wayne County. The ones below are statewide in Indiana: they work in Richmond the same as in the rest of the state.

Which programs do I qualify for? All programs in Indiana

  • Next Home

    Statewide in Indiana

    Indiana state agency program with down payment assistance of 2.5% or 3.5% of the price, alongside a 30-year FHA or conventional mortgage. Offered by Indiana Housing and Community Development Authority (IHCDA).

    Type not stated

    See the program Official page

  • First Step

    Statewide in Indiana

    Indiana state agency 30-year FHA or conventional mortgage for first-time buyers (or homes in designated areas), with down payment assistance as a second mortgage with no interest or payments, repaid when the first mortgage ends. Offered by Indiana Housing and Community Development Authority (IHCDA).

    Deferred

    See the program Official page

Housing counselors near Richmond

The HUD-approved agencies closest to the center of Richmond, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Pathstone Corporation - Indiana

    420 S High St Ste 101, Muncie · 36 miles away · Spanish

    • Budget and financial counseling
    • Budget and credit workshops
    • and 5 more
    (765) 286-2162

  • Transition Resources - Pendleton

    600 Corporation Dr Ste 105, Pendleton · 48 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 7 more
    (866) 844-8556

  • The Affordable Housing Corporation of Marion, Indiana

    812 S Washington St, Marion · 64 miles away

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 8 more
    (765) 662-1574

All counseling agencies in Indiana

Help in Spanish near Richmond

1 of the 3 agencies on this list says it serves in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Richmond

HUD’s record names them for Richmond or Wayne County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

  • Housing Authority of the City of Richmond Public housing and Section 8 vouchers (765) 966-2687

All housing agencies in Indiana Source: HUD

Cities

Nearby cities

The cities closest to Richmond, with the typical home value.

Everything about Wayne County Housing in Indiana

Neighboring counties

If Wayne County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Richmond.

All guides
A father holds his baby and his young son by a white picket fence.

Questions

Housing questions about Richmond

Short answers with the numbers for Richmond and all of Wayne County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Richmond?

The typical home value in Richmond is $114,400, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Wayne County it is $140,200.

How much does it cost to rent in Richmond?

Typical rent in Richmond is $822 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Wayne County is $1,014.

What is the FHA loan limit in Richmond?

Richmond uses the FHA limit for all of Wayne County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in Richmond?

The typical homeowner in Richmond pays $951 a year, according to the U.S. Census Bureau. That is 0.83% of the home’s value; in Wayne County, the rate is 0.81%.

Where can I find free help to buy or rent in Richmond?

We found no HUD-approved counseling agencies with an office in Wayne County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).