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Cost of Living Data profile

Cost of Living in Richmond, VA: Rent, Housing & Income

  • Official data · Census ACS 2024 · BEA 2024 · EIA July–September 2026
Updated  7 sources

Cost of living vs. U.S. average (2024)

2.1% below

Cost of living in Richmond is 2.1% below the U.S. average, based on the Bureau of Economic Analysis 2024 Regional Price Parities for the Richmond, VA metro area (index 97.9; U.S. = 100). Median rent in Richmond is $1,451 a month.

Cost of living in Richmond by category

Overall prices

97.9U.S. = 100

Regional price parity, all items

−2.1% vs. U.S.

Goods
96.8 −3.2%
Housing (rents)
99.1 −0.9%
Utilities
89.2 −10.8%
Other services
98.6 −1.4%

BEA 2024 · Richmond metro area Details: Overall prices

Housing

$1,451/mo

Median gross rent

About the same as U.S.

1-bedroom rent
$1,335 About the same as U.S.
2-bedroom rent
$1,610 +8% vs. U.S.
3-bedroom rent
$1,682 About the same as U.S.
Median home value
$377,900 +5% vs. U.S.
Owner costs, mortgage
$2,030 About the same as U.S.

Census ACS 2024 Details: Housing

Utilities

$173/mo

Average electric bill

+11% vs. U.S.

Electricity price
17.6¢/kWh −4% vs. U.S.
Natural gas, 12-mo avg.
$21.74/Mcf +12% vs. U.S.
Utilities price index
89.2

EIA July 2026 · Virginia statewide Details: Utilities

Transportation

22.6min

Mean travel time to work

−17% vs. U.S.

Commute mode: drove alone
62.3%
Work from home
16.9%
Gasoline (PADD 1C avg.)
$4.07/gal −7% vs. U.S.

Census ACS 2024 · EIA September 2026 Details: Transportation

Food at home

$1,388/mo

Moderate-cost plan, family of 4

Thrifty plan, family of 4
$1,024/mo
Liberal plan, family of 4
$1,679/mo
Moderate plan, single woman
$403/mo
Moderate plan, single man
$478/mo

USDA August 2026 · U.S. average Details: Food at home

Child care

$308/wk

Center care, infant

+78% vs. U.S.

Center care, toddler
$202/wk +32% vs. U.S.
Center care, preschool
$186/wk +29% vs. U.S.
Home-based care, infant
$177/wk +23% vs. U.S.

DOL NDCP 2022 prices · Richmond City Details: Child care

Income

$63,390/yr

Median household income

−22% vs. U.S.

Median rent as share of income
27%
Home value to income
6.0×

Census ACS 2024 Details: Income

Housing costs in Richmond

Median gross rent in Richmond is $1,451 a month, about the same as the U.S. median of $1,487. The median falls in the $1,250–$1,499 range, which holds 21.9% of renter households paying cash rent. Another 45.7% pay $1,500 or more.

The median owner-occupied home is valued at $377,900.

Housing costs: Richmond vs. Virginia vs. U.S.

Median monthly rent

Median monthly rent Richmond: $1,451; Virginia: $1,646; U.S.: $1,487 Richmond $1,451 Virginia $1,646 U.S. $1,487

Monthly owner costs

Monthly owner costs Richmond: $2,030; Virginia: $2,149; U.S.: $2,035 Richmond $2,030 Virginia $2,149 U.S. $2,035

Median home value

Median home value Richmond: $377,900; Virginia: $403,500; U.S.: $360,600 Richmond $377,900 Virginia $403,500 U.S. $360,600
Show the data table
MeasureRichmondVirginiaU.S.
Median monthly rent$1,451$1,646$1,487
Monthly owner costs$2,030$2,149$2,035
Median home value$377,900$403,500$360,600

Rent is median gross rent; owner costs are for homes with a mortgage. American Community Survey 2024 1-year estimates. Source: American Community Survey (U.S. Census Bureau)

