Report: Richmond renters save nearly $10K a year over buyers

By the numbers: The average cost of renting a starter home in Richmond in July was $1,527 a month, Realtor.com found.

• That's about 53% less than the $2,338 average monthly payments on a median price starter home in town.
• And savings for renters are $811 a month — or nearly $10,000 a year.

The intrigue: Richmond’s buying-vs-renting gap is wider than in D.C., Charlotte and Virginia Beach.

• Blame our red-hot real estate market.

The cost of renting in Richmond has inched up by about $36 month since Realtor.com did this study in 2024.

• Meanwhile, the median sales price of Richmond single-family homes ballooned by $30,000 between July and 2026, per stats from the Richmond Association of Realtors.

Reality check: Renting remains cheaper than buying a starter home in the nation's 50 largest metros, per Realtor.com.

The fine print: To determine the cost of buying, Realtor.com used median list prices for two-bedroom or smaller homes (i.e., starter homes), assumed an 10% downpayment, and the average cost of taxes and insurance.

• Rent price was determined from July listings for studios and one- and two-bedrooms as advertised on Realtor.com.

The bottom line: Renters might be the real winners in Richmond real estate.