Cost of Living: Richmond, VA vs Salt Lake City, UT (2026)

Richmond

Virginia
98
VS

Salt Lake City

Utah
117

Richmond is 16% cheaper than Salt Lake City.

$1,314/mo ↓ 2%
Median Rent
$1,343/mo ↑ 2%
$62,671/yr ↓ 16%
Median Income
$74,925/yr ↑ 20%
$328,100 ↓ 34%
Home Value
$495,700 ↑ 51%
$1,374/mo ↓ 1%
Owner Costs
$1,394/mo ↑ 1%
227,595
Population
203,888

Tax Comparison

5.75%
Income Tax
4.65%
5.3%
State Sales Tax
6.1%
0.8%
Property Tax
0.58%

Affordability

25.2%
rent-to-income
Affordability
21.5%
rent-to-income

Detailed Comparison

When comparing Richmond, VA and Salt Lake City, UT, the overall cost of living indices are 98 and 117 respectively (national median = 100). Rent is comparable in both cities, with less than $50/month separating them.

Median household income is $12,254/year higher in Salt Lake City. Home values also differ significantly — the median in Richmond is $328,100 compared to $495,700 in Salt Lake City.

Utah has a lower income tax rate, making Salt Lake City slightly more tax-friendly.

Frequently Asked Questions

Richmond vs Salt Lake City — common questions

Is Richmond or Salt Lake City cheaper to live in?
Based on our cost index, Richmond is cheaper to live in with an index of 98 compared to 117 (US average = 100).
What is the rent difference between Richmond and Salt Lake City?
Median rent in Richmond is $1,314/month and in Salt Lake City it's $1,343/month — a difference of $29/month.
Which city has higher income, Richmond or Salt Lake City?
Median household income is $62,671 in Richmond and $74,925 in Salt Lake City. Median household income is $12,254/year higher in Salt Lake City.
How do taxes compare between Virginia and Utah?
Virginia has 5.75% income tax, 5.3% sales tax, and 0.8% property tax. Utah has 4.65% income tax, 6.1% sales tax, and 0.58% property tax.
Should I move to Richmond or Salt Lake City?
It depends on your priorities. Richmond has a cost index of 98 with median rent of $1,314/mo, while Salt Lake City has a cost index of 117 with rent of $1,343/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Richmond details → View Salt Lake City details →

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