What is the average home price for first-time buyers in Richmond, MI?

As of 2025, entry-level homes in Richmond, MI commonly range around the low- to mid-$200Ks depending on size, age, and proximity to schools and downtown.

Does Richmond, MI qualify for USDA loans for first-time home buyers?

Many areas in and around Richmond are USDA-eligible, which can allow qualified first-time buyers to use 0% down financing. Eligibility depends on the specific property address and borrower income limits.

Which first-time home buyer programs are available in Richmond, MI?

Common options include FHA (3.5% down), MSHDA down payment assistance for qualifying borrowers, USDA Rural Development in eligible zones, and conventional 3% down programs for strong-credit buyers.

Are homes in Richmond on city water and sewer or well and septic?

Downtown and denser neighborhoods are more likely to have city water and sewer, while many rural or edge-of-town properties use private well and septic systems. Always verify utilities during inspections.

What hidden costs should first-time buyers in Richmond, MI expect?

Plan for inspections (including well, septic, and sewer scope where applicable), appraisal, title and recording fees, homeowner’s insurance, and potential higher heating costs on rural properties.

How can a first-time buyer compete in Richmond, MI’s market?

Get pre-approved early, tour quickly, avoid waiving essential inspections, and consider flexible terms such as reasonable inspection timelines or appraisal gap strategies when appropriate.

First-Time Home Buyer Guide – Richmond, MI

Knybel Network - Real Estate
Sep 23
3 min read

Updated: Sep 29

Being a first-time home buyer in Richmond, MI offers plenty of opportunities for new homeowners. Known for its small-town charm, affordable housing, and close-knit community, Richmond is attracting buyers from across Macomb and St. Clair Counties.

If you’re considering a move to Richmond in 2025, here’s what you need to know before making your first purchase.

A happy young couple on a gray sofa reviews a "Richmond MI Home Buyer's Guide" booklet, with a steaming mug nearby. Text overlay reads "YOUR PATH TO HOMEOWNORSHIP IN RICHMOND, MI" and "First-Time Buyer? Start Here! Expert Advice & Local Listings". — *Rookie Mistakes to Avoid + Insider Tips for First-Timers*

Richmond’s Housing Market Overview

In September 2025, the median home price in Richmond was around $225,000, making it one of the more affordable markets in northern Macomb County.

Starter homes under $200K are limited but highly competitive.
Family homes in the $230K–$280K range are moving steadily, especially near schools.
Rural properties with acreage are popular among buyers seeking more space.

💡 Related Reading: Macomb Township Housing Market Report – Sept 2025

First-Time Home Buyer Programs in Richmond, MI

Richmond first-time buyers have access to multiple financing options:

FHA Loans → Low down payments (3.5%), flexible credit requirements.
MHSDA Down Payment Assistance → Michigan-specific program offering up to $10K in help.
USDA Rural Development Loans → Richmond qualifies in many areas, meaning 0% down for eligible buyers.
Conventional Loans → Strong credit buyers can put down as little as 3%.

📊 Pro Tip: Talk to a lender early and get pre-approved before looking at Richmond homes — many sellers won’t consider offers without it.

Neighborhoods & Lifestyle in Richmond

Aerial view of Theut's Flower Barn in Richmond, MI with scattered houses, fields, and cloudy skies. — Theut's Flower Barn has been helping Richmond 'Bloom More and Spend Less' for decades. Visit their beautiful barn to find all your garden needs!

Downtown Richmond → Walkable, historic homes, and close to local shops and restaurants.
Northern Richmond & rural areas → Larger lots, farmland, and more privacy.
Subdivisions near schools → Family-friendly, newer builds, and strong resale value.

💡 Related Reading: First-Time Buyer Guide – Chesterfield, MI

Hidden Costs First-Time Buyers Should Know in Richmond

First-time buyers often underestimate costs beyond the down payment. In Richmond, watch out for:

Well & Septic Inspections → Common in rural homes.
Winter Heating Costs → Many homes rely on propane or fuel oil.q
Insurance Costs → Outbuildings and rural properties may increase coverage needs.
Closing Costs → Plan for 2–4% of the purchase price. 28

Tips to Compete as a Richmond First-Time Home Buyer

A yellow sticky note with a hand-drawn lightbulb icon, symbolizing an idea or tip, pinned with a red thumbtack to a cork board.

Get pre-approved early.
Tour homes quickly — inventory is limited.
Don’t waive inspections, especially for well/septic.
Be flexible on location (in-town vs rural).
Work with a local agent who knows Richmond and neighboring towns.

Final Thoughts – Buying Your First Home in Richmond, MI

Richmond, MI is a great place for first-time buyers who want affordability, small-town charm, and access to both Macomb County and St. Clair County. By planning your financing, understanding the local market, and preparing for hidden costs, you’ll be ready to find the perfect home in 2025.