Housing affordability · NY · 2024
Richmond Housing Affordability
58th cheapest of 62 NY counties by price-to-income ratio · 3158th of 3,216 nationally · tier rated on the national scale
Richmond at a glance
Richmond faces affordability pressure on both ownership and rental costs — the price-to-income ratio of 6.9× exceeds the New York state median, and a higher-than-average share of renters spend more than 30% of their income on housing.
At Richmond's median household income of $98,333, a renter paying the median monthly rent of $1,733 would commit 21% of gross annual income to housing — below the 30% threshold widely used to define cost burden.
52% of Richmond renters spend more than 30% of their income on housing — the share of the renter population classified as cost-burdened.
For owner-occupied households, 28% spend more than 30% of their income on housing costs — above the NY rate of 19%.
In Richmond, renting and owning diverge, nationally, by different amounts — at a 21% rent-to-income ratio and 6.9 price-to-income ratio, the buying measure diverges further than the rental measure.
Richmond FAQ
What is the median home price in Richmond?
The median home value in Richmond, NY is $675,500 (2024 ACS 5-year estimate). This is 59% above the New York state median of $423,800.
Is Richmond an affordable place to buy a home?
Richmond is rated Stressed on the USInsights affordability scale. The price-to-income ratio is 6.9×, meaning the median home costs roughly 6.9 years of median household income ($98,333). 5.0×–7.0× indicates significant affordability stress.
What is the average rent in Richmond?
The median gross rent in Richmond is $1,733 per month (2024 ACS 5-year estimate). 52% of renters spend more than 30% of their income on housing. The New York state median is $1,621.
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