Richmond, KY is a great place to live due to its low cost of living. The 2 bedroom rent in the city is $790 per month, compared to the US average of $1,430 making housing very affordable. In addition, Richmond has a Grocery Cost Index of 97 compared to 100 in the US, further lowering costs associated with daily life. Local companies in Richmond include EKU Center for the Arts, White Hall State Historic Site and Lake Reba Recreational Complex. These companies provide numerous opportunities for employment and entertainment for residents and visitors alike. Overall, Richmond offers an excellent quality of life at an affordable price point that makes it great place to live.
Richmond has an unemployment rate of 4.9%. The US average is 6.0%.
Richmond has seen the job market increase by 1.1% over the last year. Future job growth over the next ten years is predicted to be 33.2%, which is lower than the US average of 33.5%.
Tax Rates for Richmond
- The Sales Tax Rate for Richmond is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Richmond is 8.8%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Richmond
- The average income of a Richmond resident is $17,850 a year. The US average is $28,555 a year.
- The Median household income of a Richmond resident is $40,221 a year. The US average is $69,021 a year.