Richmond, Indiana has an overall cost of living index of 97.6, which is 2.4 points below the US average of 100 — making it about average versus most American cities. Renters pay a median of $815 per month, while the typical home is valued around $107,600. Households earn a median of $46,395 per year, leaving rent at a manageable share of income for many residents. The figures below cover housing, local wages by occupation, demographics, and air quality, all drawn from the US Census Bureau, BEA, HUD, and EPA.
Median Household Income
$46,395
Annual · Census ACS
Median Gross Rent
$815
Per month · Census ACS
Median Home Value
$107,600
Census ACS
Cost of Living Index
97.6
BEA RPP · US avg = 100
1BR Fair Market Rent
N/A
HUD FMR
2BR Fair Market Rent
N/A
HUD FMR
3BR Fair Market Rent
N/A
HUD FMR
HUD Fair Market Rent = 40th percentile gross rent · FY2024
Each category is indexed to the US average of 100. Below 100 = cheaper than average.
Overall
97.6
Goods
95.5
Rents / Housing
98.1
Services
89.3
Source: BEA Regional Price Parities (metro-level)
State Income Tax
3.05%
Top marginal rate
State Sales Tax
7.00%
Statewide base rate (local add-ons may apply)
Source: Tax Foundation (2024)
| Occupation | Median Annual Wage |
|---|---|
| 💻Software Developer | $129,440 |
| 🏥Registered Nurse | $89,730 |
| 📚Elementary Teacher | $60,530 |
| ⚡Electrician | $58,880 |
| 📊Accountant | $86,050 |
Source: BLS OEWS 2023 (metro-level data)
Population
35,551
Latest estimate
Median Age
38.1 yrs
Census ACS
🌬️
AQI data not available
Source: EPA AirNow
What is the cost of living index for Richmond?
Richmond has a Regional Price Parity (RPP) index of 97.6. The US national average is 100, so Richmond is 2.4 points below the national average.
What is the median rent in Richmond?
The median gross rent in Richmond is $815 per month according to US Census ACS data.
What is the median household income in Richmond?
The median household income in Richmond is $46,395 per year.
What is the median home value in Richmond?
The median home value in Richmond is $107,600 based on the latest Census ACS survey.
How is the air quality in Richmond?
Air quality data for Richmond is not yet available.
What are the taxes like in Richmond?
Indiana has a top state income tax rate of 3.05% and a statewide sales tax of 7.00% (local rates may add to this). Source: Tax Foundation, 2024.
Data last updated: December 1, 2024 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology