Cost of Living in Richmond, VA
Richmond's cost of living index is 99 — making it 1.0% more affordable than the US national average. To maintain your current standard of living here, you would need to earn $99,000 for every $100,000 of national-average income.
The Richmond Tax & Cost Impact
Richmond offers a balanced tax profile. While Virginia does have an income tax, it remains competitive compared to coastal hubs, especially when adjusted for local housing costs.
Decision Matrix
- ✓Housing: Housing is a value-play compared to national tiers.
- ✓Savings Rate: To save $2,000/mo here, you need a gross household income of ~$83,160.
COL Index
99
100 = national avg
Monthly Budget
$4,950
vs $5,000 national
Population
0.2M
Metro area
State Tax
Yes
Virginia
Monthly Cost Breakdown
Estimated monthly costs in Richmond vs national average for a typical household.
| Category | National Avg | Richmond | Difference |
|---|---|---|---|
| Housing | $1,650 | $1,625 | -$25 |
| Groceries | $650 | $645 | -$5 |
| Transportation | $800 | $793 | -$7 |
| Healthcare | $400 | $397 | -$3 |
| Utilities | $300 | $297 | -$3 |
| Other | $1,200 | $1,190 | -$10 |
| Total | $5,000 | $4,950 | -$50 |
Estimated Budget: Single vs. Family of Four
Estimates from LifeCalc's model, not surveyed prices. We treat the $5,000 national baseline as a family-of-four budget, scale each category by Richmond's index (housing moves 1.5x as much as the index, groceries 0.8x, and so on), then apply assumed single-adult shares per category (housing 65%, groceries 30%, transportation 55%, healthcare 30%, utilities 60%, other 45%).
| Category | Single adult / mo | Family of four / mo |
|---|---|---|
| Housing | $1,056 | $1,625 |
| Groceries | $194 | $645 |
| Transportation | $436 | $793 |
| Healthcare | $119 | $397 |
| Utilities | $178 | $297 |
| Other | $536 | $1,190 |
| Total (estimate) | $2,519 | $4,947 |
For comparison, the same model gives about $2,548 (single) and $5,000 (family of four) at the national average. Richmond is $53 below the family baseline each month.
Salary Needed and State Tax Context
Our dataset's median of state median household incomes is $77,871. Scaling that by Richmond's index of 99 suggests you would need roughly $77,092 a year here to match that standard of living. This is a cost-of-living adjustment only; it does not adjust for your household or housing choices.
Virginia's top marginal income tax rate is 5.8%; on $77,092 our bracket data gives about $4,175 of state income tax for a single filer. Virginia's statewide cost index is 103 and its median household income is $92,090. See all Virginia tax brackets.
Closest cities by index
Salary Equivalent
To maintain the same standard of living in Richmond, a national-average salary translates to:
$50,000 nationally
$49,500
$75,000 nationally
$74,250
$100,000 nationally
$99,000
$150,000 nationally
$148,500
What Your Salary Gets You in Richmond
Here's how different salary levels translate to monthly purchasing power in Richmond, VA, where the cost of living is 1% below the national average.
Cities With Similar Cost of Living
More Affordable Alternatives
Wichita, KS88Fort Wayne, IN87Memphis, TN86Tulsa, OK86Lubbock, TX86El Paso, TX85Toledo, OH85Laredo, TX83FAQ: Cost of Living in Richmond
Is Richmond expensive to live in?
Richmond's cost of living index is 99, which is near the national average of 100. Housing is typically the biggest factor, with estimated monthly rent around $1,634.
What salary do I need to live comfortably in Richmond?
To maintain a middle-class lifestyle in Richmond, you'd need approximately $74,250 per year, which is equivalent to a $75,000 salary at the national average cost of living.
How does Richmond compare to other cities?
Richmond is comparable in cost to Fort Worth, Charlotte, Arlington. More affordable alternatives include Wichita, Fort Wayne, Memphis.