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.
Cost of living index8691100
Goods & Services index10197100
Groceries index8690100
Health care index9196100
Housing index6581100
Transportation index8995100
Utilities index9494100
A general overview of the cost of living index for Richmond, TX is displayed above. In Richmond, TX, the overall cost of living index is 86, which is 5% lower than the Texas average and 14% lower than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Richmond, TX, the city's goods and services are 3% higher than the Texas average and 1% higher than the U.S. average.

Did you know?

  • The cost of living in Richmond is 5% lower than the Texas average.
  • The cost of living in Richmond is 14% lower than the national average.
  • The cost of housing in Richmond is 35% lower than the national average.
  • Texas general sales tax is 23% higher than the national average.
  • Texas state income tax is 100% lower than the national average.

Find Real Estate Listings In Richmond


New Real Estate Listings In Richmond

Compare Richmond, TX Cost of living To Other Cities

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 allows you to compare how much your current salary in Richmond, TX would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Richmond, TX, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Richmond, TX salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Richmond, TX as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Richmond, TX homeowners, is $57,599. This would allow for a maximum of $1,344 per month to be spent on housing costs. For renters, the median monthly income is $40,557 which would result in a maximum of $946 to be spent on rental costs.

Texas Sales Tax

StateGeneral Sales TaxWith Max Surtax

Texas Income Tax

StateIncome Tax (Low)Income Tax (High)
One thing to keep in mind when considering the cost of living in Richmond, TX is the Texas sales tax and Texas 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 Texas sales tax rate is 6.25% and the maximum surtax that can be charged is 8.25%. 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 Texas income tax rates range from 0% to 0%.

Goods & Services

ItemRichmondNational avg.Difference
Haircut $15.70$14.597.6%
Beauty Salon $50.70$34.6846.2%
Toothpaste $2.05$2.4717.1%
Shampoo $0.83$1.0218.8%
Movie $10.14$9.872.8%
Bowling $5.35$4.3921.8%


ItemRichmondNational avg.Difference
Ground Beef $4.78$4.486.8%
Fried Chicken $1.22$1.4616.7%
Milk $1.69$2.3628.3%
Potatoes $2.51$3.0618.0%
Pizza $8.69$9.246.0%
Beer $8.88$8.632.9%

Health Care

ItemRichmondNational avg.Difference
Optometrist $91.56$99.788.2%
Doctor $78.68$105.0325.1%
Dentist $85.89$88.703.2%
Ibuprofen $7.98$9.4115.2%
Lipitor $306.58$298.502.7%


ItemRichmondNational avg.Difference
Home Price $102,700.00$175,700.0041.5%
Avg. Mortgage Payment $1,037.88$1,081.034.0%
Apartment Rent $743.00$920.0019.2%


ItemRichmondNational avg.Difference
Gasoline $1.94$2.097.1%
Tire Balancing $35.44$45.2921.7%


ItemRichmondNational avg.Difference
All Electricity$144.44$170.8015.4%
Phone $30.15$28.266.7%
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.
Fifth Street, TX2,36275-25%
Kendleton, TX32682-18%
Brookshire, TX4,80483-17%
Beasley, TX51983-17%
Orchard, TX36687-13%
Richmond, TX11,76986-14%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
North Merrick, NY11,77217171%
North Wantagh, NY11,77313939%
Somersworth, NH11,76511515%
Winton, CA11,77495-5%
North St. Paul, MN11,7751022%
Richmond, TX11,76986-14%
Source: The Richmond, TX cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.