Cost of Living: Madison, WI vs Richmond, VA (2026)

Madison

Wisconsin
103
VS

Richmond

Virginia
98

Madison is 5% more expensive than Richmond.

$1,364/mo ↑ 4%
Median Rent
$1,314/mo ↓ 4%
$76,983/yr ↑ 23%
Median Income
$62,671/yr ↓ 19%
$346,900 ↑ 6%
Home Value
$328,100 ↓ 5%
$1,476/mo ↑ 7%
Owner Costs
$1,374/mo ↓ 7%
275,568
Population
227,595

Tax Comparison

7.65%
Income Tax
5.75%
5.0%
State Sales Tax
5.3%
1.61%
Property Tax
0.8%

Affordability

21.3%
rent-to-income
Affordability
25.2%
rent-to-income

Detailed Comparison

When comparing Madison, WI and Richmond, VA, the overall cost of living indices are 103 and 98 respectively (national median = 100). Rent is $50/month cheaper in Richmond, saving renters about $600/year.

Median household income is $14,312/year higher in Madison. Home values also differ significantly — the median in Madison is $346,900 compared to $328,100 in Richmond.

Virginia has a lower income tax rate, making Richmond slightly more tax-friendly.

Frequently Asked Questions

Madison vs Richmond — common questions

Is Madison or Richmond cheaper to live in?
Based on our cost index, Richmond is cheaper to live in with an index of 98 compared to 103 (US average = 100).
What is the rent difference between Madison and Richmond?
Median rent in Madison is $1,364/month and in Richmond it's $1,314/month — a difference of $50/month.
Which city has higher income, Madison or Richmond?
Median household income is $76,983 in Madison and $62,671 in Richmond. Median household income is $14,312/year higher in Madison.
How do taxes compare between Wisconsin and Virginia?
Wisconsin has 7.65% income tax, 5.0% sales tax, and 1.61% property tax. Virginia has 5.75% income tax, 5.3% sales tax, and 0.8% property tax.
Should I move to Madison or Richmond?
It depends on your priorities. Madison has a cost index of 103 with median rent of $1,364/mo, while Richmond has a cost index of 98 with rent of $1,314/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Madison details → View Richmond details →

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