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Minimum Wage Calculator for Richmond, VA
Local data pre-filled
Virginia's minimum wage may differ from the federal $7.25/hr floor. In Richmond, VA (cost of living index: 97), see what minimum wage translates to as an annual salary and how it compares to the median household income of $84,405.
Data as of · Sources: Zillow, Census ACS, Tax Foundation, Freddie Mac
Virginia Financial Snapshot (2026) — Minimum Wage Calculator
Minimum wage, median HH income, and COL adjust take-home for the minimum wage calculator in Virginia.
How the Minimum Wage Calculator Math Works Under Virginia Law
A Virginia salary calculation starts with the BLS Occupational Employment and Wage Statistics (OEWS) table for your occupation at the state level, then layers on Virginia's payroll stack: federal income tax (brackets published by IRS), FICA (7.65%), and state income tax at a top marginal 5.75%[1][2].
The formula: take_home = gross − federal_tax − state_tax − FICA − other. "Other" covers 401(k) deferral, HSA, FSA, pre-tax benefits. The calculator below runs this client-side — no inputs leave your browser.
Calc-specific note: Virginia's floor applies when higher than federal $7.25; tipped workers have a separate state-set floor.
Worked example — Virginia
Virginia minimum wage × 40hrs × 52 weeks × (1 − FICA + state tax) gives the annual take-home. Add tipped-worker differential where applicable. Compare against Virginia cost-of-living to gauge real purchasing power.
Local context: Richmond, VA
Housing economics in Richmond, VA. The median home value runs 9.2% above the U.S. baseline for Richmond, VA is $391,102 per Zillow's home-value index. Median rent runs $1,691 a month per Zillow ZORI, cheaper than the national $1,850 baseline. Effective property tax sits at 0.82% of assessed value, below the 0.99% national average tracked by the Tax Foundation.
Income and tax climate. Virginia's top marginal state income tax bracket lands at 5.75% — compared to the volume-weighted national average around 4-5%. BEA's Regional Price Parity scores Richmond, VA at 97.0 (national = 100), meaning a dollar in Richmond, VA buys 103¢ — more goods and services than the same dollar nationally.
Local context as of 2026-04-19.
Richmond versus the U.S. baseline
| Metric | Richmond, VA | U.S. baseline | Difference |
|---|---|---|---|
| Median home value[zillow] | $391,102 | $358,000 | 9.2% |
| Median monthly rent[zillow] | $1,691 | $1,850 | -8.6% |
| Property tax (effective)[tax-foundation] | 0.82% | 0.99% | -17.2% |
| State top marginal income tax[tax-foundation] | 5.75% | ~4.08% (volume-weighted) | 1.7 pp |
| State cost-of-living index[bea-rpp] | 97.0 | 100.0 | -3.0 pts |
How to use the Minimum Wage Calculator
Walk through using the Minimum Wage Calculator with Richmond, VA-specific defaults pre-loaded from primary sources.
- Enter your Richmond numbersFill in the minimum wage inputs. Defaults reflect Richmond, VA 2026: median home $391,102, median rent $1,691/mo, 0.82% effective property tax.
- Apply the local 2026 inputsThe median home value in Richmond is $391,102 (Zillow ZHVI), with median monthly rent running $1,691/mo.
- Compare against Richmond contextMonthly PITI on the $391,102 median home in Richmond is ~$2,508/mo — vs a $1,691/mo median rent.
How Virginia Compares to Neighboring States
| State | Median home | Top inc tax | Prop tax rate | RPP (US=100) |
|---|---|---|---|---|
| Virginia (this page) | $385,000 | 5.75% | 0.80% | 101.3 |
| Kentucky side-by-side | $205,000 | 4.00% | 0.83% | 89.9 |
| Maryland equivalent | $415,000 | 5.75% | 1.09% | 104.6 |
| check North Carolina | $330,000 | 4.25% | 0.82% | 94.4 |
| Tennessee equivalent | $325,000 | None | 0.71% | 92.1 |
Sources: Zillow ZHVI[1], state Departments of Revenue / Tax Foundation[2], Tax Foundation property taxes[3], BEA Regional Price Parities[4].
