Richmond, IN home prices
Typical home $173,654 · +6.5% in a year · income needed $48,800
The Richmond, IN metro area ranks 743 of 894 U.S. metros for home values (U.S. typical home: $366,157). Prices changed +6.5% in a year and +41.0% over five years. With 20% down at 7.11%, the typical home costs about $1,139 a month including 0.81% property tax (Wayne County rate).
Mortgage on the typical Richmond home
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $34,731 | $138,923 | $935 | $0 | $204 | $1,139 | $48,800 |
| 10% down | $17,365 | $156,289 | $1,051 | $65 | $204 | $1,321 | $56,600 |
| 5% down | $8,683 | $164,972 | $1,110 | $69 | $204 | $1,383 | $59,300 |
| 3.5% down (FHA) | $6,078 | $170,509 | $1,147 | $77 | $204 | $1,428 | $61,200 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.81% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Counties in the Richmond area
| County | Typical home | 1-yr change | Tax rate |
|---|---|---|---|
| Wayne County, IN | $173,653 | +6.5% | 0.81% |
What can you afford in Indiana on your salary? · Indiana home prices · Salaries in Indiana
Frequently asked questions
How much is a house in Richmond?
The typical home in the Richmond, IN metro area is worth $173,654 (Zillow, September 2026).
What salary do you need to buy a house in Richmond?
About $48,800 a year for the typical home with 20% down at 7.11%.