Cost of Living: Raleigh, NC vs Richmond, VA (2026)

Raleigh

North Carolina
110
VS

Richmond

Virginia
98

Raleigh is 12% more expensive than Richmond.

$1,468/mo ↑ 12%
Median Rent
$1,314/mo ↓ 10%
$82,424/yr ↑ 32%
Median Income
$62,671/yr ↓ 24%
$377,800 ↑ 15%
Home Value
$328,100 ↓ 13%
$1,487/mo ↑ 8%
Owner Costs
$1,374/mo ↓ 8%
470,763
Population
227,595

Tax Comparison

4.5%
Income Tax
5.75%
4.75%
State Sales Tax
5.3%
0.8%
Property Tax
0.8%

Affordability

21.4%
rent-to-income
Affordability
25.2%
rent-to-income

Detailed Comparison

When comparing Raleigh, NC and Richmond, VA, the overall cost of living indices are 110 and 98 respectively (national median = 100). Rent is $154/month cheaper in Richmond, saving renters about $1,848/year.

Median household income is $19,753/year higher in Raleigh. Home values also differ significantly — the median in Raleigh is $377,800 compared to $328,100 in Richmond.

North Carolina has a lower income tax rate, making Raleigh slightly more tax-friendly.

Frequently Asked Questions

Raleigh vs Richmond — common questions

Is Raleigh or Richmond cheaper to live in?
Based on our cost index, Richmond is cheaper to live in with an index of 98 compared to 110 (US average = 100).
What is the rent difference between Raleigh and Richmond?
Median rent in Raleigh is $1,468/month and in Richmond it's $1,314/month — a difference of $154/month.
Which city has higher income, Raleigh or Richmond?
Median household income is $82,424 in Raleigh and $62,671 in Richmond. Median household income is $19,753/year higher in Raleigh.
How do taxes compare between North Carolina and Virginia?
North Carolina has 4.5% income tax, 4.75% sales tax, and 0.8% property tax. Virginia has 5.75% income tax, 5.3% sales tax, and 0.8% property tax.
Should I move to Raleigh or Richmond?
It depends on your priorities. Raleigh has a cost index of 110 with median rent of $1,468/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 Raleigh details → View Richmond details →

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