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

Richmond

Virginia
98
VS

Paterson

New Jersey
106

Richmond is 8% cheaper than Paterson.

$1,314/mo ↓ 10%
Median Rent
$1,457/mo ↑ 11%
$62,671/yr ↑ 17%
Median Income
$53,766/yr ↓ 14%
$328,100 ↓ 2%
Home Value
$335,400 ↑ 2%
$1,374/mo ↓ 12%
Owner Costs
$1,553/mo ↑ 13%
227,595
Population
157,660

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
32.5%
rent-to-income

Detailed Comparison

When comparing Richmond, VA and Paterson, NJ, the overall cost of living indices are 98 and 106 respectively (national median = 100). Rent is $143/month cheaper in Richmond, saving renters about $1,716/year.

Median household income is $8,905/year higher in Richmond. Home values also differ significantly — the median in Richmond is $328,100 compared to $335,400 in Paterson.

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

Frequently Asked Questions

Richmond vs Paterson — common questions

Is Richmond or Paterson cheaper to live in?
Based on our cost index, Richmond is cheaper to live in with an index of 98 compared to 106 (US average = 100).
What is the rent difference between Richmond and Paterson?
Median rent in Richmond is $1,314/month and in Paterson it's $1,457/month — a difference of $143/month.
Which city has higher income, Richmond or Paterson?
Median household income is $62,671 in Richmond and $53,766 in Paterson. Median household income is $8,905/year higher in Richmond.
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 Paterson?
It depends on your priorities. Richmond has a cost index of 98 with median rent of $1,314/mo, while Paterson has a cost index of 106 with rent of $1,457/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Richmond details → View Paterson details →

More Comparisons

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