Virginia · Population 227,595 · Updated March 2026
How far your income goes in Richmond
State-level tax rates that affect your costs
Richmond has a cost of living close to the national average, offering a balanced mix of expenses and amenities. With a cost index of 98 (where 100 equals the national median), Richmond residents can expect to pay median rent of $1,314/month while earning a median household income of $62,671/year.
The median home value in Richmond, VA is $328,100, with typical monthly owner costs around $1,374 including mortgage, insurance, and taxes. With a rent-to-income ratio of 25.2%, Richmond falls within the generally affordable range, though it's approaching the 30% burden threshold.
Virginia has a moderate income tax rate of 5.75%. Combined with a 5.3% sales tax rate and 0.8% effective property tax rate, the overall tax environment is a factor in the total cost of living in Richmond.
Common questions about living costs in Richmond
Similar-sized cities to compare
Compare the cost of living in Richmond, VA with 299 other major U.S. cities