Richmond, VA

Rent vs buy in Richmond

Median home $325,800. A 1 bedrooms rents for $1,378 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,378; per month
Own the median home: $2,171; P&I, tax, insurance, upkeep
Owning costs extra: $793; per month, same metro

What a purchase actually costs

20% down payment$65,160
Mortgage at 6.5%$1,647
Property tax (0.83% of value)$225/mo · $2,704/yr
Insurance and upkeep (1.1%/yr)$299
Total monthly ownership$2,171

Census ACS 2023: 48.8% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $2,337 left over a month, it takes about 28 months (2.3 years) to save $65,160 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.