Cost of Living: Richmond, VA vs Knoxville, TN (2026)

Richmond

Virginia
98
VS

Knoxville

Tennessee
74

Richmond is 32% more expensive than Knoxville.

$1,314/mo ↑ 18%
Median Rent
$1,116/mo ↓ 15%
$62,671/yr ↑ 23%
Median Income
$50,994/yr ↓ 19%
$328,100 ↑ 53%
Home Value
$214,000 ↓ 35%
$1,374/mo ↑ 28%
Owner Costs
$1,075/mo ↓ 22%
227,595
Population
193,721

Tax Comparison

5.75%
Income Tax
0%
5.3%
State Sales Tax
7.0%
0.8%
Property Tax
0.64%

Affordability

25.2%
rent-to-income
Affordability
26.3%
rent-to-income

Detailed Comparison

When comparing Richmond, VA and Knoxville, TN, the overall cost of living indices are 98 and 74 respectively (national median = 100). Rent is $198/month cheaper in Knoxville, saving renters about $2,376/year.

Median household income is $11,677/year higher in Richmond. Home values also differ significantly — the median in Richmond is $328,100 compared to $214,000 in Knoxville.

Tennessee has no state income tax, giving Knoxville residents a significant tax advantage over Virginia's 5.75% rate.

Frequently Asked Questions

Richmond vs Knoxville — common questions

Is Richmond or Knoxville cheaper to live in?
Based on our cost index, Knoxville is cheaper to live in with an index of 74 compared to 98 (US average = 100).
What is the rent difference between Richmond and Knoxville?
Median rent in Richmond is $1,314/month and in Knoxville it's $1,116/month — a difference of $198/month.
Which city has higher income, Richmond or Knoxville?
Median household income is $62,671 in Richmond and $50,994 in Knoxville. Median household income is $11,677/year higher in Richmond.
How do taxes compare between Virginia and Tennessee?
Virginia has 5.75% income tax, 5.3% sales tax, and 0.8% property tax. Tennessee has 0% income tax, 7.0% sales tax, and 0.64% property tax.
Should I move to Richmond or Knoxville?
It depends on your priorities. Richmond has a cost index of 98 with median rent of $1,314/mo, while Knoxville has a cost index of 74 with rent of $1,116/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Richmond details → View Knoxville details →

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