103rd most affordable of 199 in Metro Detroit
Cost of Living in Richmond, MI
A typical home in Richmond costs about $1,123 a month, 20.8% of the median household income of $64,719. That makes Richmond the 9th most affordable of 27 places in Macomb County and 103rd of 199 across Metro Detroit.
- Median rent a month
- $864
- Median home value
- $237,700
- Owner cost with a mortgage
- $1,382
- Of income on housing
- 20.8%
Richmond against Macomb County and the metro
| Census median | Richmond | Macomb County | Metro Detroit |
|---|---|---|---|
| Median rent (monthly) | $864 | $1,211 | $1,207 |
| Median home value | $237,700 | $243,900 | $249,700 |
| Owner cost with a mortgage (monthly) | $1,382 | $1,628 | $1,720 |
| Median household income (yearly) | $64,719 | $77,837 | $76,664 |
| Share of income on housing | 20.8% | 21.9% | 22.9% |
Ranked 9th most affordable of 27 in Macomb County. See all 27.
Cost of living near Richmond
The towns around Richmond, each with its own page.
- Lenox Township Rent $1,360 · Home $212,900 174th most affordable in the metro
- Richmond Township Rent $0 · Home $378,800 42nd most affordable in the metro
- Casco Township Rent $1,091 · Home $303,200 77th most affordable in the metro
- Columbus Township Rent $1,430 · Home $323,200 95th most affordable in the metro
- Memphis Rent $820 · Home $213,300 173rd most affordable in the metro
- New Haven Rent $1,268 · Home $209,000 186th most affordable in the metro
- Armada Rent $1,061 · Home $274,300 19th most affordable in the metro
- New Baltimore Rent $1,039 · Home $323,200 18th most affordable in the metro
Living in Richmond
- Homes for sale in Richmond Listings and off-market deals
- Rentals in Richmond Houses and apartments for rent
- Richmond neighborhoods Every neighborhood on a map
- Richmond crime rate From Richmond's own police reports
- Cost of living in Macomb County Every town in the county, ranked
- Most affordable cities in Metro Detroit All six counties, ranked
- Richmond city guide Pros, homes and city services
Richmond cost of living questions
5 questions
Is Richmond, MI expensive to live in?
A typical home in Richmond takes 20.8% of the median household income, against 22.9% across Metro Detroit, which ranks it 103rd most affordable of 199 places.
What is the average rent in Richmond?
The median gross rent is $864 a month, rent plus the utilities the renter pays, 28% below the metro.
How much does a house cost in Richmond?
Owners put the median home value at $237,700, 5% below the metro. With a mortgage, the median owner pays $1,382 a month for the mortgage, taxes, insurance and utilities.
What income do you need to live in Richmond?
Spending no more than 30% of income on housing, the usual rule, a typical Richmond home at $1,123 a month calls for about $45,000 a year. The median household here earns $64,719.
Where do these numbers come from?
The U.S. Census Bureau's American Community Survey 2020-2024 5-year estimates for Richmond. They are medians, half above and half below, and today's listings and rents can differ.
Source: U.S. Census Bureau, American Community Survey 2020-2024 5-year estimates.