In Richmond, a typical home is worth $237,700 and typical rent is $864 a month. Compared with all of Macomb County, typical rent is 29% lower and typical household income is 17% lower.
Typical home value from Zillow, September 2021 to September 2026: from $257,964 to $305,716.
From Zillow (ZHVI), September 2026. The Census figures above are 5-year averages (2020–2024).
Richmond is in Macomb 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 Macomb County. See the county
What this place has that others do not, from public data, most unusual first.
1
Richmond has the 8th largest share of rent-burdened renters of the 168 cities in Michigan with more than 5,000 people (69%).
2
Nearby, in Mount Clemens, the typical home value is $179,400: 25% less than in Richmond ($237,700).
3
The typical rent in Richmond is $864 a month, 29% less than in Macomb County as a whole ($1,211).
4
The typical household income in Richmond is $64,719,17% less than in Macomb County as a whole ($77,837).
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
Detached houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
Richmond
Macomb County
Michigan
United States
Kind of home: Richmond and its comparisons
Measure
Richmond
Macomb County
Michigan
United States
Detached house
63%
68%
72%
61%
Attached house
14%
10%
5%
6%
Building of 2 to 4
Unreliable estimate
4%
5%
8%
Apartments (5 or more)
Unreliable estimate
14%
13%
19%
Mobile home
Unreliable estimate
4%
5%
6%
Boat, RV and other
Unreliable estimate
Unreliable estimate
0%
0%
The detached house is still the most common home in Richmond, but it weighs less than in Macomb County: 63% against 68%.
Year built
Before 19601960–19791980–19992000–20092010 or laterUnreliable estimate
Richmond
Macomb County
Michigan
United States
Year built: Richmond and its comparisons
Measure
Richmond
Macomb County
Michigan
United States
Before 1960
35%
25%
36%
26%
1960–1979
15%
33%
26%
24%
1980–1999
28%
24%
22%
25%
2000–2009
19%
12%
10%
14%
2010 or later
Unreliable estimate
6%
6%
11%
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Unreliable estimate
Under $100KUnreliable
$100K–$200K27%
$200K–$300K49%
$300K–$500K19%
$500K–$750KUnreliable
$750K–$1MUnreliable
$1M or moreUnreliable
Value of owner-occupied homes: Richmond and its comparisons
Measure
Richmond
Under $100K
Unreliable estimate
$100K–$200K
27%
$200K–$300K
49%
$300K–$500K
19%
$500K–$750K
Unreliable estimate
$750K–$1M
Unreliable
$1M or more
Unreliable
Monthly rent with utilities
Unreliable estimate
Under $500Unreliable
$500–$99976%
$1,000–$1,499Unreliable
$1,500–$1,999Unreliable
$2,000–$2,499Unreliable
$2,500–$2,999Unreliable
$3,000 or moreUnreliable
Monthly rent with utilities: Richmond and its comparisons
Measure
Richmond
Under $500
Unreliable
$500–$999
76%
$1,000–$1,499
Unreliable estimate
$1,500–$1,999
Unreliable estimate
$2,000–$2,499
Unreliable
$2,500–$2,999
Unreliable
$3,000 or more
Unreliable
With a mortgage
$1,382 a month
Macomb County: $1,628 a month
Without a mortgage
$623 a month
Macomb County: $643 a month
Owners with a mortgage
68%
Macomb County: 62%
In Richmond, 68% of owners have a mortgage, and their typical cost is $1,382 a month, against $1,628 in Macomb County. Without one it drops to $623.
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
Richmond+30%
Macomb County+46%
Michigan+50%
United States+53%
Typical rent
Richmond+27%
Macomb County+26%
Michigan+30%
United States+33%
Typical household income
RichmondNo clear change
Macomb County+24%
Michigan+28%
United States+29%
Change since 2015–2019: Richmond and its comparisons
Measure
Richmond
Macomb County
Michigan
United States
Typical home value
+30%
+46%
+50%
+53%
Typical rent
+27%
+26%
+30%
+33%
Typical household income
No clear change
+24%
+28%
+29%
Homes in Richmond gained value more slowly than in Macomb County: 30% since 2015–2019, against 46%.
Rents in Richmond rose at about the same pace as in Macomb County: 27% since 2015–2019, against 26%.
