Jun 11, 2025 - News
Even Richmond renters earning $160K aren't buying homes
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Nearly 7% of renters in the Richmond area made more than $160,000 in 2023, per a Redfin analysis of the latest Census data.
Why it matters: Sky-high home prices, elevated mortgage rates and a shortage of houses for sale pushed homeownership out of reach for many after the pandemic.
- The competition for homes is intense, houses here sell quickly and more are selling for over a million dollars.
- And while $160,000 is almost three times the median city salary, it's not million-dollar-home comfortable.
Between the lines: Redfin researchers noted that some wealthier renters are opting for a more flexible lifestyle and not investing their money in real estate.
- Plus, in the Richmond area, nearly half of Zillow rental listings are offering some concessions like a free month's rent or utility discounts to make renting more enticing.
By the numbers: Redfin defined wealthy renters as those with a household income in the top 20% of local incomes — about $160,700 in the Richmond area in 2023.
- That's up barely 0.5 percentage points from 2019.
- Meanwhile, in that timeframe, the median rent went up 31%.