Richmond, KY

Very Low · 63

Kentucky · Population 35,498 · Updated March 2026

$860
Median Rent / Month
$48,223
Median Income
$205,900
Median Home Value
$911
Owner Costs / Month

Affordability

How far your income goes in Richmond

21.4%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Kentucky

State-level tax rates that affect your costs

4.0%
Income Tax (Top Rate)
6.0%
Sales Tax
0.83%
Property Tax Rate

Estimated Annual Costs

$10,320
Annual Rent
$1,929
State Income Tax
$1,709
Property Tax (est.)

Cost of Living Overview

Richmond is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 63 (where 100 equals the national median), Richmond residents can expect to pay median rent of $860/month while earning a median household income of $48,223/year.

The median home value in Richmond, KY is $205,900, with typical monthly owner costs around $911 including mortgage, insurance, and taxes. The median rent-to-income ratio of 21.4% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Kentucky has a moderate income tax rate of 4.0%. Combined with a 6.0% sales tax rate and 0.83% effective property tax rate, the overall tax environment is a factor in the total cost of living in Richmond.

Frequently Asked Questions

Common questions about living costs in Richmond

What is the cost of living in Richmond, KY?
The cost of living index in Richmond, KY is 63 (US average = 100). Median monthly rent is $860, median household income is $48,223/year, and the median home value is $205,900.
Is Richmond, KY affordable?
Yes, Richmond is more affordable than the national average with a cost index of 63. The rent-to-income ratio is 21.4%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Richmond, KY?
The median gross rent in Richmond, KY is $860 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $10,320.
What is the median household income in Richmond?
The median household income in Richmond, KY is $48,223 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Kentucky?
Kentucky has a top income tax rate of 4.0%, a sales tax of 6.0%, and an effective property tax rate of 0.83%.