Cost of Living in Richmond County, North Carolina
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Richmond County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Richmond County ranks #2,972 of 3,144 counties for affordability (bottom 5%)
Data Story
About Cost of Living in Richmond County, North Carolina
Richmond County has lowest incomes, moderate rents
Richmond County's median household income of $43,626 ranks lowest among the eight counties and falls far below the national median of $74,755, creating affordability challenges despite relatively low rents of $744 per month. The rent-to-income ratio of 20.5% reflects the income squeeze facing residents.
Strained affordability despite low rents
Richmond County's rent-to-income ratio of 20.5% exceeds North Carolina's 18.6% state average, even though monthly rents of $744 fall below the state median of $938. The mismatch stems from incomes that fall significantly below state norms, making Richmond one of the state's least affordable counties despite cheap rents.
Cheapest rents, but lowest incomes too
Richmond County rents of $744 are the region's lowest, undercutting Person County ($796) by $52 monthly. However, this advantage vanishes when considering incomes: Richmond's $43,626 median income trails all neighboring counties, making the 20.5% rent-to-income burden feel heavier despite lower nominal rents.
Income crisis drives housing affordability gap
Richmond County households earning just $43,626 spend 20.5% of income on rent, consuming roughly $744 monthly. Homeownership offers modest cost relief at 19.9% of income ($723 monthly), but with median home values of only $120,800, ownership remains the better long-term path for residents.
Richmond County: consider income stability first
Richmond County's 20.5% rent-to-income ratio reflects an income crisis rather than excessive housing costs. While rents are the region's cheapest at $744, relocating here requires securing employment that matches or exceeds the area's $43,626 median income to ensure genuine affordability.
Cost of Living Advisory: Richmond County
Affordability Verdict
Richmond County offers affordable rental housing at a median of $744/month — about 20.5% of the typical household income here.
Rent vs. Own
At $744/month rent versus $723/month in owner costs, owning is roughly $21/month cheaper — a 3% difference.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $29,760/year. For owner costs at the 28% rule, the required income is roughly $30,986/year. With a median household income of $43,626, most households can comfortably afford rent here. Notably, 32.0% of renter households in Richmond County are cost-burdened, spending more than 30% of income on housing.
Regional Context
Within North Carolina, Richmond County is less affordable than Person County by roughly 7% ($744/mo vs $796/mo).
Affordability Calculator
See how your income compares to housing costs in Richmond County
Rent Burden
20.5%
of gross income
Max Housing (28% Rule)
$1,018
per month
Owner Cost Burden
19.9%
of gross income
You can likely afford the median home in Richmond County
Median home value is $120,800. Estimated monthly cost: $964 vs. your max of $1,018.
Rent Affordability Guide
Income Needed Calculator
See how much you need to earn to comfortably afford housing
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.
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