Richmond, Virginia has an overall cost of living index of 98.3, which is 1.7 points below the US average of 100 — making it about average versus most American cities. Renters pay a median of $1,372 per month, while the typical home is valued around $353,000. Households earn a median of $64,587 per year, leaving rent at a manageable share of income for many residents. Air quality is good, with an average AQI of 28. Below: housing costs, local wages by occupation, neighborhoods, climate, jobs and major industries, and healthcare access — all drawn from US Census, BEA, BLS, HUD, EPA, and NOAA data.
Median Household Income
$64,587
Annual · Census ACS
Median Gross Rent
$1,372
Per month · Census ACS
Median Home Value
$353,000
Census ACS
Cost of Living Index
98.3
BEA RPP · US avg = 100
Studio FMR
$1,442
HUD Fair Market Rent
1BR Fair Market Rent
$1,507
HUD FMR
2BR Fair Market Rent
$1,655
HUD FMR
3BR Fair Market Rent
$2,072
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
98.3
Goods
97.1
Rents / Housing
101.0
Services
88.8
Source: BEA Regional Price Parities (metro-level)
| Occupation | Median Annual Wage |
|---|---|
| 💻Software Developer | $131,430 |
| 🏥Registered Nurse | $90,530 |
| 📚Elementary Teacher | $61,040 |
| ⚡Electrician | $60,820 |
| 📊Accountant | $88,120 |
| 🔧Plumber | $58,810 |
| ⚕️Nurse Practitioner | $259,650 |
| 🏗️Civil Engineer | $97,900 |
| 👔Operations Manager | $131,520 |
| 📈Market Research Analyst | $95,450 |
| 🏢Health Services Manager | $142,970 |
| 🚛Truck Driver | $62,140 |
| 👨⚕️Physician Assistant | N/A |
| 🩺Surgeon | N/A |
| 🧮Data Scientist | N/A |
| 🖥️Computer Engineer | $126,130 |
Source: BLS OEWS 2023 (metro-level data)
Population
229,359
Latest estimate
Median Age
34.7 yrs
Census ACS
Average AQI
28.0
Source: EPA AirNow
Total Neighborhoods
5
Tracked in our database
Avg Walk Score
N/A
0–100 scale
Avg Median Rent
$1,440
Per month
Avg Home Value
$427,650
Census ACS
January Avg
39°F
July Avg
80°F
Sunny Days / Year
—
Annual Snowfall
—
Climate category: Temperate · Source: NOAA/NCEI 30-year normals.
Healthcare Score
31.4
poor
Hospitals
6
Doctors per 1,000
1.00
Insurance Coverage
91.2%
What is the cost of living index for Richmond?
Richmond has a Regional Price Parity (RPP) index of 98.3. The US national average is 100, so Richmond is 1.7 points below the national average.
What is the median rent in Richmond?
The median gross rent in Richmond is $1,372 per month according to US Census ACS data.
What is the median household income in Richmond?
The median household income in Richmond is $64,587 per year.
What is the median home value in Richmond?
The median home value in Richmond is $353,000 based on the latest Census ACS survey.
How is the air quality in Richmond?
Richmond has an average Air Quality Index (AQI) of 28.0, which is rated "Good" by the EPA. Lower AQI values indicate cleaner air.
What are the taxes like in Richmond?
Tax data for Virginia is not yet available.
Data last updated: December 1, 2026 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology
