Richmond, KY
Population 35,498 · Kentucky
About Richmond, KY
Richmond is a mid-sized city located in Kentucky with a population of 35,498 residents according to the latest US Census Bureau American Community Survey data. The median household income is $48,223 per year, which is 36% below the national median of $75,149. The median age of 28.1 years is notably younger the US median age of 38.9 years, indicating a younger, often more dynamic population base.
Housing Market Overview
The housing market in Richmond features a median home value of $205,900, which is 16% below the national median of $244,900. This positions Richmond in a moderately priced market relative to the rest of the country. Median monthly rent is $860, 26% below the national average of $1,163/month. Of the 16,184 total housing units, 40% are owner-occupied (5,918 units) and 60% are renter-occupied (8,823 units). The higher proportion of renters may reflect a transient population, younger demographics, or high housing costs relative to income.
Economy & Employment
The local economy in Richmond shows an unemployment rate of 6.7%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 21.6%, above the national average of 12.4%. Workers in Richmond have an average one-way commute time of 23.8 minutes.
Education & Demographics
34.3% of Richmond residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This is in line with national trends in educational attainment. The community's demographic composition includes 3.1% White, 1.0% Hispanic or Latino, 0.6% Black or African American, and 0.6% Asian residents, with 4.1% of the population being foreign-born.
How Richmond Ranks in Kentucky
Cost of Living in Richmond, KY
Compared to national averages, Richmond has a median household income of $48,223 (36% below the national median of $75,149). Home values average $205,900, which is 16% below the national median. Monthly rent at $860 is 26% below the US average of $1,163. Within Kentucky, Richmond's income is 27% below the state average of $66,273, and home values are 13% above the state median of $182,504.
Why Live in Richmond, KY?
Richmond offers affordable housing with a median home value of $205,900, below the US average of $244,900, and rent that’s lower than the national average at $860/month, and a well-educated community where 34.3% of residents hold a bachelor’s degree or higher. Additionally, the city features short commute times averaging just 23.8 minutes.
Potential considerations include median household income ($48,223) that falls below the national average. However, Richmond’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Richmond has a population of 35,498 with a median age of 28.1 years. Compare Richmond with other cities to see how it stacks up, or explore all cities in Kentucky.
Similar Cities Near Richmond
Cities in Kentucky with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Georgetown | 38,206 | $78,373 | $244,200 | Compare |
| Florence | 32,334 | $68,508 | $196,200 | Compare |
| Elizabethtown | 31,870 | $56,250 | $223,200 | Compare |
| Nicholasville | 31,625 | $67,514 | $210,700 | Compare |
| Hopkinsville | 31,011 | $47,428 | $140,200 | Compare |
| Covington | 40,902 | $58,814 | $167,900 | Compare |
| Independence | 29,024 | $98,653 | $240,500 | Compare |
| Jeffersontown | 28,988 | $78,185 | $236,800 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Kentucky
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Richmond With Other Cities
Frequently Asked Questions about Richmond
What is the population of Richmond, KY?
The population of Richmond, KY is 35,498 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in Kentucky.
What is the median household income in Richmond?
The median household income in Richmond, KY is $48,223 per year, which is 36% below the national median of $75,149.
What is the median home value in Richmond?
The median home value in Richmond, KY is $205,900, which is 16% below the national median of $244,900. A significant portion of residents rent their homes.
What is the average rent in Richmond?
The median monthly rent in Richmond, KY is $860, which is 26% below the national average of $1,163/month.
What is the unemployment rate in Richmond?
The unemployment rate in Richmond, KY is 6.7%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Richmond, KY a good place to live?
Richmond offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 35,498 and a median age of 28.1, the city appeals to young professionals and families.
How educated is Richmond, KY?
34.3% of residents in Richmond aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Richmond?
Key cost-of-living indicators for Richmond, KY: median home value is $205,900 (16% below national), median rent is $860/month, and median household income is $48,223. The home-value-to-income ratio is 4.3x, a moderate figure by national standards.
What is the poverty rate in Richmond?
The poverty rate in Richmond, KY is 21.6%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Richmond, KY?
Richmond's population is 3.1% White, 1.0% Hispanic or Latino, 0.6% Black or African American, 0.6% Asian, and 5.1% two or more races. 4.1% of residents are foreign-born.