Living in Richmond, Rhode Island
Cost of living, income, home prices, rent and demographics of Richmond · Census data 2020–2024
Richmond has 8,142 residents with a median age of 42.7. The median household income is $124,653 (42% higher than the Rhode Island median), the median home value is $435,800, the median rent is $1,580/month.
Richmond at a glance
- Population
- 8,142
- Median age
- 42.7State: 40.6
- Median household income
- $124,653State: $87,796
- Median home value
- $435,800State: $404,200
- Median rent
- $1,580/moState: $1,342
- Homeowners
- 96.6%
- Bachelor's degree or higher
- 49.5%
- Average commute
- 34 min
Is Richmond a good place to live?
Pros: Median household income 42% higher than the Rhode Island median; unemployment of 1.2%; a poverty rate of 3.2%.
Cons: Home values 8% higher than the state median; an average commute of 34 minutes.
The weather is best in June to September.
Cost of living in Richmond
Housing is the biggest part of the cost of living. In Richmond the median home value is $435,800, 31% higher than the U.S. median. Renters pay a median of $1,580 per month, which is 19.4% of household income. Homeowners with a mortgage pay $2,309 a month in housing costs.
Richmond median household income
The median household income in Richmond is $124,653 and the income per person is $56,356. 3.2% of residents live below the poverty line (Rhode Island: 11.2%).
Housing in Richmond: homes for sale and rent
- Housing units
- 3,214
- Owner-occupied
- 96.6%
- Renter-occupied
- 3.4%
- Vacant
- 6.8%Includes seasonal homes
- Median year built
- 1985
- Average household size
- 2.69
Richmond demographics
- Population
- 8,142
- Median age
- 42.7
- Under 18
- 22%
- 65 and older
- 15.7%
- Households
- 2,997
- Foreign-born
- 3.8%
- Veterans
- 7.1%Adults 18+
Hispanic or Latino can be of any race. Population history of Richmond ›
Education in Richmond
49.5% of adults 25 and older in Richmond have a bachelor's degree or higher (Rhode Island: 37.7%), and 20.5% have a graduate or professional degree.
Jobs and commute in Richmond
- Unemployment rate
- 1.2%State: 5.8%
- Average commute
- 34 minState: 26 min
- Work from home
- 11%
- Drive alone
- 82.4%
- Public transit
- 0%
- Walk to work
- 0.6%
- Homes with broadband
- 100%
Richmond vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Richmond | 8,142 | $124,653 | $435,800 | $1,580 |
| Carolina | 1,048 | $140,196 | $396,400 | — |
| Hope Valley | 2,297 | $101,932 | $447,500 | — |
| Hopkinton | 8,420 | $97,172 | $404,300 | $1,040 |
| Exeter | 7,195 | $111,250 | $509,200 | $1,317 |
| Ashaway | 1,722 | $103,707 | $343,600 | $1,604 |
| Kingston | 7,332 | $107,404 | $553,400 | — |
| Charlestown | 8,051 | $109,404 | $525,500 | $1,374 |
| South Kingstown | 32,073 | $108,960 | $560,200 | $1,368 |
More for people moving to Richmond
Richmond ZIP code ›Weather and climate ›Living in Richmond: FAQ
What is the median household income in Richmond, RI?
The median household income in Richmond is $124,653, 42% higher than the Rhode Island median of $87,796 (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 $435,800, compared with $404,200 in Rhode Island.
How much is rent in Richmond?
The median gross rent in Richmond is $1,580 per month, about 19.4% of household income.
Is Richmond, RI a good place to live?
Pluses: median household income 42% higher than the Rhode Island median; unemployment of 1.2%; a poverty rate of 3.2%. Minuses: home values 8% higher than the state median; an average commute of 34 minutes.
What is the median age in Richmond?
The median age in Richmond is 42.7 years (Rhode Island: 40.6).
How long is the commute in Richmond?
The average commute to work in Richmond is 34 minutes; 11% of workers work from home.
What is the unemployment rate in Richmond?
The unemployment rate in Richmond is 1.2% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Richmond?
49.5% 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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