Cost of Living: Richmond, VA vs Elgin, IL (2026)

Richmond

Virginia
98
VS

Elgin

Illinois
90

Richmond is 9% more expensive than Elgin.

$1,314/mo ↑ 4%
Median Rent
$1,260/mo ↓ 4%
$62,671/yr ↓ 29%
Median Income
$88,316/yr ↑ 41%
$328,100 ↑ 30%
Home Value
$252,400 ↓ 23%
$1,374/mo ↓ 9%
Owner Costs
$1,502/mo ↑ 9%
227,595
Population
114,106

Tax Comparison

5.75%
Income Tax
4.95%
5.3%
State Sales Tax
6.25%
0.8%
Property Tax
2.07%

Affordability

25.2%
rent-to-income
Affordability
17.1%
rent-to-income

Detailed Comparison

When comparing Richmond, VA and Elgin, IL, the overall cost of living indices are 98 and 90 respectively (national median = 100). Rent is $54/month cheaper in Elgin, saving renters about $648/year.

Median household income is $25,645/year higher in Elgin. Home values also differ significantly — the median in Richmond is $328,100 compared to $252,400 in Elgin.

Illinois has a lower income tax rate, making Elgin slightly more tax-friendly.

Frequently Asked Questions

Richmond vs Elgin — common questions

Is Richmond or Elgin cheaper to live in?
Based on our cost index, Elgin is cheaper to live in with an index of 90 compared to 98 (US average = 100).
What is the rent difference between Richmond and Elgin?
Median rent in Richmond is $1,314/month and in Elgin it's $1,260/month — a difference of $54/month.
Which city has higher income, Richmond or Elgin?
Median household income is $62,671 in Richmond and $88,316 in Elgin. Median household income is $25,645/year higher in Elgin.
How do taxes compare between Virginia and Illinois?
Virginia has 5.75% income tax, 5.3% sales tax, and 0.8% property tax. Illinois has 4.95% income tax, 6.25% sales tax, and 2.07% property tax.
Should I move to Richmond or Elgin?
It depends on your priorities. Richmond has a cost index of 98 with median rent of $1,314/mo, while Elgin has a cost index of 90 with rent of $1,260/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Richmond details → View Elgin details →

More Comparisons

Other cost of living comparisons for Richmond and Elgin

Richmond vs. Fremont Richmond vs. Baton Rouge Richmond vs. Santa Clarita Richmond vs. Hialeah Richmond vs. Spokane Richmond vs. San Bernardino Elgin vs. Provo Elgin vs. Odessa Elgin vs. Waterbury Elgin vs. Springfield Elgin vs. Carlsbad Elgin vs. Beaumont