Median rent is 29% lower in Richmond ($860/mo vs $1,209/mo). Buying is cheaper in Richmond, where the median home runs $205,900 versus $276,500. Households earn more in Pensacola ($72,699 vs $48,223 a year). Taken together, Pensacola is the more affordable choice with a cost index of 97.3 against 97.6 — about 0% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in Pensacola, FL.
City A
Pensacola, FL
City B
Richmond, KY
How much would you need to earn in Richmond, KY to maintain your standard of living from Pensacola, FL?
Equivalent salary in Richmond, KY
$75,271
You'd need $271 more (0% higher).
Based on BEA Regional Price Parity (cost index) for each city's metro area. A rough estimate of overall purchasing power, not tax or take-home pay.
Metric
Pensacola
Florida
Richmond
Kentucky
👥Population
💰Median Household Income
Annual
🏠Median Gross Rent
Per month
🏡Median Home Value
📊Cost of Living Index
US avg = 100
🔑1BR Fair Market Rent
HUD FMR
🔑2BR Fair Market Rent
HUD FMR
🔑3BR Fair Market Rent
HUD FMR
🌬️Air Quality Index
Lower = cleaner
🏛️Top State Income Tax
Top marginal rate
🧾State Sales Tax
Statewide base rate
🎂Median Age
Years
✓ = better value · Sources: US Census ACS, BEA RPP, HUD FMR, EPA AirNow, Tax Foundation
Renters will find significantly cheaper housing in Richmond — median rent of $860/mo versus $1,209/mo in Pensacola, a 29% difference. Home buyers face a steeper market in Pensacola: the median home is $276,500 versus $205,900 in Richmond — 26% more expensive.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
Florida has no state income tax, while Kentucky tops out at 4.00% — giving Pensacola a clear advantage for high earners. Sales tax is 6.00% in Florida and 6.00% in Kentucky; Richmond has the lower rate (local add-ons may apply in both).
Pensacola
Income tax: None
Sales tax: 6.00%
Richmond
Income tax: 4.00%
Sales tax: 6.00%
Air quality data is not yet available for these cities.
Pick Pensacola if you prioritize higher median household income ($72,699/yr).
Pick Richmond if you prioritize cheaper rent ($860/mo median).
Pick Pensacola if you prioritize no state income tax.
Is Pensacola cheaper than Richmond?
Pensacola is cheaper overall, with a cost of living index of 97.3 versus 97.6 (US average = 100). That means prices run about 0% lower in Pensacola.
How much is rent in Pensacola vs Richmond?
Median rent is $1,209/mo in Pensacola, FL and $860/mo in Richmond, KY. Richmond, KY has the lower rent by about 29%.
Which has higher salaries — Pensacola or Richmond?
Median household income is $72,699 in Pensacola, FL and $48,223 in Richmond, KY. Pensacola, FL has the higher median income. Note that BLS occupational wages in the table above show wages for specific jobs.
Which city has better air quality?
Air quality data is not yet available for one or both cities.
Which has lower taxes — Pensacola or Richmond?
Florida has no state income tax. Kentucky has a top rate of 4.00%.
What salary do I need in Richmond to match my Pensacola income?
To maintain the same purchasing power, a salary of $100,000 in Pensacola, FL is equivalent to roughly $100,362 in Richmond, KY (using the BEA Regional Price Parity ratio). Use the salary calculator above for any income amount.
Data last updated: December 1, 2024 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology