Cost of living in Richmond: rent, homes and salary
Cost of living in Richmond comes in 2.1% under the US average. The Richmond, VA metro area had a BEA regional price parity (RPP) of 97.9 in 2024, while the US sits at 100. Housing on its own is 99.1.
- Level of prices
- 97.9US = 100, BEA 2024
- Price level for housing
- 99.1. for rents, US = 100.
Cost of living index for Richmond
A regional price parity compares the cost of the very same goods and services basket in a single place with the US average of 100. BEA prices the whole Richmond, VA metro area together, and Richmond sits inside it. Utilities sit furthest from the US average, at 89.2, or 10.8% below the US.
| Price level, US = 100 | Richmond, VA metro | Virginia | Metro against the US |
|---|---|---|---|
| All items | 97.9 | 101.1 | −2.1% |
| Goods | 96.8 | 100.4 | −3.2% |
| Housing (rents) | 99.1 | 106.8 | −0.9% |
| Utilities | 89.2 | 92.2 | −10.8% |
| Other services | 98.6 | 100.2 | −1.4% |
Regional price parities for metro areas and states, 2024, from the U.S. Bureau of Economic Analysis. BEA price parity data
Richmond rent prices
Asking rent in Richmond typically runs $1,628 a month, as measured by ZORI, the Zillow Observed Rent Index. That index covers rent on homes listed now, and the figure is +2.5% on a year. In the US, the figure is $1,932. Census median gross rent comes to $1,451, and it includes every renting household, not just new leases. Paying the asking rent for one year takes 31% of the median household income.
| Rent | Richmond | United States |
|---|---|---|
| Typical asking rent, Zillow ZORI | $1,628 | $1,932 |
| Asking rent, 12-month change | +2.5% | |
| Median gross rent, Census ACS 2024 | $1,451 | $1,487 |
| Share of median income, one year of asking rent | 31% | 28% |
Zillow Observed Rent Index; one year estimates from Census Bureau American Community Survey 2024.
Richmond home prices
In September 2026, the Zillow Home Value Index (ZHVI) valued a typical Richmond home at $361,844, tracking the value of a home in the middle of the housing market. That figure is +2.8% on a year, compared with $366,157 for the US. That price takes 5.7 years of median household income to cover, compared with 4.5 years in the US.
| Home prices | Richmond | United States |
|---|---|---|
| Typical home value, September 2026 | $361,844 | $366,157 |
| 12-month change | +2.8% | +1.2% |
| 10-year change | +92.7% | +77.4% |
| Price to income (years of median income) | 5.7 | 4.5 |
| Price to rent (years of asking rent) | 18.5 | 15.8 |
Forecast and days on market, plus the price chart since 2000: Richmond housing market.
Salary needed for living in Richmond
The two questions are where you live and what you earn. Together they set the salary in Richmond, so it buys what your pay buys today.
- Moving from
- Salary
Every city lined up next to the others, along with the method: city cost of living comparison.
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Cost of living in Richmond compared with other cities
| City | Level of prices | Housing | Usual rent | Value of a typical home |
|---|---|---|---|---|
| Richmond | 97.9 | 99.1 | $1,628 | $361,844 |
| Virginia Beach | 97.9 | 99.8 | $2,098 | $424,785 |
| Arlington, Virginia | 108.9 | 151.1 | $2,680 | $801,809 |
| Norfolk | 97.9 | 99.8 | $1,749 | $310,673 |
| Alexandria | 108.9 | 151.1 | $2,275 | $662,843 |
| New York City | 112.6 | 148.6 | $4,089 | $825,854 |
| Los Angeles | 113.6 | 170.4 | $2,772 | $927,891 |
| Chicago | 103.6 | 112.0 | $2,311 | $334,108 |
| Houston | 98.6 | 104.5 | $1,544 | $259,465 |
Price levels from BEA regional price parities, 2024, with US = 100. Zillow ZORI for rent. Home value comes from Zillow ZHVI, September 2026.
Every city ranked: city cost of living comparison. Every state: state-by-state cost of living.