Richmond, VA Cost Of Living
Cost Of Living In Richmond, VA Summary
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 106, with 100 being the average.
The cost of living index in Richmond is 1.1x higher than the national average.
Richmond ranks as the #54 cheapest in Virginia out of 190.
Richmond ranks as the #3,278 cheapest out of 6,489 in the US.
The median home value in Richmond is $360,452.
The median income in Richmond is $62,671.
Table Of Contents
Richmond's Overall Cost Of Living
Higher Than The National Average
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 106, 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 110.
The standard of living in Richmond ranks as #54 most affordable out of the 190 places we measured in Virginia. By definition, that implies Richmond ranks as the #136 most expensive place in the Old Dominion.
For more reading on life in Richmond, check out:
In Virginia
In America
Richmond Cost Of Living Vs. Virginia
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 99.
The Groceries index in Richmond is 102.
The Health index in Richmond is 97.
The Housing index in Richmond is 125.
The Transportation index in Richmond is 101.
The Utilities index in Richmond is 105.
| Living Expense | Richmond | Virginia | National Average | |
|---|---|---|---|---|
| Overall | 106 | 110 | 100 | |
| Services | 99 | 101 | 100 | |
| Groceries | 102 | 99 | 100 | |
| Health | 97 | 98 | 100 | |
| Housing | 125 | 130 | 100 | |
| Transportation | 101 | 94 | 100 | |
| Utilities | 105 | 104 | 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 2019-2023. The key points are:
The Median Home Value in Richmond is $360,452.
The Median Rent in Richmond is $1,314.
The Median Income in Richmond is $62,671.
The Home Value To Income in Richmond is 5.8x.
The Rent To Monthly Income in Richmond is 0.25x.
Median Home Value
Median Rent
Median Income
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
Detailed Richmond Utilities Costs Vs. Virginia
Richmond SnackAbility
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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, 1.1x Richmond.
Short Pump, VA has a cost of living index of 131, 1.2x Richmond.
Meadowbrook, VA has a cost of living index of 102, 1.0x Richmond.
| City | Population | Cost Of Living | Vs. Richmond |
|---|---|---|---|
| Mechanicsville, VA | 38,437 | 112 | 1.1x |
| Short Pump, VA | 28,177 | 131 | 1.2x |
| Meadowbrook, VA | 20,383 | 102 | 1.0x |
| Bon Air, VA | 17,302 | 114 | 1.1x |
| Glen Allen, VA | 16,630 | 108 | 1.0x |
| East Highland Park, VA | 16,071 | 96 | 0.9x |
| Brandermill, VA | 13,938 | 112 | 1.1x |
| Lakeside, VA | 12,845 | 104 | 1.0x |
| Manchester, VA | 12,347 | 107 | 1.0x |
| Wyndham, VA | 12,084 | 150 | 1.4x |
