Cost of Living: Richmond, VA vs Midland, TX (2026)

Richmond

Virginia
98
VS

Midland

Texas
99

Richmond and Midland have a similar cost of living.

$1,314/mo ↓ 7%
Median Rent
$1,407/mo ↑ 7%
$62,671/yr ↓ 31%
Median Income
$91,169/yr ↑ 45%
$328,100 ↑ 10%
Home Value
$298,600 ↓ 9%
$1,374/mo ↓ 6%
Owner Costs
$1,468/mo ↑ 7%
227,595
Population
133,998

Tax Comparison

5.75%
Income Tax
0%
5.3%
State Sales Tax
6.25%
0.8%
Property Tax
1.6%

Affordability

25.2%
rent-to-income
Affordability
18.5%
rent-to-income

Detailed Comparison

When comparing Richmond, VA and Midland, TX, the overall cost of living indices are 98 and 99 respectively (national median = 100). Rent is $93/month cheaper in Richmond, saving renters about $1,116/year.

Median household income is $28,498/year higher in Midland. Home values also differ significantly — the median in Richmond is $328,100 compared to $298,600 in Midland.

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

Frequently Asked Questions

Richmond vs Midland — common questions

Is Richmond or Midland cheaper to live in?
Based on our cost index, Richmond is cheaper to live in with an index of 98 compared to 99 (US average = 100).
What is the rent difference between Richmond and Midland?
Median rent in Richmond is $1,314/month and in Midland it's $1,407/month — a difference of $93/month.
Which city has higher income, Richmond or Midland?
Median household income is $62,671 in Richmond and $91,169 in Midland. Median household income is $28,498/year higher in Midland.
How do taxes compare between Virginia and Texas?
Virginia has 5.75% income tax, 5.3% sales tax, and 0.8% property tax. Texas has 0% income tax, 6.25% sales tax, and 1.6% property tax.
Should I move to Richmond or Midland?
It depends on your priorities. Richmond has a cost index of 98 with median rent of $1,314/mo, while Midland has a cost index of 99 with rent of $1,407/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Richmond details → View Midland details →

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