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Everything else equal, I think we can all agree that living in a cheaper place is better than living in a more expensive place.
I'd much rather pay $500/mo in rent than $1,000. And I'd rather pay $2 for coffee than $5.
And while every neighbhorhood in Richmond might be more expensive than living in rural Virginia, there are certain neighborhoods that are definitely cheaper.
So what exactly are those Richmond neighborhoods where your dollar goes a little further -- you can get that one bedroom instead of the studio?
Instead of relying on public opinion and speculation, we wanted to get the facts straight and find out which neighborhoods in Richmond are the cheapest.
The Cheapest Neighborhoods In Richmond For 2022
What's the cheapest neighborhood to live in Richmond for 2022? According to the most recent census data, Edgewood looks to be the cheaptest Richmond neighborhood to live in.
At this point we should make it clear that you do get what you pay for -- some of these neighborhoods might not be the best places to live in Richmond. You could be sacrificing location or crime rates in return for more space and cheaper groceries.
Read on to see how we determined the places around Richmond that deserve a little bragging rights or maybe you're interested in the worst neighborhoods in Richmond.
Once you're done, you can look at the bottom of the story for a complete chart of every neighborhood we looked at from cheapest to most expensive.
For more Virginia reading, check out:
- Best Places To Live In Virginia
- Cheapest Places To Live In Virginia
- Cheapest Cities To Live In America
- Cheapest States To Live In America
The 10 Cheapest Neighborhoods To Live In Richmond For 2022
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Population: 780
Cost Of Living Index: 88 (22nd cheapest)
Home Value To Income Ratio: 2.6 (12th cheapest)
Rent To Income Ratio: 0.006 (7th cheapest)
More on Edgewood: Homes For Sale | Data
/10
Population: 708
Cost Of Living Index: 80 (cheapest)
Home Value To Income Ratio: 2.7 (13th cheapest)
Rent To Income Ratio: 0.017 (3cheapest)
More on Broad Rock: Homes For Sale | Data
/10
Population: 396
Cost Of Living Index: 93 (47th cheapest)
Home Value To Income Ratio: 2.6 (10th cheapest)
Rent To Income Ratio: 0.021 (54th cheapest)
More on Broad Rock Sports Complex: Homes For Sale | Data
/10
Population: 831
Cost Of Living Index: 93 (47th cheapest)
Home Value To Income Ratio: 2.8 (19th cheapest)
Rent To Income Ratio: 0.02 (46th cheapest)
More on Belt Center: Homes For Sale | Data
/10
Population: 412
Cost Of Living Index: 90 (29th cheapest)
Home Value To Income Ratio: 2.7 (16th cheapest)
Rent To Income Ratio: 0.023 (69th cheapest)
More on Pocoshock: Homes For Sale | Data
/10
Population: 357
Cost Of Living Index: 82 (3rd cheapest)
Home Value To Income Ratio: 1.3 (cheapest)
Rent To Income Ratio: 0.031 (110th cheapest)
More on Cofer: Homes For Sale | Data
/10
Population: 635
Cost Of Living Index: 101 (84th cheapest)
Home Value To Income Ratio: 2.8 (18th cheapest)
Rent To Income Ratio: 0.013 (16th cheapest)
More on Westover Hills West: Homes For Sale | Data
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Population: 2,008
Cost Of Living Index: 94 (56th cheapest)
Home Value To Income Ratio: 2.6 (10th cheapest)
Rent To Income Ratio: 0.021 (54th cheapest)
More on South Garden: Homes For Sale | Data
/10
Population: 621
Cost Of Living Index: 91 (34th cheapest)
Home Value To Income Ratio: 2.7 (16th cheapest)
Rent To Income Ratio: 0.023 (69th cheapest)
More on Warwick: Homes For Sale | Data
/10
Population: 560
Cost Of Living Index: 109 (110th cheapest)
Home Value To Income Ratio: 2.1 (6th cheapest)
Rent To Income Ratio: 0.004 (4th cheapest)
More on Country Club Of Virginia: Homes For Sale | Data
Methodology: How We Determined The Cheapest Richmond Hoods In 2022
In order to rank the cheapest places to live in Richmond, we had to determine what criteria defines "cheap".
Using census and extrapolated BLS data, we arrived at the following set of criteria:
- Overall Cost Of Living
- Rent To Income Ratio
- Median Home Value To Income Ratio
We then ranked each neighborhood with scores from 1 to 137 in each category, where 1 was the cheapest.
Next, we averaged the rankings for each neighborhood to create a cheap neighborhood index.
And finally, we crowned the neighborhood with the lowest cheapest neighborhood index the "Cheapest City Neighborhood In Richmond." We're lookin' at you, Edgewood.
Read on below to learn more about what it's like to live in the cheapest places Richmond. Or skip to the end to see the list of all the neighborhoods in the city from cheapest to most expensive.
Summary: Lowest Cost Places To Live In Richmond
If you're measuring the neighborhoods in Richmond where prices are low and it's cheap to live, this is an accurate list.
As we mentioned earlier, the neighborhoods in Richmond aren't all cheap. Vcu takes the title of the most expensive neighborhood to live in Richmond.
We ranked the neighborhoods from cheapest to most expensive in the chart below.
For more Virginia reading, check out:
- Most Dangerous Cities In Virginia
- Richest Cities In Virginia
- Safest Places In Virginia
- Worst Cities In Virginia For 2017