Affordable

What Salary Do You Need to Live in Richmond?

To afford a 2-bedroom in Richmond, you need to earn at least $38,160/year based on estimated fair market rent data. The median household income here is $84,511, which means the typical resident is $46,351 above the threshold.

Census ACS Data Pop. 2,926

Salary Required by Bedroom Size

Bedroom	Monthly Rent	Monthly Income	Annual Salary	vs. Median
Studio	$668	$2,227	$26,720	$-57,791
1 Bedroom	$792	$2,640	$31,680	$-52,831
2 Bedroom BENCHMARK	$954	$3,180	$38,160	$-46,351
3 Bedroom	$1,164	$3,880	$46,560	$-37,951
4 Bedroom	$1,431	$4,770	$57,240	$-27,271

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

$84,511

Annual household

2BR Required Salary

$38,160

Under 30% rule

Income Gap

+$46,351

Surplus

Verdict

Affordable

Ratio: 13.5%

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$2,113

Studio

$668/mo

1 BR

$792/mo

2 BR

$954/mo

3 BR

$1,164/mo

4 BR

$1,431/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

Richmond, Utah stands out as one of the more financially accessible housing markets in the state. The median household income of $84,511 significantly exceeds the $38,160 needed to comfortably afford a 2-bedroom at 30% of gross income — leaving a $46,351 annual surplus for savings, debt repayment, or lifestyle spending.

For remote workers or relocators evaluating Richmond, a studio at $668/month offers an even more aggressive savings rate. Even a 3-bedroom at $1,164/month remains accessible for dual-income households earning above $46,560.

To live comfortably with room for non-housing expenses, a break-even salary of approximately $57,240 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, Utah.

With a total population of 2,926, the city supports an active civilian workforce of 1,360 people. A strong employment base often indicates a stable economy, which is crucial when committing to a lease requiring a $38,160 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

1,360

Active civilian employees in Richmond

Frequently Asked Questions About Renting in Richmond

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

To afford a 2-bedroom in Richmond under the 30% rule, you need an annual salary of at least $38,160. The median household income in Richmond is $84,511.

Can I afford a 2-bedroom in Richmond on $84,511?

The affordability verdict for Richmond is "Affordable". The rent-to-income ratio is 13.5%, meaning median earners have a $46,351 surplus.

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

The median gross rent in Richmond is $792/month. With a median household income of $84,511, residents spend approximately 13.5% of their income on rent.

What salary do I need for a studio in Richmond?

A studio in Richmond rents for approximately $668/month. Under the 30% rule, you need an annual salary of $26,720 to afford this.

Is Richmond considered an affordable place to live?

Based on the surplus of $46,351 and an affordability verdict of "Affordable", Richmond is considered a affordable rental market when comparing the required 2-bedroom salary of $38,160 to the local median household income.

How Richmond Compares

Other cities in Utah with salary requirements