Cost of Living in Richmond, VA
Richmond has a cost of living index of 98 (100 = national average), making it close to the national average. The median household income is $49,843 and the median home price is $310,000.
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Richmond at a Glance
Population
226,610
Cost of Living Index
98
Median Income
$49,843
Median Home Price
$310,000
Property Tax Rate
1.20%
Sales Tax Rate
6.00%
Rent Index
92
State
Virginia
Living in Richmond
Richmond offers a cost of living below the national average, making it an attractive option for those looking to stretch their dollar further. The median home price of $310,000 is well within reach for many families.
The combined sales tax rate in Richmond is 6.00%, and the effective property tax rate is 1.20%. Property taxes are close to the national average.