The average rent in Richmond, Virginia is $1,513 a month, according to the latest CoStar data.
According to Axios, the new Census data shows that over a quarter of Richmond renters spend more than half their income on housing. After paying their rent, there is usually not much left for other basic needs, such as groceries and transportation.
The 2023 American Community Survey showed:
- 42,947 of Richmond renters spend over half or more of their paycheck on rent.
- 83,700 of Richmond renters spend 30% or more of their income on rent.
While those numbers are quite high in Richmond, they are not the highest in the state or nation. They are not the lowest either.
Richmond renters agree that it is a struggle to keep up with their rent which increases every year.