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Richmond, VA

Cost of living in Richmond, Virginia

Richmond city, VA

Part of the Richmond Metro Area

Estimated monthly cost
$3,571/mo
for a single person, all categories combined

Population 227,595 · Last updated May 21, 2026

Cost breakdown

Single person, by category, per month.

Rent $1,545 43%
Federal tax $508 14%
Healthcare $480 13%
Groceries $355 10%
Transport $250 7%
Energy $202 6%
State tax $176 5%
Water $55 2%

Rent in Richmond

Fair Market Rents by bedroom count.

Studio
$1,488
per month
1 bedroom
$1,545
per month
2 bedroom
$1,711
per month
3 bedroom
$2,166
per month
4 bedroom
$2,677
per month

Source: HUD FMR FY2025

Income and earnings in Richmond

Annual earnings figures from the Census ACS.

Household income
$62,671
per year
Individual earnings
$41,143
per year
Per capita
$44,249
per year

Source: ACS 2019-2023 5-Year.

Home values in Richmond

Average values reported by homeowners.

Average home value
$328,100
Annual property tax
$2,834

Source: ACS 2019-2023 5-Year

Energy costs in Richmond

Estimated monthly electricity and gas costs.

Electricity
$153
per month · 14.6¢/kWh
Natural gas
$49
per month
Annual total
$2,424
per year

Source: EIA

Healthcare in Richmond

Insurance premiums and coverage rates.

Individual premium
$480
per month
Family premium
$1,350
per month
Uninsured rate
9.8%

Source: ACS + national avg. Marketplace benchmark premiums are second-lowest Silver plan estimates and do not reflect employer plans, subsidies, or out-of-pocket costs. This is not healthcare advice.

Taxes in Richmond

State and local tax rates for Virginia.

State income tax
5.8%
Top marginal rate
State sales tax
5.3%
Combined sales tax
5.8%
incl. average local

Tax rates change. Consult a qualified tax professional for advice on your specific situation. This is not tax advice.

Transportation in Richmond

Commute patterns and estimated costs.

Average commute
22.1 min
Drive alone
64.9%
Public transit
3.6%
Work from home
16.9%

Source: ACS

Monthly cost estimates for Richmond

What it costs to live in Richmond each month.

Single person
$3,571
per month
  • Rent $1,545
  • Energy $202
  • Water $55
  • Groceries $355
  • Transport $250
  • Healthcare $480
  • Federal tax $508
  • State tax $176
Couple
$4,795
per month
  • Rent $1,711
  • Energy $242
  • Water $65
  • Groceries $588
  • Transport $350
  • Healthcare $864
  • Federal tax $696
  • State tax $279
Family
$7,412
per month
  • Rent $2,166
  • Energy $303
  • Water $75
  • Groceries $893
  • Transport $450
  • Healthcare $1,350
  • Childcare $1,200
  • Federal tax $696
  • State tax $279

Frequently asked questions about Richmond

Common questions about cost of living, rent and salary.

What is the average rent in Richmond?

In Richmond, Virginia, a one-bedroom apartment averages $1,545 per month, a two-bedroom averages $1,711 per month, a three-bedroom averages $2,166 per month, according to HUD Fair Market Rent data.

What is the average salary in Richmond?

In Richmond, Virginia, the average household income is $62,671 per year and individual earnings for full-time workers average $41,143 per year, according to U.S. Census Bureau data.

What is the cost of living in Richmond?

The estimated cost of living in Richmond, Virginia is approximately $3,571 per month for a single person, $4,795 for a couple, $7,412 for a family. This includes rent, utilities, groceries, transportation, healthcare, and taxes.

What is the sales tax rate in Richmond?

The combined sales tax rate in Richmond, Virginia is 5.75%, which includes the Virginia state rate of 5.30% plus an average local rate of 0.45%.

Is Richmond an affordable place to live?

Based on the data, a single person in Richmond, Virginia would need approximately $3,571 per month to cover rent, utilities, food, transport, healthcare, and taxes. The average household income is $62,671 per year ($5,223 per month). Richmond has a moderate cost of living relative to local earnings.

How much does healthcare cost in Richmond?

The ACA marketplace benchmark premium in Richmond, Virginia is approximately $480 per month for an individual. Approximately 9.8% of residents are uninsured. Actual costs vary based on employer coverage, plan type, and individual circumstances.

What are house prices in Richmond?

The average home value in Richmond, Virginia is $328,100, with average annual property taxes of $2,834, according to U.S. Census Bureau data.

How does Richmond compare to other areas?

You can compare Richmond, Virginia with any other US county using our comparison tool at /compare. Richmond is in the Richmond, VA metro area.

Other counties in Virginia

Browse the full list of counties in Virginia, ranked by cost of living.

See all counties in Virginia

Compare Richmond with another area

Put two counties side by side to see how rent, taxes and everyday costs stack up.

About this data

All figures on this page come from official U.S. government sources, listed below.

  • HUD FMR FY2025
  • ACS 2019-2023 5-Year
  • EIA
  • ACS + national avg
  • ACS
  • USDA + BEA RPP
Methodology All data sources