Cost of Living Comparison for Richmond, VA
Updated 2026 · Local data pre-filled
Richmond's cost of living index is 97 — 3% cheaper than the national average. This factors in housing, groceries, utilities, transportation, and healthcare. Use this calculator to see how your purchasing power would change if you moved to another city.
✓ Calculator below is pre-filled with Richmond local data
How Richmond Compares to the National Average
Understanding how Richmond stacks up helps you calibrate your financial planning.
| Metric | Richmond, VA | US Average | Difference |
|---|---|---|---|
| Median Home Price | $310,000 | $420,800 | -26.3% |
| Median Monthly Rent | $1,287 | $1,713 | -24.9% |
| Median Household Income | $68,200 | $74,580 | -8.6% |
| Property Tax Rate | 0.82% | 1.10% | -25.5% |
| Cost of Living Index | 97 | 100 | -3.0% |
Sources: U.S. Census Bureau, BLS, Zillow, NAR (2024–2025). Green = favorable for residents; red = less favorable.
Richmond Financial Snapshot
- Population (Metro)
- 1,310,000
- Unemployment
- 3.4%
- Avg Commute
- 25 min
- Median Age
- 35.8
- Price-to-Rent Ratio
- 20.1x
- Annual Property Tax
- $2,542
Cost of Living Comparison in Other Virginia Cities
Frequently Asked Questions — Richmond
What is the median home price in Richmond, VA?
The median home price in Richmond is $310,000 as of 2025–2026. This is below the national median of $420,800.
What is the average rent in Richmond?
Median monthly rent in Richmond is $1,287. That works out to $15,444/year, or 23% of the median household income — within the commonly recommended 30% of income guideline.
Is Richmond affordable?
Richmond's cost of living index is 97 vs. the national average of 100. With a median household income of $68,200/year and a median home price of $310,000, the price-to-income ratio is 4.5x. Richmond falls in the middle of the affordability spectrum for US cities.
What is the property tax rate in Richmond?
The effective property tax rate in Richmond is 0.82% of assessed value. On the median home of $310,000, that's roughly $2,542/year ($212/month).