Cost of Living: Winston-Salem, NC vs Richmond, VA (2026)

Winston-Salem

North Carolina
71
VS

Richmond

Virginia
98

Winston-Salem is 28% cheaper than Richmond.

$1,033/mo ↓ 21%
Median Rent
$1,314/mo ↑ 27%
$57,673/yr ↓ 8%
Median Income
$62,671/yr ↑ 9%
$208,200 ↓ 37%
Home Value
$328,100 ↑ 58%
$1,040/mo ↓ 24%
Owner Costs
$1,374/mo ↑ 32%
250,887
Population
227,595

Tax Comparison

4.5%
Income Tax
5.75%
4.75%
State Sales Tax
5.3%
0.8%
Property Tax
0.8%

Affordability

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

Detailed Comparison

When comparing Winston-Salem, NC and Richmond, VA, the overall cost of living indices are 71 and 98 respectively (national median = 100). Rent is $281/month cheaper in Winston-Salem, saving renters about $3,372/year.

Median household income is $4,998/year higher in Richmond. Home values also differ significantly — the median in Winston-Salem is $208,200 compared to $328,100 in Richmond.

North Carolina has a lower income tax rate, making Winston-Salem slightly more tax-friendly.

Frequently Asked Questions

Winston-Salem vs Richmond — common questions

Is Winston-Salem or Richmond cheaper to live in?
Based on our cost index, Winston-Salem is cheaper to live in with an index of 71 compared to 98 (US average = 100).
What is the rent difference between Winston-Salem and Richmond?
Median rent in Winston-Salem is $1,033/month and in Richmond it's $1,314/month — a difference of $281/month.
Which city has higher income, Winston-Salem or Richmond?
Median household income is $57,673 in Winston-Salem and $62,671 in Richmond. Median household income is $4,998/year higher in Richmond.
How do taxes compare between North Carolina and Virginia?
North Carolina has 4.5% income tax, 4.75% sales tax, and 0.8% property tax. Virginia has 5.75% income tax, 5.3% sales tax, and 0.8% property tax.
Should I move to Winston-Salem or Richmond?
It depends on your priorities. Winston-Salem has a cost index of 71 with median rent of $1,033/mo, while Richmond has a cost index of 98 with rent of $1,314/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Winston-Salem details → View Richmond details →

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