Affordable

What Salary Do You Need to Live in Richmond?

To afford a 2-bedroom in Richmond, you need to earn at least $38,400/year based on estimated fair market rent data. The median household income here is $46,356, which means the typical resident is $7,956 above the threshold.

Census ACS Data Pop. 35,642

Salary Required by Bedroom Size

Bedroom	Monthly Rent	Monthly Income	Annual Salary	vs. Median
Studio	$672	$2,240	$26,880	$-19,476
1 Bedroom	$797	$2,657	$31,880	$-14,476
2 Bedroom BENCHMARK	$960	$3,200	$38,400	$-7,956
3 Bedroom	$1,171	$3,903	$46,840	+$484
4 Bedroom	$1,440	$4,800	$57,600	+$11,244

Affordability Breakdown

Where the required salary line crosses above Richmond's median income — housing becomes unaffordable for the typical resident.

Required Salary Median Income

Income vs. Rent Snapshot

Median Income

$46,356

Annual household

2BR Required Salary

$38,400

Under 30% rule

Income Gap

+$7,956

Surplus

Verdict

Affordable

Ratio: 24.9%

The 30% Rule Calculator

Enter your annual salary to see what you can afford in Richmond

Your Annual Salary

Pre-filled with Richmond's median household income

Max monthly rent you can afford$1,159

Studio

$672/mo

1 BR

$797/mo

2 BR

$960/mo

3 BR

$1,171/mo

4 BR

$1,440/mo

Your salary is $0 above the median income in Richmond.

Salary Comparison by Bedroom

Bars left of the marker line are affordable for Richmond's median earner. Bars to the right require above-median income.

Affordable Above Median Median Income

What This Means If You're Moving to Richmond

Living in Richmond is well within reach for most median-income earners. With a $7,956 cushion between what residents earn and what a 2-bedroom requires, households in Richmond typically have meaningful financial flexibility after housing costs.

For remote workers or relocators evaluating Richmond, a studio at $672/month offers an even more aggressive savings rate. Even a 3-bedroom at $1,171/month remains accessible for dual-income households earning above $46,840.

To live comfortably with room for non-housing expenses, a break-even salary of approximately $57,600 would position you well — though many residents in Richmond manage on less given the favorable rent-to-income dynamics.

Economic Outlook

Local Job Market & Housing Dynamics

Affording rent isn't just about housing prices—it's heavily dependent on local employment opportunities and the strength of the job market in Richmond, Indiana.

With a total population of 35,642, the city supports an active civilian workforce of 15,579 people. A strong employment base often indicates a stable economy, which is crucial when committing to a lease requiring a $38,400 annual salary. The ratio of employed residents to the total population provides insight into the local economic health and competition for both jobs and housing.

Employed Workforce

15,579

Active civilian employees in Richmond

Frequently Asked Questions About Renting in Richmond

What salary do I need to live in Richmond, Indiana?

To afford a 2-bedroom in Richmond under the 30% rule, you need an annual salary of at least $38,400. The median household income in Richmond is $46,356.

Can I afford a 2-bedroom in Richmond on $46,356?

The affordability verdict for Richmond is "Affordable". The rent-to-income ratio is 24.9%, meaning median earners have a $7,956 surplus.

What is the average rent in Richmond compared to median income?

The median gross rent in Richmond is $797/month. With a median household income of $46,356, residents spend approximately 24.9% of their income on rent.

What salary do I need for a studio in Richmond?

A studio in Richmond rents for approximately $672/month. Under the 30% rule, you need an annual salary of $26,880 to afford this.

Is Richmond considered an affordable place to live?

Based on the surplus of $7,956 and an affordability verdict of "Affordable", Richmond is considered a affordable rental market when comparing the required 2-bedroom salary of $38,400 to the local median household income.

How Richmond Compares

Other cities in Indiana with salary requirements