Cost of Living in Richmond city, VA
Population 229,359 · Census ACS 2020–2024 5-year estimates
The median rent in Richmond city, VA is $1,372/month, 13% lower than the Virginia median and 3% lower than the U.S. median. The median home value is $353,000, 6% higher than the national median. Households earn a median of $64,587 a year, 31% lower than the state median.
Affordability
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Richmond city vs. Virginia vs. U.S.
| Richmond city | Virginia | U.S. | |
|---|---|---|---|
| Median rent | $1,372 | $1,579 | $1,413 |
| Median home value | $353,000 | $383,700 | $332,700 |
| Median household income | $64,587 | $93,170 | $80,734 |
| Homeownership rate | 43.5% | 67.3% | 65.2% |
| Bachelor's degree or higher | 45.6% | 42.2% | 35.7% |
| Poverty rate | 18.2% | 9.9% | 12.5% |
| Unemployment rate | 5.7% | 4.3% | 5.2% |
| Work from home | 19.5% | 18.3% | 15.1% |
| Median age | 34.7 | 39.0 | 38.9 |
FAQ
What is the average rent in Richmond city, VA?
The median gross rent in Richmond city, VA is $1,372 per month (ACS 2020–2024 5-year estimate).
How much do I need to earn to live in Richmond city, VA?
Using the common 30% rule, renting a median-priced home takes about $54,880 a year in gross income.
Is Richmond city, VA expensive to live in?
Rent there is 3% lower than the U.S. median, and the median home costs about 5.5 times the median household income.
Other counties in Virginia
Counties with a similar cost of living
Source: U.S. Census Bureau, American Community Survey 5-year estimates. Estimates have margins of error, especially for smaller places. This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
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