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

It’s still much cheaper to rent a starter home in RVA than it is to buy one, per a just-released Realtor.com study.

Why it matters: If you’re stuck renting instead of owning, you could be saving thousands a year.

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…

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