Richmond, Indiana Cost Of Living

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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.
Index	Richmond	Indiana	National
Cost of living	75	89	100
Goods & Services	81	97	100
Groceries	93	92	100
Health care	76	94	100
Housing	50	72	100
Transportation	91	100	100
Utilities	91	99	100

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

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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	$11.07	$17.49	36.7%
Beauty Salon	$25.07	$38.17	34.3%
Toothpaste	$1.93	$2.32	16.7%
Shampoo	$0.87	$1.01	13.7%
Movie	$6.02	$10.72	43.9%
Bowling	$3.49	$13.86	74.8%

Groceries

Item	Richmond	National avg.	Difference
Ground Beef	$3.52	$3.90	9.7%
Fried Chicken	$1.22	$1.40	12.5%
Milk	$1.59	$1.96	18.9%
Potatoes	$2.65	$3.18	16.6%
Pizza	$8.00	$10.39	23.0%
Beer	$8.29	$9.23	10.2%

Health Care

Item	Richmond	National avg.	Difference
Optometrist	$49.75	$106.34	53.2%
Doctor	$65.15	$115.25	43.5%
Dentist	$70.01	$98.38	28.8%
Ibuprofen	$8.66	$9.26	6.5%
Lipitor	$415.83	$466.47	10.9%

Housing

Item	Richmond	National avg.	Difference
Home Price	$81,900.00	$184,700.00	55.7%
Avg. Mortgage Payment	$826.93	$1,273.32	35.1%
Apartment Rent	$601.00	$949.00	36.7%

Transportation

Item	Richmond	National avg.	Difference
Gasoline	$2.21	$2.59	14.8%
Tire Balancing	$35.40	$48.90	27.6%

Utilities

Item	Richmond	National avg.	Difference
All Electricity	$142.37	$167.60	15.1%
Phone	$27.84	$163.42	83.0%

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, 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	164	64%
Lufkin, TX	36,112	90	-10%
Menomonee Falls, WI	36,118	102	2%
Columbia, TN	36,130	85	-15%
Franklin, WI	36,155	102	2%
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 2019.

Richmond, IN Cost of Living