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Richmond and its comparisons
Measure
Richmond
Macomb County
Michigan
United States
Rental vacancy
Unreliable estimate
2.9%
5.1%
5.5%
Homeowner vacancy
Unreliable estimate
0.7%
0.8%
0.9%
More than one person per room
Unreliable estimate
1.8%
1.6%
3.4%
People per household
2.32
2.43
2.42
2.53
Drive alone
82%
76%
74%
69%
Carpool
Unreliable estimate
8%
8%
9%
Public transit
Unreliable estimate
1%
1%
3%
Walk or bike
Unreliable estimate
1%
2%
3%
Work from home
Unreliable estimate
13%
14%
15%
Other means
Unreliable estimate
1%
1%
2%
Typical commute
Unreliable estimate
20 to 29 minutes
20 to 29 minutes
20 to 29 minutes
Much as in Macomb County, a household in Richmond has 2.32 people on average.
To get to work, 82% of workers in Richmond drive alone; in Macomb County, 76%.
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 $237,700, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 38% of the typical household income in Richmond, which is $64,719 a year. For that payment to be 28% of income, a household would need to earn about $87,038 a year.
The calculator's FHA and conventional loan limits are those of all of Macomb County.
Change the price, the down payment or the loan: the payment updates right away.
Your numbers
Local data
$
Starts at the typical home value in Richmond. Change it to the price you have in mind.
Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.
Down payment
%
That is $8,320 (3.5% of the price). The usual minimum for this loan is 3.5%.
This week's average ± a quarter or half point.
National average as of November 5, 2026 (Freddie Mac); your rate may be different.
Adjust advanced details⌄
Estimated monthly payment
Local data
$2,031
at 7.18% · 30 years
Loan amount
$233,394
Total interest
$335,799
Paid off in
November 2056
Includes $4,014 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $1,510 a month
Tight
$1,510 to $1,942 a month
Hard
more than $1,942 a month
Your payment · 38%
Compared with the typical household income in Richmond ($64,719 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$1,581
Property tax
$246
Home insurance
$99
FHA mortgage insurance (MIP)
$105
You need at least $8,320 for the down payment, plus closing costs.
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.
Total monthly payment $2,031; principal and interest $1,581.
The city and its county
Richmond and Macomb County
Richmond is in Macomb County, Michigan. 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
Map of Macomb County, Michigan, with Richmond marked. Around it, the neighboring counties.
Richmond
Macomb County
Other cities with a page
Richmond's own numbers
Typical home value
$237,700
Typical monthly rent
$864
Typical yearly household income
$64,719
Households that own their home
77%
Effective property tax rate
1.24%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of Macomb County
FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,459
Price change over 5 years (FHFA)
+47%
Homes in a high flood-risk zone
1.2%
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 Macomb County.
A typical home in Richmond is worth $237,700: 3% below the county and 3% above Michigan. With the typical household income in Richmond ($64,719 a year), a typical home costs 3.7 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.
Richmond3.7 years
Macomb3.1 years
Michigan3.2 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in Macomb County
According to FHFA’s house price index, home prices in Macomb County rose 92% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of Macomb County.
Yearly change in FHFA’s price index in Macomb County, 2016 to 2025
2016: +5.5% +5.5% 2016
2017: +7.4% +7.4% 2017
2018: +6.5% +6.5% 2018
2019: +4.5% +4.5% 2019
2020: +3.6% +3.6% 2020
2021: +12.4% +12.4% 2021
2022: +11.7% +11.7% 2022
2023: +5.3% +5.3% 2023
2024: +6.8% +6.8% 2024
2025: +4.1% +4.1% 2025
Change in FHFA’s price index in Macomb County, Michigan and the United States
Period
County
Michigan
U.S.
Last year (2025)
+4.1%
+4.7%
+2.9%
5 years (2020–2025)
+47%
+52%
+47%
10 years (2015–2025)
+92%
+97%
+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 Macomb County, Michigan and the U.S.
Three numbers side by side. “Typical” means the median: half are above it and half below.
Typical home value
Richmond$237,700
Macomb$243,900
Michigan$231,600
United States$332,700
Typical monthly rent
Richmond$864
Macomb$1,211
Michigan$1,129
United States$1,413
Typical yearly household income
Richmond$64,719
Macomb$77,837
Michigan$72,875
United States$80,734
See the full table
Richmond next to Macomb County and Michigan
Measure
Richmond
Macomb County
Michigan
U.S.
Typical home value
$237,700 ▼3% below the county
$243,900
$231,600
$332,700
Typical monthly rent
$864 ▼29% below the county
$1,211
$1,129
$1,413
Typical yearly household income
$64,719 ▼17% below the county
$77,837
$72,875
$80,734
Households that own their home
77% ▲2 points above the county
75%
73%
65%
Typical yearly property tax
$2,942 ▼14% below the county
$3,404
$2,904
$3,119
Effective property tax rate
1.24% ▼0.16 points below the county
1.4%
1.25%
0.94%
Renters with high rent for their income
69% ▲18 points above the county
51%
50%
51%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Macomb 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 $237,700 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$2,031a month
Least cash to close
Down payment
$8,320
Cash to close
$15,451
Rate
7.18%
Mortgage insurance
FHA MIP · $105
Conventional, 5% down$1,987a month
Down payment
$11,885
Cash to close
$19,016
Rate
7.18%
Mortgage insurance
PMI · $113
Conventional, 20% down, no PMI$1,633a month
Down payment
$47,540
Cash to close
$54,671
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$1,853a month
Down payment
$35,655
Cash to close
$42,786
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Richmond
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$2,031
$8,320
$233,395
7.18%
FHA MIP · $105
$15,451
580
Conventional, 5% down
$1,987
$11,885
$225,815
7.18%
PMI · $113
$19,016
620*
Conventional, 20% down, no PMI
$1,633
$47,540
$190,160
7.18%
None
$54,671
620*
ITIN, 15% down (example)
$1,853
$35,655
$202,045
8.18%
None
$42,786
Set by the lender
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.
Typical rent in Richmond is $864 a month: 29% below the county. In Richmond, 69% of renter households pay 30% or more of their income in rent.
HUD publishes a fair market rent for all of Macomb County, by unit size. To pay the 2-bedroom one ($1,459 a month) without spending more than 30% of your income, you would need to earn $28.06 an hour working full time.
What you need to earn to pay it without spending more than 30% of income, working full time.
HUD fair market rent in Macomb County (Fiscal year 2027)
Size
Fair rent a month
Hourly wage
Yearly income
Studio
$1,047
$20.13
$41,880
1 bedroom
$1,167
$22.44
$46,680
2 bedrooms
$1,459
$28.06
$58,360
3 bedrooms
$1,777
$34.17
$71,080
4 bedrooms
$1,929
$37.10
$77,160
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 48062.
For 2 bedrooms it is $1,070: $389 less than the fair market rent for Macomb County ($1,459).
Fair market rent by ZIP code and size in Richmond, fiscal year 2027.
ZIP code
Studio
1 bd
2 bd
3 bd
4 bd
48062
$770
$860
$1,070
$1,300
$1,410
ZIP code2 bd3 bd
48062 $1,070$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 2027Small Area Fair Market Rents (HUD) (external site)Source: Census Bureau ZCTA-to-place relationship fileData from 2020 dataCensus Bureau ZCTA-to-place relationship file (external site)
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.
There are 2 HUD-approved agencies with an office in Macomb County; none says it serves in Spanish.
No down payment, repair or rent-help program on our list is for Richmond or Macomb County. The ones below are statewide in Michigan: they work in Richmond the same as in the rest of the state.
Michigan state agency loan of up to $10,000, with no interest and no monthly payments, for the down payment, closing costs and prepaid expenses; it goes with MSHDA's MI Home Loan mortgage and is repaid in certain cases, such as when you pay off the first mortgage, sell or refinance the home, or no longer live in it.Offered by Michigan State Housing Development Authority (MSHDA).
Michigan state authority certificate that lets you take 20% of the interest you pay each year on your mortgage off your federal taxes, for the life of the loan; you apply with an approved lender before you buy.Offered by Michigan State Housing Development Authority (MSHDA).
No legal help resource on our list is for Richmond or Macomb County in particular.
If you have a problem with your landlord, an eviction notice or a scam, the Legal Services Corporation (LSC) search shows the free legal aid offices that serve your area.
Short answers with the numbers for Richmond and all of Macomb 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 $237,700, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Macomb County it is $243,900.
How much does it cost to rent in Richmond?
Typical rent in Richmond is $864 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Macomb County is $1,459.
What is the FHA loan limit in Richmond?
Richmond uses the FHA limit for all of Macomb 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 $2,942 a year, according to the U.S. Census Bureau. That is 1.24% of the home’s value; in Macomb County, the rate is 1.4%.
Where can I find free help to buy or rent in Richmond?
There are 2 HUD-approved counseling agencies with an office in Macomb County. They can help you get ready to buy, with your credit, or with rent.
