An overview of the general cost of living index for Richmond, IN is displayed above for your reference. Residents in Richmond, IN enjoy a cost of living index of 75. This index is 16% lower than the Indiana average, and 25% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Richmond, IN, the average cost of goods and services is 17% lower than it is in Indiana, and it is 19% lower than the national average.