What is the cost of living in Richmond, MI?
According to the most recent data on the cost of living, Richmond has an overall cost of living index of 97, which is 1.0x lower than the national index of 100.
Compared to Michigan, Richmond has a cost of living index that's 1.1x higher than Michigan's index of 91.
The standard of living in Richmond ranks as #121 most affordable out of the 179 places we measured in Michigan. By definition, that implies Richmond ranks as the #58 most expensive place in the Wolverine State.
For more reading on life in Richmond, check out:
Richmond Cost Of Living Vs. Michigan
Six factors go into calculating the cost of living index in Richmond. Here is how it fares on each of the criteria:
The Services index in Richmond is 100.
The Groceries index in Richmond is 96.
The Health index in Richmond is 97.
The Housing index in Richmond is 96.
The Transportation index in Richmond is 100.
The Utilities index in Richmond is 98.
| Living Expense | Richmond | Michigan | National Average |
|---|---|---|---|
| Overall | 97 | 91 | 100 |
| Services | 100 | 97 | 100 |
| Groceries | 96 | 98 | 100 |
| Health | 97 | 75 | 100 |
| Housing | 96 | 98 | 100 |
| Transportation | 100 | 101 | 100 |
| Utilities | 98 | 98 | 100 |
Richmond Cost Of Living Compared To Michigan Averages
Index where 100 = national average. Source: cost-of-living index 2026.
For more reading on cost of living around Michigan, check out:
Protect your home budget Compare home warranties in Richmond Get matched →Source: Cost-of-living index 2026, normalized to US average = 100
Richmond, MI Housing Cost Breakdown
Housing swings affordability the most between places in Michigan, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2020-2024. The key points are:
The Median Home Value in Richmond is $303,793.
The Median Rent in Richmond is $864.
The Median Income in Richmond is $64,719.
The Home Value To Income in Richmond is 4.7x.
The Rent To Monthly Income in Richmond is 0.16x.
Richmond, MI Costs By Category
Detailed Richmond Services costs vs. Michigan
Detailed Richmond Groceries costs vs. Michigan
Detailed Richmond Health costs vs. Michigan
Detailed Richmond Transportation costs vs. Michigan
Richmond SnackAbility
Cost Of Living In Cities Around Richmond
The cost of living varies in the cities and towns around Richmond. Here's a quick look at the cost of living in the most populous nearby places:
Troy, MI has a cost of living index of 114, 1.2x Richmond.
Rochester Hills, MI has a cost of living index of 118, 1.2x Richmond.
Novi, MI has a cost of living index of 116, 1.2x Richmond.
| City | Population | Cost Of Living | Vs. Richmond |
|---|---|---|---|
| Troy, MI | 87,898 | 114 | 1.2x |
| Rochester Hills, MI | 77,089 | 118 | 1.2x |
| Novi, MI | 66,717 | 116 | 1.2x |
| Royal Oak, MI | 57,950 | 107 | 1.1x |
| Birmingham, MI | 21,763 | 146 | 1.5x |
| Berkley, MI | 15,149 | 105 | 1.1x |
| New Baltimore, MI | 12,072 | 103 | 1.1x |
| Clawson, MI | 11,374 | 101 | 1.0x |
| Marysville, MI | 9,925 | 93 | 1.0x |
| Plymouth, MI | 9,214 | 113 | 1.2x |
