Richlands cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexRichlandsVirginiaNational
Cost of living index87109100
IndexRichlandsVirginiaNational
Goods & Services index96100100
Groceries index9195100
Health care index112101100
Housing index64133100
Transportation index9393100
Utilities index101100100
Displayed above is a general overview of the Richlands, VA cost of living index. The overall cost of living index in Richlands, VA is 87, which is 20% lower than the Virginia average and 13% lower than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Richlands, VA are 3% lower than the Virginia average and 4% lower than the national average.

Did you know?

  • The cost of living in Richlands is 20% lower than the Virginia average.
  • The cost of living in Richlands is 13% lower than the national average.
  • The cost of housing in Richlands is 36% lower than the national average.
  • Virginia general sales tax is 4% higher than the national average.
  • Virginia state income tax is 10% lower than the national average.

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Compare Richlands, VA Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
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Using the salary calculator lets you compare the salary you earn in Richlands, VA to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Richlands, VA, you have to earn a higher income in order to still have the same standard of living. To operate the Richlands, VA salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$42,254$3,521$986$1,268
Renters$21,989$1,832$513$660
The affordability of the housing market in Richlands, VA as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Richlands, VA homeowners, the median income is $42,254. This indicates that a monthly maximum of $986 should be spent by homeowners on all housing related costs. Renters have a median income of $21,989. This indicates that renters should have a maximum of $513 used for their rent related monthly costs.

Virginia Sales Tax

StateGeneral Sales TaxWith Max Surtax
Virginia5.3%6%

Virginia Income Tax

StateIncome Tax (Low)Income Tax (High)
Virginia2%5.75%
One thing to keep in mind when considering the cost of living in Richlands, VA is the Virginia sales tax and Virginia income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Virginia sales tax rate is 5.3% and the maximum surtax that can be charged is 6%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Virginia income tax rates range from 2% to 5.75%.

Goods & Services

ItemRichlandsNational avg.Difference
Haircut $14.92$15.564.1%
Beauty Salon $34.65$36.114.0%
Toothpaste $1.95$2.4720.9%
Shampoo $0.80$0.9617.5%
Movie $11.50$10.1313.5%
Bowling $4.54$4.744.1%

Groceries

ItemRichlandsNational avg.Difference
Ground Beef $3.18$3.9820.3%
Fried Chicken $1.25$1.4110.9%
Milk $1.65$2.0619.9%
Potatoes $2.77$2.987.3%
Pizza $7.56$9.4720.2%
Beer $9.27$8.795.4%

Health Care

ItemRichlandsNational avg.Difference
Optometrist $104.44$101.043.4%
Doctor $116.62$107.448.5%
Dentist $109.77$90.4221.4%
Ibuprofen $8.85$9.284.6%
Lipitor $453.35$426.506.3%

Housing

ItemRichlandsNational avg.Difference
Home Price $109,800.00$175,700.0037.5%
Avg. Mortgage Payment $775.55$1,133.2331.6%
Apartment Rent $612.00$920.0033.5%

Transportation

ItemRichlandsNational avg.Difference
Gasoline $1.87$1.996.3%
Tire Balancing $41.43$45.769.5%

Utilities

ItemRichlandsNational avg.Difference
All Electricity$138.77$163.8115.3%
Phone $35.01$28.3923.3%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Cucumber, WV3096-4%
Berwind, WV54472-28%
Saltville, VA2,37481-19%
Raven, VA2,45183-17%
Honaker, VA1,62683-17%
Richlands, VA5,69887-13%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Selinsgrove, PA5,69893-7%
Sky Lake, FL5,69988-12%
Mena, AR5,70182-18%
Samsula-Spruce Creek, FL5,69411414%
Richmond, MO5,70286-14%
Richlands, VA5,69887-13%
Source: The Richlands, VA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.