A+
Overall 25%
Goods & Services 19%
Housing 50%
Date & Last Updated: This data reflects 2019 and was released from C2ER in January, 2020; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
IndexRichmondIndianaNational
Cost of living7589100
Goods & Services8197100
Groceries9392100
Health care7694100
Housing5072100
Transportation91100100
Utilities9199100

Key findings

  • The cost of living in Richmond is 16% lower than the Indiana average
  • The cost of living in Richmond is 25% lower than the national average
  • Richmond housing is 50% lower than the national average
  • Indiana general sales tax is 37% higher than the national average
  • Indiana state income tax is 31% higher than the national average

Most Affordable Places to Live in and Around Richmond

See all the best places to live around Richmond

Compare Richmond, IN Cost of Living

      vs
      How would you rate the cost of living in Richmond?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Richmond?
      Write a review to give others more information about this area.
      See all Richmond poll results

      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

      Median Income & Debt-To-Income Ratio

      Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
      Owners$47,095$3,925$1,099$1,413
      Renters$18,847$1,571$440$565
      The affordability of the housing market in Richmond, IN as well as the overall cost of living can be predicted 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 be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Richmond homeowners, the median income is $47,095. This indicates that a monthly maximum of $1,099 should be spent by homeowners on all housing related costs. Renters have a median income of $18,847. This indicates that renters would have a maximum of $440 for their rent related monthly costs.

      Indiana Sales Tax

      StateGeneral Sales TaxWith Max Surtax
      Indiana7%7%

      Indiana Income Tax

      StateIncome Tax (Low)Income Tax (High)
      Indiana3.23%3.23%

      Goods & Services

      ItemRichmondNational avg.Difference
      Haircut $11.07$17.4936.7%
      Beauty Salon $25.07$38.1734.3%
      Toothpaste $1.93$2.3216.7%
      Shampoo $0.87$1.0113.7%
      Movie $6.02$10.7243.9%
      Bowling $3.49$13.8674.8%

      Groceries

      ItemRichmondNational avg.Difference
      Ground Beef $3.52$3.909.7%
      Fried Chicken $1.22$1.4012.5%
      Milk $1.59$1.9618.9%
      Potatoes $2.65$3.1816.6%
      Pizza $8.00$10.3923.0%
      Beer $8.29$9.2310.2%

      Health Care

      ItemRichmondNational avg.Difference
      Optometrist $49.75$106.3453.2%
      Doctor $65.15$115.2543.5%
      Dentist $70.01$98.3828.8%
      Ibuprofen $8.66$9.266.5%
      Lipitor $415.83$466.4710.9%

      Housing

      ItemRichmondNational avg.Difference
      Home Price $81,900.00$184,700.0055.7%
      Avg. Mortgage Payment $826.93$1,273.3235.1%
      Apartment Rent $601.00$949.0036.7%

      Transportation

      ItemRichmondNational avg.Difference
      Gasoline $2.21$2.5914.8%
      Tire Balancing $35.40$48.9027.6%

      Utilities

      ItemRichmondNational avg.Difference
      All Electricity$142.37$167.6015.1%
      Phone $27.84$163.4283.0%
      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.
      Economy, IN15071-29%
      Hollansburg, OH25371-29%
      Modoc, IN20471-29%
      Milton, IN41273-27%
      Greens Fork, IN43073-27%
      Richmond, IN36,08275-25%

      Cities with similar population

      City, StatePopulationCost of Living IndexNational Avg.
      Temple City, CA36,08416464%
      Lufkin, TX36,11290-10%
      Menomonee Falls, WI36,1181022%
      Columbia, TN36,13085-15%
      Franklin, WI36,1551022%
      Richmond, IN36,08275-25%
      Source: The Richmond, IN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.