Compare Richmond, KY mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Richmond.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Richmond. Plus, shopping lenders is free and there is no obligation.
May 26, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in Richmond. Understand how much you need to earn to afford a home in Richmond, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Richmond fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Richmond is right for you.
The median home value for Richmond, KY (Madison County) is $171,397
Based on current mortgage rates and a 10% down payment, you need to make $28,083 per year to buy the median priced home in Richmond
With this income, you could qualify for a $154,257 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Richmond is $650
The median household income for Richmond, KY (Madison County) is $48,730
Based on this income, you can afford a home valued at approximately $297,414
The home price you can afford to buy based on household income in Richmond is 174% of the median home value which means housing prices are average. Richmond (Madison County) ranks 112 out of 120 counties in Kentucky and 2,234 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Richmond, KY is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Richmond (Madison County) below.
Conforming loan limits for Richmond, KY
FHA loan limits for Richmond, KY