Richmond, IN Cost Of Living

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.
Index	Richmond	Indiana	National
Cost of living index	75	89	100
Index	Richmond	Indiana	National
Goods & Services index	81	98	100
Groceries index	93	94	100
Health care index	76	93	100
Housing index	50	72	100
Transportation index	91	96	100
Utilities index	91	94	100

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.

Did you know?

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.
The cost of housing in Richmond is 50% lower than the national average.
Indiana general sales tax is 37% higher than the national average.
Indiana state income tax is 48% higher than the national average.

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Compare Richmond, IN Cost of living To Other Cities

Salary Calculator

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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

The salary calculator is used in order to provide a comparison of your current salary in Richmond, IN 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, IN, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Richmond, IN 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 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 indicated accurately 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 ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Richmond, IN 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 should have a maximum of $440 used 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	3.3%	3.3%

When you are determining the total cost of living in Richmond, IN you will want to make sure you consider both the Indiana sales tax and the Indiana income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Indiana is 7%, with the highest surtax being 7%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Indiana have a range from 3.3% to 3.3%.

Goods & Services

Item	Richmond	National avg.	Difference
Haircut	$11.07	$16.09	31.2%
Beauty Salon	$25.07	$37.33	32.8%
Toothpaste	$1.93	$2.45	21.0%
Shampoo	$0.87	$1.00	12.8%
Movie	$6.02	$10.28	41.5%
Bowling	$3.49	$4.93	29.3%

Groceries

Item	Richmond	National avg.	Difference
Ground Beef	$3.52	$3.80	7.4%
Fried Chicken	$1.22	$1.40	12.6%
Milk	$1.59	$2.01	20.7%
Potatoes	$2.65	$3.01	11.8%
Pizza	$8.00	$9.89	19.1%
Beer	$8.29	$8.90	6.9%

Health Care

Item	Richmond	National avg.	Difference
Optometrist	$49.75	$102.16	51.3%
Doctor	$65.15	$108.36	39.9%
Dentist	$70.01	$92.53	24.3%
Ibuprofen	$8.66	$9.28	6.7%
Lipitor	$415.83	$425.82	2.3%

Housing

Item	Richmond	National avg.	Difference
Home Price	$81,900.00	$184,700.00	55.7%
Avg. Mortgage Payment	$826.93	$1,202.44	31.2%
Apartment Rent	$601.00	$949.00	36.7%

Transportation

Item	Richmond	National avg.	Difference
Gasoline	$2.21	$2.24	1.6%
Tire Balancing	$35.40	$46.29	23.5%

Utilities

Item	Richmond	National avg.	Difference
All Electricity	$142.37	$165.96	14.2%
Phone	$27.84	$28.68	2.9%

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, State	Population	Cost of Living Index	National Avg.
Economy, IN	150	71	-29%
Hollansburg, OH	253	71	-29%
Modoc, IN	204	71	-29%
Milton, IN	412	73	-27%
Greens Fork, IN	430	73	-27%
Richmond, IN	36,082	75	-25%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Temple City, CA	36,084	162	62%
Lufkin, TX	36,112	89	-11%
Menomonee Falls, WI	36,118	104	4%
Columbia, TN	36,130	85	-15%
Franklin, WI	36,155	104	4%
Richmond, IN	36,082	75	-25%

Source: The Richmond, IN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.

Richmond, IN Cost of Living