Many Richmonders spend more than half their paycheck on rent
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Just over a quarter of Richmond renters are spending more than half their income on housing, according to new Census data.
Why it matters: An excessive rent burden can make it harder to afford other basic needs, like groceries and transportation — or to save for a down payment that can turn rent checks to a landlord into mortgage payments towards home equity.
By the numbers: The 26.1% of Richmond renters forking over half or more of their paychecks to landlords translates into 42,947 locals, according to the 2023 1-year American Community Survey.
- Nearly twice that — 83,700 Richmonders — spend 30% or more of their income on rent.
- The average rent in Richmond is $1,513 a month, according to the latest CoStar data.
Zoom out: Florida is home to several especially rent-burdened metros, including Port St. Lucie (where 36.6% of renters are spending more than half their income on rent), Cape Coral (35.1%) and Palm Bay (34.3%).
Between the lines: Geography is only part of the equation here — race plays a role, too.
- 30.6% of Black renters are spending more than half their income on rent, compared to 23.4% of white renters.
Stunning stat: The real median gross cost of renting — that's rent plus utility/energy costs — grew faster annually (+3.8%) than real median home values (+1.8%) last year for the first time in a decade, the Census Bureau points out.
The bottom line: It's tough out there to be a renter.