Is it cheaper to live in Paterson or Richmond?

Richmond, VA is cheaper. Its monthly baseline of $1,400 (1BR rent + utilities) runs about 2% below Paterson, NJ's $1,430, mainly because of electricity costs.

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

To keep rent near the recommended 30% of gross income, you'd want to earn roughly $47,000 a year in Paterson versus $48,000 in Richmond.

Which has lower taxes, Paterson or Richmond?

Paterson is taxed under New Jersey's rules (a top state income tax rate of 10.75% and a 6.625% state sales tax); Richmond under Virginia's (a top state income tax rate of 5.75% and a 5.3% state sales tax).

Paterson vs Richmond Cost of Living 2026

Paterson

New Jersey

$1,430/mo est.

Richmond

Virginia

$1,400/mo est.

Monthly estimate = 1BR rent + electricity + gas

A one-person monthly baseline (1BR rent plus typical utilities) runs $1,430 in Paterson, NJ versus $1,400 in Richmond, VA. Overall, Richmond, VA is roughly 2% cheaper to live in day-to-day than Paterson, NJ, driven mainly by electricity costs.

Median household income is $53,766 in Paterson, NJ and $62,671 in Richmond, VA — about 14% higher in Richmond, VA. New Jersey has a top state income tax rate of 10.75% and a 6.625% state sales tax; Virginia has a top state income tax rate of 5.75% and a 5.3% state sales tax.

Paterson, NJ

Richmond, VA

Rent

Studio

$786

$1,183

+51% in Richmond, VA

1 Bedroom

$1,183

$1,195

+1% in Richmond, VA

2 Bedroom

$1,468

$1,374

+6% in Paterson, NJ

3 Bedroom

$1,729

$1,447

+16% in Paterson, NJ

Buying a Home

Median Home Value

$335,400

$328,100

+2% in Paterson, NJ

Income

Median Household Income

$53,766

$62,671

+17% in Richmond, VA

Metro Median Wage (annual)

$61,430

$51,460

+16% in Paterson, NJ

People & Lifestyle

Median Age

33.3 yr

34.5 yr

+1.2 yr in Richmond, VA

Homeownership

26.2%

43.5%

+17.3 pp in Richmond, VA

Bachelor's+ (25+)

12.5%

44.1%

+31.6 pp in Richmond, VA

Avg Commute

23.1 min

22.1 min

+1.0 min in Paterson, NJ

Crime (per 100k/yr)

Violent Crime

1,010.1

349

+65% in Paterson, NJ

Property Crime

2,391.4

3,240.2

+35% 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

52.2°F

58.9°F

+6.7°F in Richmond, VA

Annual Precipitation

49.0 in

43.6 in

+5.4 in in Paterson, NJ

Gas

Regular Gasoline

$3.94/gal

about equal

Area: East Coast (PADD 1) vs East Coast (PADD 1).

Utilities

Electricity (¢/kWh)

24.9

17.2

+31% in Paterson, NJ

Natural Gas ($/MCF)

$17.68

$27.20

+54% in Richmond, VA

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

Groceries

Milk (gal)

$4.31

$4.00

+7% in Paterson, NJ

Bread (lb)

$1.92

$1.75

+9% in Paterson, NJ

Eggs (doz)

$2.19

$2.21

+1% in Richmond, VA

Ground Beef (lb)

$6.90

$6.45

+6% in Paterson, NJ

Chicken (lb)

$2.19

$1.90

+13% in Paterson, NJ

Bananas (lb)

$0.69

$0.62

+11% in Paterson, NJ

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

State Taxes

Sales Tax (NJ / VA)

6.625%

5.3%

+1.3 pp in NJ

Income Tax (top rate)

10.75%

5.75%

+5.0 pp in NJ

Paterson vs Richmond — FAQ

Is it cheaper to live in Paterson or Richmond?: Richmond, VA is cheaper. Its monthly baseline of $1,400 (1BR rent + utilities) runs about 2% below Paterson, NJ's $1,430, mainly because of electricity costs.
How much more do you need to earn to live in Paterson than in Richmond?: To keep rent near the recommended 30% of gross income, you'd want to earn roughly $47,000 a year in Paterson versus $48,000 in Richmond.
Which has lower taxes, Paterson or Richmond?: Paterson is taxed under New Jersey's rules (a top state income tax rate of 10.75% and a 6.625% 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).