Richmond, Indiana.
Typical home $160,095 (+6.7% in a year), asking rent $894 (+4.4%). Richmond, IN metro.
to buy the typical home at today's mortgage rate — +$498 (+146%) since Jan 2020.
- 1 year
- Up $10,070 +7%
- $150,025$160,095 since Sep 2025
- 5 years
- Up $46,777 +41%
- $113,318$160,095 since Sep 2021
Monthly payment to buy the typical home
Home value × that month's 30-year mortgage rate, 20% down, principal and interest. This is the line households feel: prices and rates compound each other.
- Richmond$840
- Indiana$1,350
- United States$1,922
At the last five years' pace, a typical home here doubles in price every 10 years.
Typical home values in Richmond, IN rose 6.7% over the past year — faster than the nation's +1.2%.
Asking rents in Richmond, IN rose 4.4% over the past year — faster than the nation's +2.7%.
Owning the typical home in Richmond runs $226/mo more than renting one — the widest that gap has been in this data.
That is $1,120 a month against $894 rent: a $840 mortgage payment, plus $108 property tax and $171 insurance & upkeep.
Owning vs renting — Richmond
The owning line is the typical home's monthly payment at that month's rate, plus property tax and insurance & upkeep; the renting line is the typical asking rent; the grey line is the mortgage payment on its own. Same homes, same months, both ways of paying for a roof.
- Owning all in$1,120
- Renting$894
- Mortgage only$840
Property tax · $108/mo 0.81% of value a year — the ACS 2020-2024 median bill over the median home value for Wayne County, IN
Insurance & upkeep · $171/mo insurance, maintenance and repairs together, from the BLS Consumer Expenditure Survey — the national figure for mortgaged homeowners, scaled to this market's home value. BLS publishes the three bundled and they cannot be split.
Both are priced off the same month's home value, so they rise with the market. Neither is a quote — a specific home's bill depends on its assessment, its age and its insurer.
Living in Richmond, Wayne County, Indiana
Richmond is a city of 35,720 people in Wayne County. Half its households earn more than $45,399 a year and half less, against $55,692 across Wayne County; 25% of its people live below the poverty line. 57% of its homes are lived in by their owners and 43% are rented. Unemployment in Richmond was 4.2% in August 2026, and Wayne County had 1.2% fewer jobs in 2025 than the year before. The most residents work in schools and health care, then manufacturing.
Written by AI Claude Sonnet 5.5 wrote this on 23 October 2026 from the figures here, a list of nearby places and what it knows. It can be wrong or out of date.
What it’s like
The place. Richmond is a small city in Wayne County, Indiana, with a population that sits in the mid-sized range for a Midwestern county seat. Household incomes run below the county's, and more people live below the poverty line than most would expect in a town of this kind. Fewer homes are lived in by their owners than is typical across much of the country, and both home prices and rents are modest. Winters are cold, with January the coldest month, summers turn warm in July, and rain and melted snow fall steadily through the year.
Work. Many residents work in schools, hospitals and social care, with manufacturing, shops, and restaurants and hotels also employing a good number. Among the largest workplaces in Richmond are Reid Hospital & Health Care Services, Richmond Community Schools and Earlham College. Commutes are short, and few people work from home. Unemployment has eased slightly over the past year, though the county has fewer jobs than it did the year before.
Things to do. In or beside town, the Richmond Art Museum and Hayes Arboretum, a botanical garden, are the best known places to visit, and the Richmond Civic Theater stages live performances. A short drive away, the Levi Coffin House is a museum with a history that reaches back to the nineteenth century. Four Mile Creek, also a short drive away, offers a quiet stretch of river for a walk.
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- 14,849households
- 20%of adults have a degree
- 25%below the poverty line
- 19 mintypical commute
- 5%work from home
What residents work in
Employed residents by industry, from the Census survey. Wayne County had 29,380 jobs in 2025, 1.2% fewer than the year before (Bureau of Labor Statistics).
Weather through the year
Coldest in January, with highs near 36° and lows near 20°; warmest in July, with highs near 85° and lows near 64°. About 43 inches of rain and melted snow a year.
Average daily high and low, 1991–2020, at the Richmond Wtr Wks weather station, 2 miles away (NOAA).
Largest workplaces in Richmond
- Reid Hospital & Health Care ServicesGeneral hospital1,246FTE
- Richmond Community SchoolsSchool district666FTE
- City Of RichmondGeneral public administration580
- Indiana University-EastUniversity or college396
- Earlham CollegeUniversity or college362
- Richmond State HospitalPsychiatric hospital361FTE
- WalmartWarehouse clubs and supercenters356
- Primex PlasticsFilm, plastics, packaging, manufacturing350
Staff on average in 2025, as each workplace reported it to OSHA with its injury records: 68 workplaces with 20 or more staff, 6,782 people in all. Hospitals come from their Medicare cost reports (CMS, 2023), school districts from the Common Core of Data (NCES, 2023–24) and colleges from IPEDS (NCES, 2023–24); FTE marks full-time equivalent staff. Not listed: many offices and banks, which need not report to OSHA; military bases, whose staff OPM withholds; and, in about half the states, city and county governments.
Natural hazards
- TornadoesRelatively high
- Strong windRelatively high
- Inland floodingRelatively high
- HailRelatively moderate
- LightningRelatively moderate
- Winter weatherRelatively moderate
FEMA’s National Risk Index (December 2025) rates the risk each natural hazard poses to the people, buildings and farms in Richmond’s census tracts, against the rest of the country; all of them together, relatively moderate. It is meant for planning, not a substitute for a local risk assessment or a flood map: FEMA’s index.
From the U.S. Census Bureau’s 2020 census and its American Community Survey (2020–2024 five-year estimates), and the Bureau of Labor Statistics. A survey, so each figure has a margin of error, and figures it is not sure of are left out. More on Wayne County and the Richmond, IN metro.
Richmond home values
Zillow measures a city over its municipal boundary. Against the state and national figures, mid-tier homes, smoothed and seasonally adjusted.
- Richmond$160,095
- Indiana$257,165
- United States$366,157
Levy by levy, and a check of one home’s own bill, the site covers Ohio’s property tax.
Sellers are cutting prices on about 1 in 4 Richmond listings, and the typical home goes pending in 27 days — the market is roughly in balance.
When this market ran hot
Each cell is that month's year-on-year home-value growth. Read left to right, top row is the latest year — the 2021–22 band is the boom.
Market heat, inside the city limits
Share of listings with a price cut
The early-warning dial: sellers cut when buyers stop reaching. Rising cuts cool a market months before prices notice.
- Richmond25.45%
- United States26.90%
Days to pending
How long the typical listing takes to go under contract.
- Richmond27
- United States27
Homes for sale
Active for-sale inventory. More supply hands power to buyers.
- Richmond173
New listings per month
Sellers arriving at the market.
- Richmond48
Median sale price
What buyers actually paid — closed sales, not asking prices.
- Richmond$172,236
- United States$371,407
Zip codes with a Richmond address
A different geography, not a breakdown. The figure above covers the municipality; these zips cover everywhere the Post Office calls Richmond — often including townships beyond the city limits. Both come straight from Zillow, and they are not expected to average out.