Is it cheaper to live in Boston or Richmond?

Richmond, VA is cheaper. Its monthly baseline of $1,390 (1BR rent + utilities) runs about 39% below Boston, MA's $2,290, mainly because of rent.

How much more do you need to earn to live in Boston than in Richmond?

To keep rent near the recommended 30% of gross income, you'd want to earn roughly $79,000 a year in Boston versus $48,000 in Richmond.

Which has lower taxes, Boston or Richmond?

Boston is taxed under Massachusetts's rules (a top state income tax rate of 9.00% and a 6.25% state sales tax); Richmond under Virginia's (a top state income tax rate of 5.75% and a 5.3% state sales tax).

Boston vs Richmond Cost of Living 2026

Boston

Massachusetts

$2,290/mo est.

Richmond

Virginia

$1,390/mo est.

Monthly estimate = 1BR rent + electricity + gas

A one-person monthly baseline (1BR rent plus typical utilities) runs $2,290 in Boston, MA versus $1,390 in Richmond, VA. Overall, Richmond, VA is roughly 39% cheaper to live in day-to-day than Boston, MA, driven mainly by rent.

Median household income is $94,755 in Boston, MA and $62,671 in Richmond, VA — about 34% higher in Boston, MA. Massachusetts has a top state income tax rate of 9.00% and a 6.25% state sales tax; Virginia has a top state income tax rate of 5.75% and a 5.3% state sales tax.

Boston, MA

Richmond, VA

Rent

Studio

$1,890

$1,183

+37% in Boston, MA

1 Bedroom

$1,978

$1,195

+40% in Boston, MA

2 Bedroom

$2,155

$1,374

+36% in Boston, MA

3 Bedroom

$2,234

$1,447

+35% in Boston, MA

Buying a Home

Median Home Value

$710,400

$328,100

+54% in Boston, MA

Income

Median Household Income

$94,755

$62,671

+34% in Boston, MA

Metro Median Wage (annual)

$66,620

$51,460

+23% in Boston, MA

People & Lifestyle

Median Age

33.2 yr

34.5 yr

+1.3 yr in Richmond, VA

Homeownership

35.4%

43.5%

+8.1 pp in Richmond, VA

Bachelor's+ (25+)

54.1%

44.1%

+10.0 pp in Boston, MA

Avg Commute

30.2 min

22.1 min

+8.1 min in Boston, MA

Crime (per 100k/yr)

Violent Crime

630.2

349

+45% in Boston, MA

Property Crime

2,030.8

3,240.2

+60% in Richmond, VA

FBI Crime Data Explorer. Offenses per 100,000 residents per year; agency reporting practices vary, so this is approximate.

Climate

Avg Annual Temperature

51.5°F

58.9°F

+7.4°F in Richmond, VA

Annual Precipitation

43.8 in

43.6 in

+0.2 in in Boston, MA

Gas

Regular Gasoline

$3.95/gal

$3.86/gal

+2% in Boston, MA

Area: Massachusetts vs East Coast (PADD 1).

Utilities

Electricity (¢/kWh)

28.8

17.6

+39% in Boston, MA

Natural Gas ($/MCF)

$31.39

$23.66

+25% in Boston, MA

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

Groceries

Milk (gal)

$4.31

$4.00

+7% in Boston, MA

Bread (lb)

$1.92

$1.75

+9% in Boston, MA

Eggs (doz)

$2.19

$2.21

+1% in Richmond, VA

Ground Beef (lb)

$6.90

$6.45

+6% in Boston, MA

Chicken (lb)

$2.19

$1.90

+13% in Boston, MA

Bananas (lb)

$0.69

$0.62

+11% in Boston, MA

Average prices — Northeast vs South (BLS). Regional where available, otherwise U.S. average.

State Taxes

Sales Tax (MA / VA)

6.25%

5.3%

+1.0 pp in MA

Income Tax (top rate)

9.00%

5.75%

+3.3 pp in MA

Boston vs Richmond — FAQ

Is it cheaper to live in Boston or Richmond?: Richmond, VA is cheaper. Its monthly baseline of $1,390 (1BR rent + utilities) runs about 39% below Boston, MA's $2,290, mainly because of rent.
How much more do you need to earn to live in Boston than in Richmond?: To keep rent near the recommended 30% of gross income, you'd want to earn roughly $79,000 a year in Boston versus $48,000 in Richmond.
Which has lower taxes, Boston or Richmond?: Boston is taxed under Massachusetts's rules (a top state income tax rate of 9.00% and a 6.25% state sales tax); Richmond under Virginia's (a top state income tax rate of 5.75% and a 5.3% state sales tax).

Sources: US Census Bureau, ACS 5-Year (rent, income, home value, demographics); NOAA Climate Normals 1981–2010 (climate); EIA weekly retail (gas); Tax Foundation 2026 (state taxes).