Is Richmond expensive to live in?

Richmond is on the pricier side of the 112 US cities we track. Its one-bedroom rent of $1,195 per month ranks #37 of 112 and is 11% higher than the $1,080 median.

What is the average rent in Richmond?

Average rent in Richmond, VA runs a studio around $1,183, a one-bedroom around $1,195, a two-bedroom around $1,374, a three-bedroom around $1,447 per month (US Census ACS).

How much do you need to earn to live in Richmond?

To keep a one-bedroom rent of $1,195 near the recommended 30% of gross income, you'd want to earn roughly $48,000 a year. The median household income here is $62,671.

How much does it cost to live in Richmond per month?

A rough monthly baseline for one person in Richmond is about $1,390 — one-bedroom rent plus typical residential electricity and heating. It excludes food, transport, and healthcare, so a full budget is higher.

Cost of Living in Richmond, VA

Population 227,595 · Virginia

~$1,390/mo est.1BR $1,195Home $328,100

Photo: Nathaniel Villaire / Unsplash

Compare with:

The cost of living in Richmond, VA is driven mostly by housing. A one-bedroom apartment rents for around $1,195 a month — 11% higher than the $1,080 median across the 112 large US cities we track. Studios average $1,183 and two-bedrooms $1,374.

Median household income here is $62,671, 10% lower than the $69,423 median of the cities we track. Adding typical electricity and heating to one-bedroom rent, a rough monthly baseline for one person is about $1,390 before food and transport. Virginia has a top state income tax rate of 5.75% and a 5.3% state sales tax.

Rent1BR $1,195

Studio

$1,183

1 Bedroom

$1,195

2 Bedroom

$1,374

3 Bedroom

$1,447

Buying a Home$328,100

Median Home Value

$328,100

Income$62,671

Median Household Income

$62,671

Metro Median Wage (annual)

$51,460

Household income: Census ACS, city. Metro median wage: BLS OEWS, all occupations, 2025 (metro area).

GroceriesSouth

Milk (gal)

$4.00

Bread (lb)

$1.75

Eggs (doz)

$2.21

Ground Beef (lb)

$6.45

Chicken (lb)

$1.90

Bananas (lb)

$0.62

Average prices, South (BLS, 2026-07-01). Regional where available, otherwise U.S. average.

Utilities17.6¢/kWh

Electricity

17.6¢/kWh

Natural Gas

$23.66/MCF

Residential, state-level averages (EIA, 2026-05-01). MCF = 1,000 cubic feet.

Gas$3.86/gal

Regular Gasoline (East Coast (PADD 1))

$3.86/gal

EIA weekly retail average, week of 2026-08-17.

State Taxes (VA)5.3% sales

State Sales Tax

5.30%

State Income Tax (top rate)

Up to 5.75%

State-level rates. Local sales taxes may add more. Income tax shown is the top marginal rate; most filers pay less.

Crime349 violent

Violent Crime (per 100k/yr)

349

Property Crime (per 100k/yr)

3,240.2

FBI Crime Data Explorer, Richmond Police Department (2024). Offenses per 100,000 residents per year. Agency reporting practices vary, so cross-city comparisons are approximate.

People & LifestyleAge 34.5 yrs

Median Age

34.5 yrs

Homeownership

43.5%

Bachelor's+ (25+)

44.1%

Avg Commute

22.1 min

Climate58.9°F

Avg Annual Temperature

58.9°F

Annual Precipitation

43.6 in

Richmond cost of living — FAQ

Is Richmond expensive to live in?: Richmond is on the pricier side of the 112 US cities we track. Its one-bedroom rent of $1,195 per month ranks #37 of 112 and is 11% higher than the $1,080 median.
What is the average rent in Richmond?: Average rent in Richmond, VA runs a studio around $1,183, a one-bedroom around $1,195, a two-bedroom around $1,374, a three-bedroom around $1,447 per month (US Census ACS).
How much do you need to earn to live in Richmond?: To keep a one-bedroom rent of $1,195 near the recommended 30% of gross income, you'd want to earn roughly $48,000 a year. The median household income here is $62,671.
How much does it cost to live in Richmond per month?: A rough monthly baseline for one person in Richmond is about $1,390 — one-bedroom rent plus typical residential electricity and heating. It excludes food, transport, and healthcare, so a full budget is higher.

Compare Richmond with nearby cities

Richmond vs Norfolk Richmond vs Virginia Beach Richmond vs Washington Richmond vs Annapolis Richmond vs Baltimore Richmond vs Frederick

Nearby cities

Norfolk, VA 79 mi Virginia Beach, VA 93 mi Washington, DC 97 mi Annapolis, MD 112 mi Baltimore, MD 129 mi Frederick, MD 129 mi

Sources: US Census Bureau, ACS 5-Year (rent, income, home value, demographics); NOAA Climate Normals 1981-2010 (climate); EIA (gas, utilities); BLS Average Price Data (groceries) & OEWS (metro wage); transit agencies (fares); FBI Crime Data Explorer (crime); Tax Foundation 2026 (state taxes). Monthly estimate = 1BR rent + utilities; not a full cost of living.