Rent vs Buy in Richmond, VA
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Rent and buy are roughly balanced in Richmond, VA
Price-to-rent ratio is 18.3 (under 15 favors buying, over 21 favors renting). Renting costs $1,651/mo; owning runs about $2,745/mo — $1,094/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 7.18% rate) | $1,961 |
| Property tax | $332 |
| Home insurance | $151 |
| Maintenance | $302 |
| Total to own | $2,745 |
| Average 2BR rent | $1,651 |
Based on a median home value of $361,844 with a $72,369 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.