CostByCity

Cost of Living in Richmond, VA

2024 data from the Bureau of Economic Analysis

Cost Index
97.9
2.1% below avg
Housing Index
99.1
Median Income
$80,877
Median Rent
$1,307/mo

Cost Breakdown

Overall97.9 (-2.1%)
Housing99.1 (-0.9%)
Goods96.8 (-3.2%)
Utilities89.2 (-10.8%)
Other Services98.6 (-1.4%)

National average = 100

Income & Housing

Median Household Income
$80,877/year
Median Home Value
$299,100
Median Monthly Rent
$1,307/mo
Per Capita Income
$44,141/year

Compare Richmond, VA With

Richmond, VA vs Virginia Beach, VARichmond, VA vs Grants Pass, ORRichmond, VA vs Pensacola, FLRichmond, VA vs Hilton Head Island, SCRichmond, VA vs Austin, TXRichmond, VA vs Carson City, NVRichmond, VA vs Durham, NCRichmond, VA vs Raleigh, NCRichmond, VA vs Longview, WARichmond, VA vs Dover, DE

Frequently Asked Questions

Is Richmond, VA expensive to live in?
Richmond, VA has a cost of living index of 97.9, which is 2.1% below the national average.
How much does housing cost in Richmond, VA?
Housing costs in Richmond, VA are indexed at 99.1 compared to the national average of 100. The median monthly rent is $1,307.
What is the average income in Richmond, VA?
The median household income in Richmond, VA is $80,877 per year.
What is the average home price in Richmond, VA?
The median home value in Richmond, VA is $299,100.