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

Richmond

Virginia
98
VS

Waco

Texas
72

Richmond is 36% more expensive than Waco.

$1,314/mo ↑ 20%
Median Rent
$1,098/mo ↓ 16%
$62,671/yr ↑ 22%
Median Income
$51,468/yr ↓ 18%
$328,100 ↑ 64%
Home Value
$199,600 ↓ 39%
$1,374/mo ↑ 26%
Owner Costs
$1,094/mo ↓ 20%
227,595
Population
141,925

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
25.6%
rent-to-income

Detailed Comparison

When comparing Richmond, VA and Waco, TX, the overall cost of living indices are 98 and 72 respectively (national median = 100). Rent is $216/month cheaper in Waco, saving renters about $2,592/year.

Median household income is $11,203/year higher in Richmond. Home values also differ significantly — the median in Richmond is $328,100 compared to $199,600 in Waco.

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

Frequently Asked Questions

Richmond vs Waco — common questions

Is Richmond or Waco cheaper to live in?
Based on our cost index, Waco is cheaper to live in with an index of 72 compared to 98 (US average = 100).
What is the rent difference between Richmond and Waco?
Median rent in Richmond is $1,314/month and in Waco it's $1,098/month — a difference of $216/month.
Which city has higher income, Richmond or Waco?
Median household income is $62,671 in Richmond and $51,468 in Waco. Median household income is $11,203/year higher in Richmond.
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 Waco?
It depends on your priorities. Richmond has a cost index of 98 with median rent of $1,314/mo, while Waco has a cost index of 72 with rent of $1,098/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Richmond details → View Waco details →

More Comparisons

Other cost of living comparisons for Richmond and Waco

Richmond vs. Fremont Richmond vs. Baton Rouge Richmond vs. Santa Clarita Richmond vs. Hialeah Richmond vs. Spokane Richmond vs. San Bernardino Waco vs. Visalia Waco vs. Fullerton Waco vs. Thornton Waco vs. Metairie Waco vs. Torrance Waco vs. Orange