| Index | Richmond | Virginia | National |
| Cost of living | 112 | 111 | 100 |
| Groceries | 105 | 103 | 100 |
| Health care | 104 | 103 | 100 |
| Housing | 129 | 129 | 100 |
| Transportation | 105 | 105 | 100 |
| Utilities | 102 | 104 | 100 |
| Lifestyle & Entertainment | 110 | 103 | 100 |
| Household Items | 100 | 102 | 100 |
| Education & Childcare | 111 | 109 | 100 |
Getting a feel for the cost of living in Richmond is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Richmond is 112, which is 12% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
Housing costs are a major factor in the Richmond cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 29.2% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
The most insightful perspective on a city comes from its residents. We recently surveyed 26 locals to gauge their perception of the cost of living in Richmond. The feedback revealed that 50% of respondents found the cost of living to be reasonable, with prices on the decline, while 50% regarded it as notably expensive with prices that continue to rise.
Wondering if Richmond is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Richmond, for example, the median home price is 36.9% higher than what folks pay nationally, and monthly rent is 11.3% higher than the usual rates. Plus, income levels matter too, with Richmond boasting a median household income of $75,137, which is 7.6% lower than the national average.
Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Richmond, the baseline sales tax rate begins at 5.3%, and income tax rates start at 2%.
Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Richmond, healthcare costs are 3.5% higher than the national average.
Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.
The cost of living data for Richmond shown above is based on a U.S. average baseline score of 100, making it easier to compare how far your dollar may go from one city to another. Housing uses U.S. Census home price and rental data, while all remaining values are AI-assisted estimates informed by regional pricing, climate, transportation dynamics, and local economic factors. These scores are best used for directional comparisons between cities.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $118,504 | $9,875 | $2,765 | $3,555 |
| Renters | $54,423 | $4,535 | $1,270 | $1,633 |
| State | General Sales Tax | With Max Surtax |
| Virginia | 5.3% | 6% |
| State | Income Tax (Low) | Income Tax (High) |
| Virginia | 2% | 5.75% |
| City | Population | Cost of Living Index | National Avg. |
| Montrose, VA | 7,859 | 97 | 3.4% |
| Bensley, VA | 6,198 | 99 | 1.1% |
| Bellwood, VA | 8,080 | 100 | 0.1% |
| Sandston, VA | 7,053 | 101 | 0.9% |
| Highland Springs, VA | 15,404 | 99 | 1.0% |
| Richmond, VA | 237,217 | 112 | 12.3% |
| City | Population | Cost of Living Index | National Avg. |
| Boise, ID | 234,372 | 116 | 15.7% |
| Regina, SK | 241,465 | n/a | |
| Hialeah, FL | 241,985 | 116 | 16.1% |
| Fremont, CA | 242,323 | 226 | 126.0% |
| Windsor, ON | 230,583 | n/a | |
| Richmond, VA | 237,217 | 112 | 12.3% |
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