Rent to own Homes in Richmond, VA
Richmond is a small, historic city, loaded with culture -- from the displays at Wayne County Historical Museum to the exhibitions at Richmond Art Museum. There's even an Egyptian mummy at the Joseph Moore Museum. Richmond Civic Theater and other unique attractions make this a special place. Just over 36,000 people live here and know this already, so join them and discover the city as well.
Richmond, VA is a great place for affordable rent-to-own homes! With a median household income of over $51,421 and a median rent of $1,070, the Richmond, VA rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Richmond, VA. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
More Richmond, VA Property Resources
Rent to own Homes in Cities Near Richmond, VA
- Ashland
- Bellwood
- Bensley
- Bon Air
- Brandermill
- Chamberlayne
- Chester
- Chesterfield
- Church Road
- Colonial Heights
- Dinwiddie
- Disputanta
- Doswell
- Dumbarton
- East Highland Park
- Enon
- Ettrick
- Ford
- Fort Lee
- Glen Allen
- Hanover
- Henrico
- Highland Springs
- Hopewell
- Innsbrook
- Lakeside
- Laurel
- Manakin Sabot
- Manchester
- Manquin
- Matoaca
- Meadowbrook
- Mechanicsville
- Midlothian
- Montpelier
- Montrose
- Moseley
- Petersburg
- Powhatan
- Prince George
- Providence Forge
- Quinton
- Richmond
- Rockville
- Rockwood
- Sandston
- Short Pump
- Sutherland
- Tuckahoe
- Wyndham
Neighborhoods in Richmond, VA
Belmont Woods rent to own homes British Camp Farms rent to own homes Broad Rock Industrial Park rent to own homes Broad Rock Sports Complex rent to own homes Brookbury rent to own homes Brookhaven Farms rent to own homes Cherry Gardens rent to own homes Cofer rent to own homes Commerce Road Industrial Area rent to own homes Cottrell Farms rent to own homesBuying a Home in Richmond, VA
Richmond, VA is seeing rapid growth and Richmond, VA's' housing market remains not optimal with an average home price that is 12% above the 2024 national average. Richmond, VA is part of Henrico county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2024 for county Henrico is 0.77% which is below the national average, which is 0.99%.
Median Home Price in Richmond, VA
Median Rent in Richmond, VA
Average Cost of Living in Richmond, VA
The average monthly cost of living for a family of four in Richmond, VA, is $3,164.93 without rent and $894.46 for a sing person (without rent).
Average Home Prices in Richmond, VA
The median home price in Richmond, VA, is $307,964.
Richmond Statistics
If you're interested in Richmond rent-to-own homes, don't forget to consider important factors in addition to monthly living costs, such as average commute, taxes, crime rates, etc. The following are some common Richmond statistics compared to the U.S. national average.
| Richmond Averages | National Averages | |
|---|---|---|
| One-Way Commute | 21.9 minutes | 27.1 minutes |
| Violent Crime | 43.03 | 22.7 |
| Property Crime | 38.3 | 35.4 |
| Unemployment Rate | 4.1% | 4.7% |
| Income Tax Rate | 6% | 4.6% |
| Air Quality | AQI 33 | AQI 40 |
| Water Quality | Safe | Safe |
| Median Household Income | $47,250 | $79,900 |
| Median Property Taxes | $1.20/$100 | $2,471 |
| Utilities | $155.62 | $171.67 |
| Monthly Rent | $1,182 | $1,098 |
| Median Home Cost | $307,964 | $295,300 |
| Median Home Age | 62 years | 37 years |
Great home values
Finding a place to live in Richmond is easier than in a lot of other towns. The average listing price in late 2014 was $94,726, down slightly from the year before. That's a price that makes rent to own houses very appealing. Look for older homes near Downtown. Search for new homes by South Round Barn Road.
Indiana Football Hall of Fame
Gridiron fans can revel in the accomplishments of players in and from Indiana who have played great at every level from high school through the NFL. After visiting the hall, enjoy your favorite cocktail at nearby Smiley's Pub.
Incredible restaurants
For a meal that will delight, sample the classic cuisine at Galo's Italian Grill on Garwood Road. When your tastes lean toward bistro style, don't miss Ghyslain on North 10th Street. For truly good pizza, visit Clara's Pizza King on Northwest 5th Street.
Depot District
This part of Richmond has seen a lot of development but still retains its historical roots. Here you will find unique furniture and antique shops, distinct architecture, and fun festivals. While down in this district, try out Little Sheba's for a great deli sandwich. Consider rent to own opportunities near Richmond Furniture Gallery on Fort Wayne Avenue to be near it all.
Affordable rents
The typical monthly lease here is below both the Indiana and national averages. That's good news for anyone looking at rent to own homes. The lower money required each month means you can get more house for the dollar. Peaceful neighborhood parks like Clear Creek Park and Glen Miller Park make the enticement all the better.
Model T Ford Museum
Described as a must-see for automobile fans, this place is loaded with immaculate restored models and originals in their non-preserved state. There's a lot more than Model Ts; you will also find tractors, trucks, and other cars. After touring, head over to Main Street Bar & Grill for some tempting pub grub.
Richmond, VA Frequently Asked Questions
Yes, Richmond, VA, is in Henrico county.
Richmond is the top city to live in for Virginia and is considered the 50th best in the country. Richmond has plenty of things to do, cultural events, excellent shopping, dining, and entertainment as a capital city. Richmond is also a family-friendly city.
Yes, Richmond is the capital of Virginia.