Quick facts: Richmond, MO

Quick Facts

94.1
Cost of Living
below US average
5,959
Population
43.13
Crime Rate per 1000
above US average
$61,694
Median Income
below US average
$239,000
Median House Price
above US average
$900.0
Average Rent
below US average
10%
Poverty Rate
below US average
3.5%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $61,694.

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Income Needed to Buy

βœ— Stretch
$75k/year
Based on $239,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $75k vs median $61,694
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Income Needed to Rent

βœ“ Affordable
$39k/year
Based on $900.0/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($61,694) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Richmond, MO

Richmond, located in Ray County, Missouri, is a charming small city known for its rich history and community spirit. With a population of approximately 5,000 residents, Richmond offers a friendly, small-town atmosphere combined with easy access to larger urban areas like Kansas City, which is just about 50 miles to the southwest. Richmond features a variety of historical sites, including the Ray County Courthouse, built in 1894, which stands as a testament to the city's heritage. The downtown area is quaint, lined with local businesses, restaurants, and shops that cater to both residents and visitors. The city also celebrates its agricultural roots and often hosts community events and festivals that highlight local culture. Nature enthusiasts can explore nearby parks and recreational areas, providing opportunities for outdoor activities like hiking, fishing, and picnicking. Richmond's school system is noted for its commitment to education, making it an attractive location for families seeking a supportive community environment. Overall, Richmond, MO, reflects the charm and hospitality of small-town America while offering convenient access to bigger city amenities.

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