Housing affordability · NY · 2024
Richmond Housing Affordability
58th most affordable of 62 New York counties · price-to-income ratio
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.
For owner-occupied households, 28% spend more than 30% of their income on housing costs — the standard definition of owner cost burden.
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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