Cost of Living in Richmond, MI

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3%
Overall NAT. AVG.
1%
Groceries NAT. AVG.
5%
Housing NAT. AVG.
Date & Last Updated: These cost of living estimates reflect 2026 modeled data using U.S. Census housing inputs and AI-assisted city-level pricing models.
The cost of living index is based on a national average of 100. For example, if the cost of living score is 90, then the estimated cost of living is 10% lower than the national average. If the score is 110, then the estimated cost of living is 10% higher than average. The overall index is calculated using weighted estimates across major everyday expense categories, including housing (30%), groceries (16%), transportation (12%), healthcare (10%), utilities (8%), lifestyle and entertainment (8%), household expenses (8%), and education and childcare (8%). All values are AI-assisted city-level estimates designed for directional comparisons.
Index Richmond Michigan National
Cost of living9791100
Groceries9998100
Health care9597100
Housing9576100
Transportation9896100
Utilities100100100
Lifestyle & Entertainment9996100
Household Items9998100
Education & Childcare9695100
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Homes For Sale In Richmond, MI

property for sale

67700 S Forest Ave

Richmond, MI
property for sale

68135 Lake Angela Dr

Richmond, MI
property for sale

Lot 2 Mile Rd

Armada, MI
property for sale

70350 N Main St

Richmond, MI
See the Newest Homes For Sale In Richmond, MI

Cost Of Living Quick Facts

  • The cost of living in Richmond is 7% higher than the Michigan average
  • The cost of living in Richmond is 3% lower than the national average
  • Richmond housing is 5% lower than the national average
  • Michigan general sales tax is 18% higher than the national average
  • Michigan state income tax is 64% higher than the national average

Most Affordable Places to Live in and Around Richmond

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Compare Richmond, MI Cost of Living

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      Cost of living index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index
      Lifestyle index
      Household index
      Educare index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$100,373$8,364$2,342$3,011
      Renters$31,409$2,617$733$942
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Richmond, MI, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Richmond homeowners, is $100,373. This would allow for a maximum of $2,342 per month to be spent on housing costs. For renters, the median monthly income is $31,409 which would result in a maximum of $733 to be spent on rental costs.

      Michigan Sales Tax

      State General Sales Tax With Max Surtax
      Michigan 6% 6%

      Michigan Income Tax

      State Income Tax (Low) Income Tax (High)
      Michigan 4.25% 4.25%

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Capac, MI1,8958614.4%
      Emmett, MI2658910.9%
      Mount Clemens, MI16,6428911.5%
      Algonac, MI4,1628910.8%
      Memphis, MI1,106919.2%
      Richmond, MI5,982973.0%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      St. Martinville, LA5,9828812.3%
      Leesville, LA5,9808515.1%
      Granville, OH5,98412322.8%
      Monticello, IL5,985991.3%
      Plymouth, PA5,9868415.7%
      Richmond, MI5,982973.0%
      Date & Last Updated: These cost of living estimates reflect 2026 modeled data using U.S. Census housing inputs and AI-assisted city-level pricing models.
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