Is it cheaper to live in Richmond or Warwick?

Warwick, RI is cheaper. Its monthly baseline of $1,390 (1BR rent + utilities) runs about 1% below Richmond, VA's $1,400, mainly because of rent.

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

To keep rent near the recommended 30% of gross income, you'd want to earn roughly $48,000 a year in Richmond versus $43,000 in Warwick.

Which has lower taxes, Richmond or Warwick?

Richmond is taxed under Virginia's rules (a top state income tax rate of 5.75% and a 5.3% state sales tax); Warwick under Rhode Island's (a top state income tax rate of 5.99% and a 7% state sales tax).

Richmond vs Warwick Cost of Living 2026

Richmond

Virginia

$1,400/mo est.

Warwick

Rhode Island

$1,390/mo est.

Monthly estimate = 1BR rent + electricity + gas

A one-person monthly baseline (1BR rent plus typical utilities) runs $1,400 in Richmond, VA versus $1,390 in Warwick, RI. Overall, Warwick, RI is roughly 1% cheaper to live in day-to-day than Richmond, VA, driven mainly by rent.

Median household income is $62,671 in Richmond, VA and $87,536 in Warwick, RI — about 28% higher in Warwick, RI. Virginia has a top state income tax rate of 5.75% and a 5.3% state sales tax; Rhode Island has a top state income tax rate of 5.99% and a 7% state sales tax.

Richmond, VA

Warwick, RI

Rent

Studio

$1,183

$923

+22% in Richmond, VA

1 Bedroom

$1,195

$1,085

+9% in Richmond, VA

2 Bedroom

$1,374

$1,629

+19% in Warwick, RI

3 Bedroom

$1,447

$1,569

+8% in Warwick, RI

Buying a Home

Median Home Value

$328,100

$322,000

+2% in Richmond, VA

Income

Median Household Income

$62,671

$87,536

+40% in Warwick, RI

Metro Median Wage (annual)

$51,460

$53,680

+4% in Warwick, RI

People & Lifestyle

Median Age

34.5 yr

44.6 yr

+10.1 yr in Warwick, RI

Homeownership

43.5%

73.4%

+29.9 pp in Warwick, RI

Bachelor's+ (25+)

44.1%

33.2%

+10.9 pp in Richmond, VA

Avg Commute

22.1 min

25.0 min

+2.9 min in Warwick, RI

Crime (per 100k/yr)

Violent Crime

349

79.5

+77% in Richmond, VA

Property Crime

3,240.2

1,149.5

+65% 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

58.9°F

51.6°F

+7.3°F in Richmond, VA

Annual Precipitation

43.6 in

47.2 in

+3.6 in in Warwick, RI

Gas

Regular Gasoline

$3.94/gal

about equal

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

Utilities

Electricity (¢/kWh)

17.2

29.2

+70% in Warwick, RI

Natural Gas ($/MCF)

$27.20

$25.75

+5% in Richmond, VA

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

Groceries

Milk (gal)

$4.00

$4.31

+8% in Warwick, RI

Bread (lb)

$1.75

$1.92

+10% in Warwick, RI

Eggs (doz)

$2.21

$2.19

+1% in Richmond, VA

Ground Beef (lb)

$6.45

$6.90

+7% in Warwick, RI

Chicken (lb)

$1.90

$2.19

+15% in Warwick, RI

Bananas (lb)

$0.62

$0.69

+12% in Warwick, RI

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

State Taxes

Sales Tax (VA / RI)

5.3%

+1.7 pp in RI

Income Tax (top rate)

5.75%

5.99%

+0.2 pp in RI

Richmond vs Warwick — FAQ

Is it cheaper to live in Richmond or Warwick?: Warwick, RI is cheaper. Its monthly baseline of $1,390 (1BR rent + utilities) runs about 1% below Richmond, VA's $1,400, mainly because of rent.
How much more do you need to earn to live in Richmond than in Warwick?: To keep rent near the recommended 30% of gross income, you'd want to earn roughly $48,000 a year in Richmond versus $43,000 in Warwick.
Which has lower taxes, Richmond or Warwick?: Richmond is taxed under Virginia's rules (a top state income tax rate of 5.75% and a 5.3% state sales tax); Warwick under Rhode Island's (a top state income tax rate of 5.99% and a 7% 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).