Cost of Living in Richmond, IN
Cost of Living in Richmond, IN has an overall index of 69, 31% below the U.S. baseline of 100. The typical home value is $107,600; typical monthly rent is $815; and median household income is $46,395.
Cost index: committed city housing/rent inputs and BEA 2024 metro-area price parities. Home value: Census ACS 2023 fallback place estimate. Rent: Census ACS 2023 fallback place estimate. A place-level signal, not a personal affordability decision or financial recommendation.
Rent and home prices are comparatively balanced with local income. This describes the local market, not your household.
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Other Indiana cities with a useful tradeoff.
Recommendations require usable housing and income data and exclude very small places for a city of this scale.
Frequently asked questions about Richmond
Living in Richmond
Is Richmond, IN an affordable place to live?+
Yes — everyday expenses in Richmond run about 31% below the US average (Cost Index: 69). Housing is especially affordable: the median home is valued around $107,600, compared to the $303,400 national median. Monthly rent is $815, versus $1,348 nationally.
How does Richmond fit a household housing budget?+
Start with housing. Typical monthly rent is $815, while local median household income is $46,395. That implies a rent-burden proxy of about 21% before utilities and other costs. Use that as a planning signal for whether the place looks manageable under your own household assumptions.
How much are taxes in Richmond, IN?+
Indiana uses a flat model; 3.05% is top marginal-rate context. Applying the 0.83% state-level effective owner-occupied proxy to a home worth $107,600 gives a planning estimate near $893 per year; it is not a city, county, parcel, or individual tax bill. State plus average local sales-tax context is around 7%.
How much does it cost to rent in Richmond, IN?+
The typical monthly rent in Richmond is around $815. That's roughly 40% lower than the $1,348 national median. For comparison, the median home value here is $107,600, so buyers should also factor in mortgage payments, property taxes, and insurance.
How much does a house cost in Richmond, IN?+
The typical home value in Richmond is $107,600. With 20% down and the committed 6.11% national 30-year fixed benchmark as of 2026-03-12, principal and interest are roughly $522/month before property tax and insurance. This is a planning estimate, not a local lender quote. About 58% of residents here own their homes.
Are groceries and utilities expensive in Richmond?+
Grocery prices in Richmond are about average compared to the rest of the US (index: 97, where 100 is the national average). Utility bills (electricity, gas, water) are below average (index: 89). Overall, these everyday costs shouldn't cause major surprises if you're moving from another similarly-sized US city.
What is Richmond, IN like to live in?+
Richmond is a smaller city with a population of about 35,551. The median age of residents is 38.1, which is close to the national median. The local poverty rate is 23.21%, above the national average of 12.4%.