Cost of living in Richmond research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Richmond is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Virginia, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Richmond is 99, with 100 being the average.
The cost of living index in Richmond is 1.0x lower than the national average.
Richmond ranks as the #48 cheapest in Virginia out of 186.
Richmond ranks as the #3,027 cheapest out of 6,412 in the US.
The median home value in Richmond is $263,000.
The median income in Richmond is $54,795.
According to the most recent data on the cost of living, Richmond has an overall cost of living index of 99, which is 1.0x lower 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 102.
The standard of living in Richmond ranks as #48 most affordable out of the 186 places we measured in Virginia. By definition, that implies Richmond ranks as the #138 most expensive place in the Old Dominion.
For more reading on life in Richmond, check out:
Six factors go into calculating the cost of living index in Richmond. Here is how it fairs on each of the criteria:
The Services index in Richmond is 104.
The Groceries index in Richmond is 92.
The Health index in Richmond is 106.
The Housing index in Richmond is 102.
The Transportation index in Richmond is 94.
The Utilities index in Richmond is 103.
|Living Expense||Richmond||Virginia||National Average|
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 2017-2021. The key points are:
The Median Home Value in Richmond is $263,000.
The Median Rent in Richmond is $1,132.
The Median Income in Richmond is $54,795.
The Home Value To Income in Richmond is 4.8x.
The Rent To Monthly Income in Richmond is 0.25x.
|Median Home Value||$263,000||$295,500||$244,900|
|Home Value To Income||4.8x||3.7x||3.5x|
|Rent To Monthly Income||0.25x||0.2x||0.2x|
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 107, 1.1x Richmond.
Short Pump, VA has a cost of living index of 125, 1.3x Richmond.
Meadowbrook, VA has a cost of living index of 101, 1.0x Richmond.
|City||Population||Cost Of Living||Vs. Richmond|
|Short Pump, VA||27,332||125||1.3x|
|Bon Air, VA||17,846||106||1.1x|
|East Highland Park, VA||16,669||95||1.0x|
|Glen Allen, VA||14,783||108||1.1x|