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  4. /Richmond, MI - 48062

Richmond, MI—48062

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$313,000
4.1% YoY Growth
Household Income
$75,800
14.1% YoY Growth
Days on Market
37
34.0% Shorter YoY
Home Price Forecast
1.1%
Median Rent
$1,000
57.6% YoY Growth
1-Bed Rent
$899
N/A
2-Bed Rent
N/A
N/A
3-Bed Rent
$2,000
N/A
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Richmond, MI

As of May '26, the median home price in Richmond, MI is $313,000, with a year-over-year change of 4.1%. This indicates that home prices in Richmond, MI are increasing. According to Zillow, the 1-year price projection is 1.1%, suggesting an increase housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$313,0004.1%
Single Family $332,0003.8%
Condos $254,0004.1%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed

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  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$224,0004.2%
    3 Bed
    		$339,0003.4%
    4 Bed
    		$391,0002.6%
    5 Bed N/AN/A
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    % of Housing Stock

    1 Bedroom
    8.3%
    2 Bedrooms
    19.4%
    3 Bedrooms
    50.3%
    4 Bedrooms
    18.6%
    5+ Bedrooms
    3.3%

    Rental Trends — Richmond, MI

    As of July '25, Rentcast reports the average rent in Richmond, MI is $1,300, with a year-over-year rent change of 57.6%. Per bedroom, the median rent as of July '25 in Richmond, MI is 1-bedrooms: $950, 3-bedrooms: $2,000. The most common rental property sizes in Richmond, MI are 2-bedroom and 1-bedroom, accounting for 38.5% and 37.3% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$1,000$1,300
    Studio Rent N/AN/A
    1 Bed Rent $899$950
    2 Bed Rent N/AN/A
    3 Bed Rent $2,000$2,000
    4 Bed Rent N/AN/A
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    % of Rental Stock

    1 Bedroom
    37.3%
    2 Bedrooms
    38.5%
    3 Bedrooms
    22.2%
    4 Bedrooms
    2.1%

    Property Listings — Richmond, MI

    As of May '26, Realtor.com reports that the median days on market for a home in Richmond, MI is 37. This is a decrease of -34.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 22.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$285,000-17.0%
    Listing Count
    		36-5.0%
    Listings as % of Homes0.9%-5.0%
    Days on Market
    		37-34.0%
    Loading chart...

    Demographics — Richmond, MI

    As of the latest ACS Survey released in 2023, Richmond, MI has a population of 9,270, which has decreased by -3.4% over the past 5 years. Richmond, MI is a moderately popular place for families, as children make up 22.1% of the population. The area has a moderately educated workforce, with 25.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.1% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		9,270-3.4%
    % Under 18
    		22.1%-17.8%
    % Seniors
    		17.1%8.2%
    % WFH
    		8.1%76.1%
    % w/ College Degree
    		25.4%30.9%
    Loading chart...

    As of the latest ACS Survey released in 2023, Richmond, MI is a predominantly white area, with 84.3% of the population identifying as white. The white population has shrunk by 9.9% in the last 5 years. The second most common race or ethnicity in Richmond, MI is hispanic, making up 5.0% of the population. Foreign-born residents account for 8.7% of the population in Richmond, MI, and this percentage has increased by 128.9% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		84.3%-9.9%
    % Black
    		3.8%442.9%
    % Hispanic
    		5.0%31.6%
    % Asian
    		0.0%N/A
    % Foreign Born
    		8.7%128.9%
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    Mortgage and Risk — Richmond, MI

    According to HUD data as of 2023, there were 266 mortgage originations in Richmond, MI, of which 83.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 26.0% above 90% LTV (very high). This implies large mortgage risk in Richmond, MI. Investor activity is low, as 1.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		266
    % Conventional Loans
    		83.0%
    % Government Loans
    		17.0%
    % Investor Loans
    		1.0%
    % Second Loans
    		0.0%
    % Cash Out Refinance
    		9.0%
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    Rentals and Section 8 — Richmond, MI

    Richmond, MI lacks sufficient Section 8 program data for analysis.

    Section 8 Market Size

    Total Units under HUD
    		7
    Total Units Section 8
    		7
    % Rentals under Section 8
    		1.0%
    % Occupied Section 8
    		N/A

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom$21$899$920
    2 BedroomN/AN/A$1,170
    3 Bedroom-$560$2,000$1,440
    4 BedroomN/AN/A$1,550

    Affordability — Richmond, MI

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio3.7
    Median Home Price$313,000
    Median Household Income$75,800

    Richmond, MI — ZIP Code Boundary Map

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    Nearby ZIP Codes

    New Haven, MI

    48050

    Memphis, MI

    48041

    New Haven, MI

    48048

    Armada, MI

    48005

    Columbus, MI

    48063

    Frequently Asked Questions