What Changes Your Result in Virginia
- Virginia cost-of-living drag:Line-item costs in Virginia deviate from the US mean by whatever the BEA all-items RPP deviates from 100. Weight your budget toward the state average rather than the national average.
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 | $391,102 | $420,800 | -7.1% |
| Median Monthly Rent | $1,691 | $1,713 | -1.3% |
| Median Household Income | $84,405 | $74,580 | +13.2% |
| 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
- 19.3x
- Annual Property Tax
- $3,207
More Financial Calculators for Richmond, VA
Minimum Wage Calculator in Other Virginia Cities
Frequently Asked Questions — Richmond
- What's the Richmond-adjusted p50 wage?
- The state p50 $30,630 scaled by Richmond's 97 cost-of-living index equals $29,711.
- Can median-income households afford the median home in Richmond?
- With a ~$2,508 monthly PITI and $84,405 median income, housing would consume ~35.7% of gross annual income. Qualifying under the 28% DTI rule requires ~$107,486 in annual income. Educational reference only.
- Is it better to rent or buy in Richmond?
- Richmond's price-to-rent ratio (19.3x) is roughly neutral — in the 15-20x range the decision depends on time horizon and wealth goals.
- What is the median home price in Richmond, VA?
- The median home price in Richmond is $391,102 as of 2025–2026.
- What is the average rent in Richmond?
- The median monthly rent in Richmond, VA is $1,691.
- Does the minimum wage replace professional advice?
- No. This calculator gives educational estimates using public Richmond data and standard formulas. It is not personalized tax, legal, or investment advice. Consult a licensed professional for decisions with material consequences.
How we compute this — methodology
The Richmond page uses local median home price ($391,102), median rent ($1,691/mo), and property tax rate (0.82%) alongside the calculator's client-side formula. Calculations run in your browser — no inputs are sent to a server.
Known limits: ZIP-level variance within Richmond can be substantial — the figures shown are city-wide medians. For a precise property tax quote, consult your county assessor.
Sources
- Zillow Research — ZHVI (Zillow Home Value Index) + ZORI (Zillow Observed Rent Index), city-level. zillow.com/research/data. Retrieved 2026-04-19.
- U.S. Census Bureau — American Community Survey (ACS) 5-year estimates for median household income and population. census.gov/programs-surveys/acs.
- CalcFi state financial context — tips + first-time homebuyer programs compiled from each state's Housing Finance Authority (HFA) public pages. See
src/data/state-financial-context.ts. - Tax Foundation — state property tax effective rates and state/local sales tax rates. taxfoundation.org.
- Freddie Mac Primary Mortgage Market Survey (PMMS) — weekly national mortgage rate averages used by mortgage-related calculators. freddiemac.com/pmms.
- U.S. Department of Labor — State Minimum Wage Laws — www.dol.gov/agencies/whd/minimum-wage/state. Retrieved 2026-04-19.
- BLS Occupational Employment and Wage Statistics (OEWS) — state-level occupational wages — www.bls.gov/oes. Retrieved 2026-04-19.
- Bureau of Economic Analysis — Regional Price Parities by State — www.bea.gov/data/prices-inflation/regional-price-parities-state-and-metro-area. Retrieved 2026-04-19.
- Internal Revenue Service — federal individual income tax brackets and standard deductions — www.irs.gov/forms-pubs/about-publication-17. Retrieved 2026-04-19.
- State Departments of Revenue — official bracket + deduction publications (one primary URL per state; linked in the brackets table below) — taxfoundation.org/data/all/state/state-income-tax-rates. Retrieved 2026-04-19.
- Freddie Mac Primary Mortgage Market Survey (PMMS) — weekly national mortgage rates — www.freddiemac.com/pmms. Retrieved 2026-04-19.
- NAIC Dwelling Fire, Homeowners Owners, and Homeowners Tenants Insurance Report — content.naic.org/article/homeowners-insurance-report. Retrieved 2026-04-19.
- FRED (Federal Reserve Economic Data) — real median household income, unemployment, HPI, LFPR per state — fred.stlouisfed.org. Retrieved 2026-04-19.
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National reference: Minimum Wage Calculator Calculator