What is the cost of living in Richmond, VA?
According to the most recent data on the cost of living, Richmond has an overall cost of living index of 112, which is 1.1x higher than the national index of 100.
Compared to Virginia, Richmond has a cost of living index that's 1.0x lower than Virginia's index of 112.
The standard of living in Richmond ranks as #64 most affordable out of the 188 places we measured in Virginia. By definition, that implies Richmond ranks as the #124 most expensive place in the Old Dominion.
For more reading on life in Richmond, check out:
Richmond Cost Of Living Vs. Virginia
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 106.
The Groceries index in Richmond is 103.
The Health index in Richmond is 131.
The Housing index in Richmond is 105.
The Transportation index in Richmond is 102.
The Utilities index in Richmond is 111.
| Living Expense | Richmond | Virginia | National Average |
|---|---|---|---|
| Overall | 112 | 112 | 100 |
| Services | 106 | 103 | 100 |
| Groceries | 103 | 104 | 100 |
| Health | 131 | 131 | 100 |
| Housing | 105 | 105 | 100 |
| Transportation | 102 | 105 | 100 |
| Utilities | 111 | 104 | 100 |
Richmond Cost Of Living Compared To Virginia Averages
Index where 100 = national average. Source: cost-of-living index 2026.
For more reading on cost of living around Virginia, 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, VA Housing Cost Breakdown
Housing swings affordability the most between places in Virginia, 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 $369,645.
The Median Rent in Richmond is $1,372.
The Median Income in Richmond is $64,587.
The Home Value To Income in Richmond is 5.7x.
The Rent To Monthly Income in Richmond is 0.25x.
Richmond, VA Costs By Category
Detailed Richmond Services costs vs. Virginia
Detailed Richmond Groceries costs vs. Virginia
Detailed Richmond Health costs vs. Virginia
Detailed Richmond Transportation costs vs. Virginia
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:
Mechanicsville, VA has a cost of living index of 112, 1.0x Richmond.
Short Pump, VA has a cost of living index of 135, 1.2x Richmond.
Meadowbrook, VA has a cost of living index of 108, 1.0x Richmond.
| City | Population | Cost Of Living | Vs. Richmond |
|---|---|---|---|
| Mechanicsville, VA | 38,683 | 112 | 1.0x |
| Short Pump, VA | 29,026 | 135 | 1.2x |
| Meadowbrook, VA | 20,749 | 108 | 1.0x |
| Glen Allen, VA | 17,551 | 111 | 1.0x |
| Bon Air, VA | 16,904 | 115 | 1.0x |
| East Highland Park, VA | 15,265 | 100 | 0.9x |
| Brandermill, VA | 13,730 | 116 | 1.0x |
| Lakeside, VA | 12,654 | 105 | 0.9x |
| Manchester, VA | 12,445 | 111 | 1.0x |
| Wyndham, VA | 12,099 | 154 | 1.4x |