What renters pay in Richmond

What renters pay in Richmond Share of renter households paying cash rent in Richmond by range; ranges differ in width. The bottom range, less than $500, holds 7.8%; the top range, $3,500 or more, holds 0.7%. Median $1,451. The U.S. distribution is drawn as a line. 0% 10% 20% 30% 40% Less than $500: 7.8% (U.S.: 6.1%) $500–$749: 3.4% (U.S.: 6.8%) $750–$999: 5% (U.S.: 11.5%) $1,000–$1,249: 16.2% (U.S.: 13.5%) $1,250–$1,499: 21.9% (U.S.: 12.9%) $1,500–$1,999: 32.1% (U.S.: 22.2%) $2,000–$2,499: 9.4% (U.S.: 13.2%) $2,500–$2,999: 2.6% (U.S.: 6.5%) $3,000–$3,499: 0.9% (U.S.: 3.2%) $3,500 or more: 0.7% (U.S.: 4.2%) $500–750 $1–1.25K $1.5–2K $2.5–3K $3.5K+ Median $1,451 (Richmond) 32.1%
Show the data table
RangeRichmondU.S.
Less than $5007.8%6.1%
$500–$7493.4%6.8%
$750–$9995%11.5%
$1,000–$1,24916.2%13.5%
$1,250–$1,49921.9%12.9%
$1,500–$1,99932.1%22.2%
$2,000–$2,4999.4%13.2%
$2,500–$2,9992.6%6.5%
$3,000–$3,4990.9%3.2%
$3,500 or more0.7%4.2%

Share of renter households paying cash rent. Census ACS 2024 1-year estimates, table B25063. Source: American Community Survey (U.S. Census Bureau)

Monthly housing costs in Richmond

Measure Richmond Virginia U.S.
Median rent (all units) $1,451$1,646$1,487
1-bedroom rent $1,335$1,520$1,301
2-bedroom rent $1,610$1,555$1,490
3-bedroom rent $1,682$1,808$1,677
Owner costs with a mortgage $2,030$2,149$2,035

Median gross rent includes utilities the renter pays. Owner costs include the mortgage, taxes, insurance, and utilities. American Community Survey 2024 1-year estimates. Source: American Community Survey (U.S. Census Bureau)

How affordable is Richmond?

At the median, rent takes about 27% of household income in Richmond. Housing experts treat 30% as the limit before a household is considered cost-burdened. To keep the median rent at 30% of income, a household would need to earn about $58,000 a year.

The median home is worth $377,900, or 6.0 times the median household income.

Household income in Richmond

The median household in Richmond earns $63,390 a year, 22% below the U.S. median of $81,604. About 9.9% of households earn $200,000 or more, while 18.7% earn less than $25,000.

Median household income: Richmond vs. Virginia vs. U.S.

Median household income (yearly)

Median household income (yearly) Richmond: $63,390; Virginia: $92,090; U.S.: $81,604 Richmond $63,390 Virginia $92,090 U.S. $81,604
Show the data table
MeasureRichmondVirginiaU.S.
Median household income (yearly)$63,390$92,090$81,604

American Community Survey 2024 1-year estimates. Source: American Community Survey (U.S. Census Bureau)

