Richmond 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.
IndexRichmondKentuckyNational
Cost of living index8988100
IndexRichmondKentuckyNational
Goods & Services index10195100
Groceries index9696100
Health care index9495100
Housing index7270100
Transportation index9597100
Utilities index8092100
A general summary of the cost of living index in Richmond, KY is shown above. Compared to the state average of Kentucky the cost of living index in Richmond, KY is 89, which is 1% higher than the average in Kentucky and compared to the national average it is 11% lower than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Richmond, KY goods and services come in at 6% higher than the average in Kentucky and are 1% higher than compared to the nationwide average.

Did you know?

  • The cost of living in Richmond is 1% higher than the Kentucky average.
  • The cost of living in Richmond is 11% lower than the national average.
  • The cost of housing in Richmond is 28% lower than the national average.
  • Kentucky general sales tax is 18% higher than the national average.
  • Kentucky state income tax is 10% lower than the national average.

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Salary Calculator

This is how much you would need to earn in
Price difference in compared to
Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
The salary calculator is used in order to provide a comparison of your current salary in Richmond, KY to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Richmond, KY, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Richmond, KY salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$52,538$4,378$1,226$1,576
Renters$22,765$1,897$531$683
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Richmond, KY, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Richmond, KY homeowners have a median income of $52,538. Using that number, you will come up with a maximum of $1,226 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $22,765, which means there is a maximum of $531 to be spent on the costs of renting a home or apartment.

Kentucky Sales Tax

StateGeneral Sales TaxWith Max Surtax
Kentucky6%6%

Kentucky Income Tax

StateIncome Tax (Low)Income Tax (High)
Kentucky2%6%
For those who live in Richmond, KY and want to know what the true cost of living is, they ought to look at both the Kentucky income tax rate and the Kentucky sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Kentucky, the sales tax is 6%, while the most you'll pay in surtax is 6%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Kentucky, the income tax rate ranges between 2% to 6%.

Goods & Services

ItemRichmondNational avg.Difference
Haircut $15.20$14.594.2%
Beauty Salon $43.80$34.6826.3%
Toothpaste $2.09$2.4715.5%
Shampoo $0.87$1.0214.9%
Movie $8.10$9.8717.9%
Bowling $4.15$4.395.5%

Groceries

ItemRichmondNational avg.Difference
Ground Beef $5.13$4.4814.6%
Fried Chicken $1.60$1.469.3%
Milk $2.44$2.363.5%
Potatoes $2.52$3.0617.7%
Pizza $9.10$9.241.5%
Beer $8.11$8.636.1%

Health Care

ItemRichmondNational avg.Difference
Optometrist $77.80$99.7822.0%
Doctor $93.67$105.0310.8%
Dentist $81.75$88.707.8%
Ibuprofen $8.13$9.4113.6%
Lipitor $319.69$298.507.1%

Housing

ItemRichmondNational avg.Difference
Home Price $132,000.00$175,700.0024.9%
Avg. Mortgage Payment $725.81$1,081.0332.9%
Apartment Rent $608.00$920.0033.9%

Transportation

ItemRichmondNational avg.Difference
Gasoline $2.06$2.091.4%
Tire Balancing $37.95$45.2916.2%

Utilities

ItemRichmondNational avg.Difference
All Electricity$142.30$170.8016.7%
Phone $21.09$28.2625.4%
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.
Berea, KY14,20989-11%
Nicholasville, KY28,48391-9%
Richmond, KY32,70689-11%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Wenatchee, WA32,62798-2%
Rosenberg, TX32,78989-11%
Socorro, TX32,62382-18%
Menlo Park, CA32,792220120%
Bangor, ME32,8001044%
Richmond, KY32,70689-11%
Source: The Richmond, KY cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.