Median rent is 38% lower in Richmond ($815/mo vs $1,314/mo). Buying is cheaper in Richmond, where the median home runs $107,600 versus $328,100. Households earn more in Richmond ($62,671 vs $46,395 a year). Overall, the two cities have a nearly identical cost of living index (97.6).
City A
Richmond, IN
City B
Richmond, VA
How much would you need to earn in Richmond, VA to maintain your standard of living from Richmond, IN?
Equivalent salary in Richmond, VA
$75,000
Costs are about the same in both cities.
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
Richmond
Indiana
Richmond
Virginia
👥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 $815/mo versus $1,314/mo in Richmond, a 38% difference. Home buyers face a steeper market in Richmond: the median home is $328,100 versus $107,600 in Richmond — 67% more expensive.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
Indiana's top income tax rate is 3.05% versus 5.75% in Virginia, so Richmond is more tax-friendly for high earners. Sales tax is 7.00% in Indiana and 5.30% in Virginia; Richmond has the lower rate (local add-ons may apply in both).
Richmond
Income tax: 3.05%
Sales tax: 7.00%
Richmond
Income tax: 5.75%
Sales tax: 5.30%
Air quality data is available for Richmond (avg AQI 58.0) but not yet for Richmond.
Pick Richmond if you prioritize higher median household income ($62,671/yr).
Pick Richmond if you prioritize cheaper rent ($815/mo median).
Pick Richmond if you prioritize lower state income tax (3.05%).
Is Richmond cheaper than Richmond?
Richmond is cheaper overall, with a cost of living index of 97.6 versus 97.6 (US average = 100). That means prices run about 0% lower in Richmond.
How much is rent in Richmond vs Richmond?
Median rent is $815/mo in Richmond, IN and $1,314/mo in Richmond, VA. Richmond, IN has the lower rent by about 38%.
Which has higher salaries — Richmond or Richmond?
Median household income is $46,395 in Richmond, IN and $62,671 in Richmond, VA. Richmond, VA 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 — Richmond or Richmond?
Indiana's top income tax rate is 3.05% and Virginia's is 5.75%. Richmond, IN has the lower rate.
What salary do I need in Richmond to match my Richmond income?
To maintain the same purchasing power, a salary of $100,000 in Richmond, IN is equivalent to roughly $100,000 in Richmond, VA (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