Richmond, Indiana Cost Of Living

Buy Rent

A

Overall 23%

Goods & Services 16%

Housing 50%

Date & Last Updated: This data reflects 2022 and was released from C2ER in January, 2022; 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.
Index	Richmond	Indiana	National
Cost of living	77	89	100
Goods & Services	85	96	100
Groceries	90	94	100
Health care	78	96	100
Housing	50	72	100
Transportation	99	99	100
Utilities	92	99	100

Key findings

The cost of living in Richmond is 14% lower than the Indiana average
The cost of living in Richmond is 23% 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

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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 Income	Per Year	Per Month	Max 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

State	General Sales Tax	With Max Surtax
Indiana	7%	7%

Indiana Income Tax

State	Income Tax (Low)	Income Tax (High)
Indiana	3.23%	3.23%

Goods & Services

Item	Richmond	National avg.	Difference
Haircut	$17.00	$20.27	16.1%
Beauty Salon	$25.83	$40.39	36.0%
Toothpaste	$2.11	$2.36	10.4%
Shampoo	$0.93	$1.08	13.6%
Movie	$6.32	$10.99	42.4%
Bowling	$10.67	$15.49	31.1%

Groceries

Item	Richmond	National avg.	Difference
Ground Beef	$4.66	$4.30	8.4%
Fried Chicken	$1.13	$1.40	19.0%
Milk	$1.63	$2.20	26.0%
Potatoes	$2.63	$3.22	18.3%
Pizza	$9.32	$10.74	13.2%
Beer	$8.42	$9.60	12.3%

Health Care

Item	Richmond	National avg.	Difference
Optometrist	$55.00	$109.73	49.9%
Doctor	$81.67	$118.34	31.0%
Dentist	$75.00	$100.94	25.7%
Ibuprofen	$8.80	$9.93	11.4%
Lipitor	$498.83	$469.53	6.2%

Housing

Item	Richmond	National avg.	Difference
Home Price	$81,900.00	$184,700.00	55.7%
Avg. Mortgage Payment	$926.31	$1,229.62	24.7%
Apartment Rent	$601.00	$949.00	36.7%

Transportation

Item	Richmond	National avg.	Difference
Gasoline	$2.76	$2.71	1.9%
Tire Balancing	$49.00	$51.86	5.5%

Utilities

Item	Richmond	National avg.	Difference
All Electricity	$145.98	$170.84	14.6%
Phone	$187.80	$187.18	0.3%

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	Population	Cost of Living Index	National Avg.
Economy, IN	150	73	27.5%
Hollansburg, OH	253	73	27.1%
Modoc, IN	204	73	26.6%
Milton, IN	412	75	25.4%
Greens Fork, IN	430	75	25.1%
Richmond, IN	36,082	77	23.2%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Temple City, CA	36,084	165	64.5%
Lufkin, TX	36,112	84	15.9%
Menomonee Falls, WI	36,118	102	1.9%
Columbia, TN	36,130	88	11.8%
West Kelowna, BC	36,030	n/a
Richmond, IN	36,082	77	23.2%

Source: This data reflects 2021 and was released from C2ER in January, 2022; this is the most current data available.