Zillow research shows Richmond residents need $68K to afford average rent in the area

RICHMOND, Va. (WRIC) -- As the cost of living increases, so has affordable housing -- with Richmond being one of many cities requiring residents to make over $65,000 for affordable housing.

According to Zillow, the cost of living has skyrocketed across the country, with renters needing to earn more than $80,000 to comfortably afford rent, which is up from 60k five years ago.

In Richmond, the income needed to comfortably afford rent as of April 2025 is $68,307. This is a 40% difference in income from 2020, with renter affordability in April at 22.7%.

"Housing costs have surged since pre-pandemic, with rents growing quite a bit faster than wages," said Orphe Divounguy, Senior Economist at Zillow.

Since April 2020, rent for the typical U.S. household has increased by $1,858 -- a 28.7% increase.

Nationwide rent for single-family households has increased by 42.9% -- or $2,256 -- from 2020. According to Zillow, since then, the average household income has risen by 22.5% -- or to $82,000 -- indicating that wages have not kept up with rent increases.

While on the topic of rent, Divounguy continued by saying, "This often leaves little room for other expenses, making it particularly difficult for those hoping to save for a down payment on a future home. High upfront costs are often overlooked, which can keep renters in their current homes."

A renter who makes an average income and who leases a typical rental is just on the line of the 30% affordability margin of the rent burden threshold -- with others spending 29.6% of their income on rent.

To stay below that 30% line, renters in cities like San Jose, New York, Boston, San Diego, San Francisco, Los Angeles, Miami and Riverside need to earn six figures. In those markets, renters can expect to see rent prices that are hundreds of dollars above the national average of $2,024.

Although the cost of living has risen over the past five years, according to Zillow, plenty of markets are still affordable for median earners. The most affordable housing markets are currently in cities such as:

• Buffalo, NY: $55,000 annual salary
• Oklahoma City: $56,000 annual salary
• Louisville, KY: $57,000 annual salary

For these markets, the average renter would only spend roughly 23% of their income or less on rent.

To compare housing information or to see how much rent is in other cities, you can click here.