Cost of Living: Richmond, VA vs Elizabeth, NJ (2026)

Richmond

Virginia
98
VS

Elizabeth

New Jersey
112

Richmond is 12% cheaper than Elizabeth.

$1,314/mo ↓ 10%
Median Rent
$1,463/mo ↑ 11%
$62,671/yr ↓ 2%
Median Income
$63,874/yr ↑ 2%
$328,100 ↓ 17%
Home Value
$393,500 ↑ 20%
$1,374/mo ↓ 11%
Owner Costs
$1,543/mo ↑ 12%
227,595
Population
135,887

Tax Comparison

5.75%
Income Tax
10.75%
5.3%
State Sales Tax
6.625%
0.8%
Property Tax
2.23%

Affordability

25.2%
rent-to-income
Affordability
27.5%
rent-to-income

Detailed Comparison

When comparing Richmond, VA and Elizabeth, NJ, the overall cost of living indices are 98 and 112 respectively (national median = 100). Rent is $149/month cheaper in Richmond, saving renters about $1,788/year.

Median household income is $1,203/year higher in Elizabeth. Home values also differ significantly — the median in Richmond is $328,100 compared to $393,500 in Elizabeth.

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

Frequently Asked Questions

Richmond vs Elizabeth — common questions

Is Richmond or Elizabeth cheaper to live in?
Based on our cost index, Richmond is cheaper to live in with an index of 98 compared to 112 (US average = 100).
What is the rent difference between Richmond and Elizabeth?
Median rent in Richmond is $1,314/month and in Elizabeth it's $1,463/month — a difference of $149/month.
Which city has higher income, Richmond or Elizabeth?
Median household income is $62,671 in Richmond and $63,874 in Elizabeth. Median household income is $1,203/year higher in Elizabeth.
How do taxes compare between Virginia and New Jersey?
Virginia has 5.75% income tax, 5.3% sales tax, and 0.8% property tax. New Jersey has 10.75% income tax, 6.625% sales tax, and 2.23% property tax.
Should I move to Richmond or Elizabeth?
It depends on your priorities. Richmond has a cost index of 98 with median rent of $1,314/mo, while Elizabeth has a cost index of 112 with rent of $1,463/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Richmond details → View Elizabeth details →

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Richmond vs. Fremont Richmond vs. Baton Rouge Richmond vs. Santa Clarita Richmond vs. Hialeah Richmond vs. Spokane Richmond vs. San Bernardino Elizabeth vs. Victorville Elizabeth vs. Stamford Elizabeth vs. Miramar Elizabeth vs. Kent Elizabeth vs. Pasadena Elizabeth vs. Midland