Richmond, Virginia gets a BestPlaces Cost of Living index of 95.2, which means the total cost of housing, food, child care, transportation, health care, taxes, and other necessities is 4.8 percent lower than the U.S. average and 8.6 percent lower than the average for Virginia.
A typical home costs $327,100, which is 3.3 percent less expensive than the national average of $338,100 and 4.7 percent less expensive than the average Virginia home, at $343,200. Renting a two-bedroom unit in Richmond costs $1,320 per month, which is 7.7 percent cheaper than the national average of $1,430 and 6.1 percent cheaper than the state average of $1,400.
To live comfortably in Richmond, Virginia, a minimum annual income of $62,640 for a family, and $46,800 for a single person is recommended.
Our cost of living indices are based on a US average of 100. An amount below 100 means Richmond is cheaper than the US average. A cost of living index above 100 means Richmond, Virginia is more expensive.
Richmond cost of living is 95.2