Rent vs Buy Calculator — Richmond, VA
Prefilled with Richmond estimates: a ~$350,000 home (about $70,000 for 20% down) versus ~$1,550/mo rent. Virginia's effective property tax of 0.87% — near the U.S. average (~1.1%) — adds roughly $3,045/yr, and typical homeowners insurance runs about $1,800/yr. Adjust every field to your actual home below.
Is it better to rent or buy in Richmond?
There's no universal answer — it hinges on how long you'll stay, what you'd earn investing the down payment instead, and Virginia's tax and insurance costs. Property tax is the biggest local lever: at 0.87% on a $350,000 home that's about $3,045 every year, before insurance and maintenance. Use the break-even readout above to see the year buying pulls ahead, and the appreciation rate that flips the decision.
What makes Richmond, VA different
- Median home price estimate: $350,000
- Typical monthly rent estimate: $1,550
- Virginia effective property tax: 0.87% (~$3,045/yr here)
- Virginia avg. homeowners insurance: $1,800/yr
Starting estimates as of 2026-01 — see the methodology & sources.