Richmond City · Virginia
Richmond cost of living (VA)
Price levels published by the Bureau of Economic Analysis for Richmond, VA, with the national average set to 100 — so 108 means things cost 8% more here than the US average.
Quick answer
Richmond costs 2.1% below the national average — all-items price level 97.9, rank 60 of 94 covered metros. A $100,000 national-average salary needs to be $97,858 here. Utilities is the reason, at 89.2.
- All items
- 97.9US average = 100
- Housing
- 99.1in line with the national average
- Goods
- 96.83.2% below the national average
- Other services
- 98.61.4% below the national average
Price level by component
Where the difference actually comes from.
| Component | Index | vs US | What it covers |
|---|---|---|---|
| Goods | 96.8 | -3.2% | Groceries, fuel, clothing, durable purchases. |
| Housing | 99.1 | -0.9% | Rents and imputed rents — the biggest single swing factor. |
| Utilities | 89.2 | -10.8% | Electricity, gas, water and other household energy. |
| Other services | 98.6 | -1.4% | Healthcare, dining, repairs, personal services. |
Reading the Richmond price level
What the 97.9 figure actually means for a household here.
Richmond prices sit 2.1% below the US average — an all-items parity of 97.9, rank 60 of 94 covered metros. Moderately below average. The median covered metro reads 100.8.
Utilities drives it: 89.2, 10.8% below average. Housing pulls the other way at 99.1. The spread between the cheapest and dearest component is 9.9 points, so the headline number hides real variation — a renter and an owner in Richmond do not face the same cost gap versus the rest of the country.
A $100,000 national-average salary needs to be $97,858 here to buy the same basket. Run it the other way: the $60,485 median household income in Richmond is worth $61,809 in national-average dollars, 21.3% below the $78,538 US median. Local pay does not cover the local price level.
Parities are published for Richmond, VA as a whole. Neighbourhood prices inside that metro diverge widely, and BEA revises the series annually.
What your salary is worth in Richmond, VA
Enter a salary. We deflate it by the local price level (97.9 where 100 is the US average) and show what you would need to earn here to match the same pay somewhere average.
- Real value here
- $61,809
- Needed to match US average
- $59,189
- Monthly difference
- $-108
What a local paycheck is really worth
Nominal pay is only half the story.
$60,485 median household income in Richmond is worth $61,809 in national-average dollars. BEA calls that real income: income × 100 ÷ 97.9.
Frequently asked questions
Common questions about this area.
- Is Richmond expensive?
- No — 2.1% below the US average, rank 60 of 94 covered metros. utilities is the component furthest from average at 89.2.
- What salary do you need to live in Richmond, VA?
- $97,858 to match a $100,000 national-average salary. The local median household earns $60,485, worth $61,809 after adjusting for the 97.9 price level.
- Why is the cost of living low in Richmond?
- Utilities at 89.2 versus housing at 99.1. A 9.9-point spread between components means one category, not general inflation, sets the headline figure.
More Richmond data
Other Richmond datasets on this site.
- Richmond population and income
- Richmond sales tax rate
- Richmond property tax
- Richmond home values and rent
- Richmond crime rates
- Richmond public schools
- Richmond weather normals
- Richmond commute times
- Richmond jobs and wages
Statewide: Virginia cities · Virginia ZIP codes · Virginia sales tax · Virginia counties
2024 BEA Regional Price Parities, published for Richmond, VA. Parities are metro-wide, so a single neighbourhood can sit well above or below these figures.