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City · 37,111 residents · Madison County, Kentucky

Richmond , Kentucky

In Richmond, a typical home is worth $214,900 and typical rent is $917 a month. Compared with all of Madison County, typical household income is 20% lower, the typical home value is 7% lower, and the share of households that own their home is 24 points lower.

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  • Typical home value

    $214,900

    7% below the county

    5% above Kentucky

    • Richmond
    • Madison
    • Kentucky

  • Typical rent

    $917a month

    3% above the county

    5% below Kentucky

    • Richmond
    • Madison
    • Kentucky

  • Typical household income

    $50,870a year

    20% below the county

    20% below Kentucky

    • Richmond
    • Madison
    • Kentucky

  • Households that own their home

    38%

    24 points below the county

    30 points below Kentucky

    • Richmond
    • Madison
    • Kentucky

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

Market now, with Zillow data

Zillow data
Typical home value
$299,053
1.2% more than 12 months ago
Typical rent
$1,109 a month
1.8% more than 12 months ago

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

Richmond is in Madison 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 Madison 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. 38% of households in Richmond own their home, against 62% in Madison County.

  2. Nearby, in Danville, the typical rent is $762: 17% less than in Richmond ($917).

  3. The typical household income in Richmond is $50,870, 20% less than in Madison County as a whole ($63,351).

Sources: U.S. Census Bureau (Average 2020–2024).

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

Homes in Richmond are varied: detached houses are the largest group, at 40%, against 62% in Madison County.

Year built

In Richmond, half of the homes were built before 1994; in Madison County, before 1993.

In Richmond, 19% of homes have 1 bedroom or none (studios); 48% have 3 bedrooms or more, against 64% in Madison 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 Madison County is high ($541,287): at least 98% of owner-occupied homes in Richmond are worth less than $500,000.

Monthly rent with utilities

Measured against HUD's 2-bedroom fair market rent ($993), about 62% of rented homes in Richmond cost less.

With a mortgage

$1,402 a month

Madison County: $1,485 a month

Without a mortgage

$482 a month

Madison County: $459 a month

Owners with a mortgage

68%

Madison County: 62%

Owning costs less in Richmond: with a mortgage, the typical cost is $1,402 a month; in Madison County, $1,485. Without one, $482.

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

From 2015–2019 to 2020–2024, the typical home value in Richmond rose 41%; in Madison County, it rose 46%.

The typical rent in Richmond rose 34% over the same time; in Madison County, it rose 25%.

While home values in Richmond changed +41% and rent +34%, the typical household income rose 40%.

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

MeasureRichmondMadison CountyKentuckyUnited States
Rental vacancy 4.6%4.6%4.6%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate0.9%0.9%
More than one person per room Unreliable estimate1.4%2.0%3.4%
People per household 2.172.432.432.53
Drive alone 76%76%77%69%
Carpool 9%9%9%9%
Public transit Unreliable estimateUnreliable estimate1%3%
Walk or bike 6%4%2%3%
Work from home 8%10%10%15%
Other means Unreliable estimate1%1%2%
Typical commute 10 to 19 minutes20 to 29 minutes20 to 29 minutes20 to 29 minutes

Open rentals in Richmond look like those in Madison County: the rental vacancy rate is 4.6%.

Fewer people live in each home here: 2.17 on average, against 2.43 in Madison County.

In Richmond, 76% of workers drive alone to work; in Madison County, 76%.

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 costs more than the typical income allows

We start with a typical home in Richmond, worth $214,900, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 41% of the typical household income in Richmond, which is $50,870 a year. For that payment to be 28% of income, a household would need to earn about $75,313 a year.

The calculator's FHA and conventional loan limits are those of all of Madison 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 $7,522 (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

$1,757

at 7.18% · 30 years

Loan amount
$211,007
Total interest
$303,590
Paid off in
November 2056

Includes $3,629 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,187 a month

  • Tight

    $1,187 to $1,526 a month

  • Hard

    more than $1,526 a month

    Your payment · 41%

Compared with the typical household income in Richmond ($50,870 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$1,757
Principal & interest$1,429
Property tax$143
Home insurance$90
FHA mortgage insurance (MIP)$95

You need at least $7,522 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 Madison County

Richmond is in Madison County, Kentucky. 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
$214,900
Typical monthly rent
$917
Typical yearly household income
$50,870
Households that own their home
38%
Effective property tax rate
0.8%

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

Numbers for all of Madison County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$993
Price change over 5 years (FHFA)
+54%
Homes in a high flood-risk zone
2%

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 Madison County.

Everything about Madison County

Buying

Buying a home in Richmond

A typical home in Richmond is worth $214,900: 7% below the county and 5% above Kentucky. With the typical household income in Richmond ($50,870 a year), a typical home costs 4.2 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 4.2 years
  • Madison 3.7 years
  • Kentucky 3.2 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Madison County

According to FHFA’s house price index, home prices in Madison County rose 89% in the 10 years through 2025.

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

Period County Kentucky U.S.
Last year (2025) +4.4% +3.9% +2.9%
5 years (2020–2025) +54% +50% +47%
10 years (2015–2025) +89% +84% +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 Madison County, Kentucky and the U.S.

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

Typical home value
  • Richmond $214,900
  • Madison $232,000
  • Kentucky $205,600
  • United States $332,700
Typical monthly rent
  • Richmond $917
  • Madison $889
  • Kentucky $967
  • United States $1,413
Typical yearly household income
  • Richmond $50,870
  • Madison $63,351
  • Kentucky $63,726
  • United States $80,734
See the full table
Richmond next to Madison County and Kentucky
Measure Richmond Madison County Kentucky U.S.
Typical home value $214,900 $232,000 $205,600 $332,700
Typical monthly rent $917 $889 $967 $1,413
Typical yearly household income $50,870 $63,351 $63,726 $80,734
Households that own their home 38% 62% 68% 65%
Typical yearly property tax $1,713 $1,698 $1,544 $3,119
Effective property tax rate 0.8% 0.73% 0.75% 0.94%
Renters with high rent for their income 44% 45% 45% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Madison 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 $214,900 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 $1,757a month

    Least cash to close
    Down payment
    $7,522
    Cash to close
    $13,969
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $95

  • Conventional, 5% down $1,718a month

    Down payment
    $10,745
    Cash to close
    $17,192
    Rate
    7.18%
    Mortgage insurance
    PMI · $102

  • Conventional, 20% down, no PMI $1,397a month

    Down payment
    $42,980
    Cash to close
    $49,427
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $1,596a month

    Down payment
    $32,235
    Cash to close
    $38,682
    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 Madison County.

Property tax

Effective rate in Richmond

0.8%of the home’s value each year

$1,713 a year for the typical owner in Richmond.

  • Richmond 0.8%
  • Madison 0.73%
  • Kentucky 0.75%

What Kentucky publishes Homestead exemption for owners 65 or older or totally disabled (Kentucky Department of Revenue)

Exemptions and deadlines in Kentucky

Flood risk in Madison County

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

Homes in the high-risk zone
2%
592
Of those, with NFIP insurance
29%
County Kentucky U.S.
Homes in the high-risk zone 2% 3.5% 3.5%
Of those, with NFIP insurance 29% 19% 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 $917 a month: 3% above the county. In Richmond, 44% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Madison County, by unit size. To pay the 2-bedroom one ($993 a month) without spending more than 30% of your income, you would need to earn $19.10 an hour working full time.

HUD fair market rent for all of Madison 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 $691 $13.29 $27,640
1 bedroom $859 $16.52 $34,360
2 bedrooms $993 $19.10 $39,720
3 bedrooms $1,375 $26.44 $55,000
4 bedrooms $1,600 $30.77 $64,000

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 40475.

For 2 bedrooms it is $1,030: $37 more than the fair market rent for Madison County ($993).

  • 40475 $1,030$1,430

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 13 buildings with rents for lower incomes in Richmond. These are the largest.

  • B E Willis Manor 502 Ellis Ct, Richmond 40475 186 low-income homes · Run by Housing Authority of Richmond · Average payment: $298 a month · Average wait: 8 months (859) 623-1321
  • Richmond Manor Apartments 743B N 3rd St, Richmond 40475 138 homes, 132 low-income · For families (859) 624-9410
  • Smith Village 414 Smith Vlg, Richmond 40475 106 homes, 105 low-income · Run by Housing Authority of Richmond · Average payment: $340 a month · Average wait: 12 months (859) 623-1321
  • Madison Towers N. Madison Ave., Richmond 40475 102 low-income homes · 1 bd: 101 · 2 bd: 1 · In service since 2016 · For older adults
  • Madison Tower 225 N Madison Ave, Richmond 40475 102 homes, 101 low-income · For older adults (859) 623-6067

See all 20 buildings in Madison 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 Madison County. The nearest ones are below; many serve by phone or online.

A pregnant woman reads paperwork on the sofa while the grandmother plays with the girl on the floor.

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 Madison County. The ones below are statewide in Kentucky: they work in Richmond the same as in the rest of the state.

Which programs do I qualify for? All programs in Kentucky

  • KHC Down Payment Assistance (DPA)

    Statewide in Kentucky

    Kentucky state corporation loan of up to $12,500 for the down payment and closing costs, repaid over 15 years as a second loan, for buyers who take a KHC mortgage. Offered by Kentucky Housing Corporation (KHC).

    Repayable

    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.

  • Apprisen - Lexington

    3499 Blazer Pkwy, Lexington · 20 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 2 more
    (800) 355-2227

  • Reach, Inc.

    733 Red Mile Rd, Lexington · 25 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 5 more
    (859) 455-8057

  • Community Ventures Corporation

    1450 N Broadway, Lexington · 25 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 5 more
    (859) 231-0054

All counseling agencies in Kentucky

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 Madison County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

One other authority has an office in Madison County: see the list Source: HUD

Cities

Other cities in Madison County

These cities are also in Madison County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Madison County Housing in Kentucky

Nearby cities

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

Neighboring counties

If Madison 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
Three women of one family talk as they cook vegetables in the kitchen.

Questions

Housing questions about Richmond

Short answers with the numbers for Richmond and all of Madison 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 $214,900, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Madison County it is $232,000.

How much does it cost to rent in Richmond?

Typical rent in Richmond is $917 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Madison County is $993.

What is the FHA loan limit in Richmond?

Richmond uses the FHA limit for all of Madison 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 $1,713 a year, according to the U.S. Census Bureau. That is 0.8% of the home’s value; in Madison County, the rate is 0.73%.

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

We found no HUD-approved counseling agencies with an office in Madison 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).