Stretched

What Salary Do You Need to Live in Richmond?

To afford a 2-bedroom in Richmond, you need to earn at least $79,240/year based on estimated fair market rent data. The median household income here is $59,960, which means the typical resident is $19,280 below the threshold.

Census ACS Data Pop. 689

Salary Required by Bedroom Size

Bedroom	Monthly Rent	Monthly Income	Annual Salary	vs. Median
Studio	$1,387	$4,623	$55,480	$-4,480
1 Bedroom	$1,644	$5,480	$65,760	+$5,800
2 Bedroom BENCHMARK	$1,981	$6,603	$79,240	+$19,280
3 Bedroom	$2,417	$8,057	$96,680	+$36,720
4 Bedroom	$2,972	$9,907	$118,880	+$58,920

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

$59,960

Annual household

2BR Required Salary

$79,240

Under 30% rule

Income Gap

-$19,280

Deficit

Verdict

Stretched

Ratio: 39.6%

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$1,499

Studio

$1,387/mo

1 BR

$1,644/mo

2 BR

$1,981/mo

3 BR

$2,417/mo

4 BR

$2,972/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's rental market puts real pressure on median earners. A 2-bedroom at $1,981/month requires $79,240/year — about $19,280 more than the median household income. Roommates or dual incomes significantly change the equation.

If you're relocating to Richmond, target the studio or 1-bedroom tier ($1,387–$1,644/month) unless your income exceeds $79,240. A roommate splitting a 2-bedroom effectively halves the individual rent burden to $991/month.

The break-even salary for comfortable living in Richmond is approximately $118,860. Below this threshold, expect housing to consume a disproportionate share of your budget, limiting discretionary spending and savings capacity.

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, Vermont.

With a total population of 689, the city supports an active civilian workforce of 462 people. A strong employment base often indicates a stable economy, which is crucial when committing to a lease requiring a $79,240 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

462

Active civilian employees in Richmond

Frequently Asked Questions About Renting in Richmond

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

To afford a 2-bedroom in Richmond under the 30% rule, you need an annual salary of at least $79,240. The median household income in Richmond is $59,960.

Can I afford a 2-bedroom in Richmond on $59,960?

The affordability verdict for Richmond is "Stretched". The rent-to-income ratio is 39.6%, meaning there's a $19,280 income gap.

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

The median gross rent in Richmond is $1,644/month. With a median household income of $59,960, residents spend approximately 39.6% of their income on rent.

What salary do I need for a studio in Richmond?

A studio in Richmond rents for approximately $1,387/month. Under the 30% rule, you need an annual salary of $55,480 to afford this.

Is Richmond considered an affordable place to live?

Based on the deficit of $19,280 and an affordability verdict of "Stretched", Richmond is considered a stretched rental market when comparing the required 2-bedroom salary of $79,240 to the local median household income.

How Richmond Compares

Other cities in Vermont with salary requirements