Living in Richmond, Kentucky
Cost of living, income, home prices, rent and demographics of Richmond · Census data 2020–2024
Richmond has 37,111 residents with a median age of 28.4. The median household income is $50,870 (20% lower than the Kentucky median), the median home value is $214,900, the median rent is $917/month.
Richmond at a glance
- Population
- 37,111
- Median age
- 28.4State: 39.1
- Median household income
- $50,870State: $63,726
- Median home value
- $214,900State: $205,600
- Median rent
- $917/moState: $967
- Homeowners
- 38.3%
- Bachelor's degree or higher
- 34.9%
- Average commute
- 23 min
Is Richmond a good place to live?
Pros: An average commute of 23 minutes.
Cons: Median household income 20% lower than the Kentucky median; home values 5% higher than the state median; unemployment of 6.7%; a poverty rate of 19.5%.
The weather is best in May and August to October.
Cost of living in Richmond
Housing is the biggest part of the cost of living. In Richmond the median home value is $214,900, 35% lower than the U.S. median. Renters pay a median of $917 per month, which is 28.1% of household income. Homeowners with a mortgage pay $1,402 a month in housing costs.
Richmond median household income
The median household income in Richmond is $50,870 and the income per person is $29,276. 19.5% of residents live below the poverty line (Kentucky: 16.1%).
Housing in Richmond: homes for sale and rent
- Housing units
- 16,738
- Owner-occupied
- 38.3%
- Renter-occupied
- 61.7%
- Vacant
- 9.2%Includes seasonal homes
- Median year built
- 1994
- Average household size
- 2.17
Richmond demographics
- Population
- 37,111
- Median age
- 28.4
- Under 18
- 18%
- 65 and older
- 10.7%
- Households
- 15,202
- Foreign-born
- 3.6%
- Veterans
- 6.9%Adults 18+
Hispanic or Latino can be of any race. Population history of Richmond ›
Education in Richmond
34.9% of adults 25 and older in Richmond have a bachelor's degree or higher (Kentucky: 27.6%), and 14.2% have a graduate or professional degree.
Jobs and commute in Richmond
- Unemployment rate
- 6.7%State: 4.9%
- Average commute
- 23 minState: 24 min
- Work from home
- 8.3%
- Drive alone
- 76.1%
- Public transit
- 0%
- Walk to work
- 4.9%
- Homes with broadband
- 88.3%
Richmond vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Richmond | 37,111 | $50,870 | $214,900 | $917 |
| Berea | 15,786 | $59,495 | $199,900 | $835 |
| Lancaster | 4,013 | $43,898 | $175,300 | $801 |
| Irvine | 2,723 | $42,805 | $139,200 | $710 |
| Nicholasville | 32,197 | $68,503 | $226,800 | $1,147 |
| Ravenna | 642 | $47,250 | $94,700 | $853 |
| Winchester | 19,213 | $54,378 | $188,300 | $916 |
| Crab Orchard | 739 | $34,632 | $98,200 | $608 |
| Clay City | 1,204 | $23,816 | $63,500 | $666 |
More for people moving to Richmond
Richmond ZIP code ›Weather and climate ›Living in Richmond: FAQ
What is the median household income in Richmond, KY?
The median household income in Richmond is $50,870, 20% lower than the Kentucky median of $63,726 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Richmond?
The median home value in Richmond is $214,900, compared with $205,600 in Kentucky.
How much is rent in Richmond?
The median gross rent in Richmond is $917 per month, about 28.1% of household income.
Is Richmond, KY a good place to live?
Pluses: an average commute of 23 minutes. Minuses: median household income 20% lower than the Kentucky median; home values 5% higher than the state median; unemployment of 6.7%; a poverty rate of 19.5%.
What is the median age in Richmond?
The median age in Richmond is 28.4 years (Kentucky: 39.1).
How long is the commute in Richmond?
The average commute to work in Richmond is 23 minutes; 8.3% of workers work from home.
What is the unemployment rate in Richmond?
The unemployment rate in Richmond is 6.7% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Richmond?
34.9% of adults in Richmond have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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