Household income distribution in Richmond

Household income distribution in Richmond Share of households in Richmond by range; ranges differ in width. The bottom range, less than $10,000, holds 7.4%; the top range, $200,000 or more, holds 9.9%. Median $63,390. The U.S. distribution is drawn as a line. 0% 5% 10% 15% Less than $10,000: 7.4% (U.S.: 5.1%) $10,000–$14,999: 5.1% (U.S.: 3.3%) $15,000–$19,999: 2% (U.S.: 2.8%) $20,000–$24,999: 4.2% (U.S.: 3.2%) $25,000–$29,999: 3.7% (U.S.: 3%) $30,000–$34,999: 3.4% (U.S.: 3.3%) $35,000–$39,999: 3.7% (U.S.: 3.2%) $40,000–$44,999: 4.9% (U.S.: 3.5%) $45,000–$49,999: 3.8% (U.S.: 3.2%) $50,000–$59,999: 7.4% (U.S.: 6.4%) $60,000–$74,999: 11% (U.S.: 9.2%) $75,000–$99,999: 11.4% (U.S.: 12.6%) $100,000–$124,999: 7.7% (U.S.: 10.4%) $125,000–$149,999: 5.8% (U.S.: 7.4%) $150,000–$199,999: 8.5% (U.S.: 9.7%) $200,000 or more: 9.9% (U.S.: 13.7%) $10–15K $20–25K $30–35K $40–45K $50–60K $75–100K $125–150K $200K+ Median $63,390 (Richmond) 11.4%
Show the data table
RangeRichmondU.S.
Less than $10,0007.4%5.1%
$10,000–$14,9995.1%3.3%
$15,000–$19,9992%2.8%
$20,000–$24,9994.2%3.2%
$25,000–$29,9993.7%3%
$30,000–$34,9993.4%3.3%
$35,000–$39,9993.7%3.2%
$40,000–$44,9994.9%3.5%
$45,000–$49,9993.8%3.2%
$50,000–$59,9997.4%6.4%
$60,000–$74,99911%9.2%
$75,000–$99,99911.4%12.6%
$100,000–$124,9997.7%10.4%
$125,000–$149,9995.8%7.4%
$150,000–$199,9998.5%9.7%
$200,000 or more9.9%13.7%

Share of households. Census ACS 2024 1-year estimates, table B19001. Source: American Community Survey (U.S. Census Bureau)

Income and home values

Measure Richmond Virginia U.S.
Median household income (yearly) $63,390$92,090$81,604
Median home value $377,900$403,500$360,600

American Community Survey 2024 1-year estimates. Source: American Community Survey (U.S. Census Bureau)

Price levels compared with the U.S.

The Bureau of Economic Analysis publishes Regional Price Parities: price levels for the same basket of goods and services, with the U.S. average set to 100. In 2024, the Richmond, VA metro area scored 97.9 for all items. The highest category is housing rents at 99.1; the lowest is utilities at 89.2.

Regional price parities by category (U.S. = 100)

All items

All items Richmond metro area: 97.9; Virginia: 101.1; U.S.: 100.0 Richmond metro area 97.9 Virginia 101.1 U.S. 100.0

Goods

Goods Richmond metro area: 96.8; Virginia: 100.4; U.S.: 99.6 Richmond metro area 96.8 Virginia 100.4 U.S. 99.6

Housing (rents)

Housing (rents) Richmond metro area: 99.1; Virginia: 106.8; U.S.: 100.6 Richmond metro area 99.1 Virginia 106.8 U.S. 100.6

Utilities

Utilities Richmond metro area: 89.2; Virginia: 92.2; U.S.: 98.4 Richmond metro area 89.2 Virginia 92.2 U.S. 98.4

Other services

Other services Richmond metro area: 98.6; Virginia: 100.2; U.S.: 100.1 Richmond metro area 98.6 Virginia 100.2 U.S. 100.1
Show the data table
MeasureRichmond metro areaVirginiaU.S.
All items97.9101.1100.0
Goods96.8100.499.6
Housing (rents)99.1106.8100.6
Utilities89.292.298.4
Other services98.6100.2100.1

Index, U.S. = 100. Bureau of Economic Analysis Regional Price Parities, 2024. Metro area: Richmond, VA. Source: U.S. Bureau of Economic Analysis, Regional Price Parities

Utilities and energy costs

Households in Virginia paid an average of 17.6¢ per kWh for electricity in July 2026, compared with 18.3¢ nationally. Over the past 12 months the average residential bill was $173 a month (U.S.: $157). Residential natural gas averaged $21.74 per thousand cubic feet over the 12 months to July 2026 (U.S.: $19.40).

Energy prices are reported statewide, so these are Virginia averages rather than figures for Richmond alone.

Energy prices: Virginia vs. U.S.

Electricity price (¢/kWh)

Electricity price (¢/kWh) Virginia: 17.6¢; U.S.: 18.3¢ Virginia 17.6¢ U.S. 18.3¢

Average electric bill (monthly)

Average electric bill (monthly) Virginia: $173; U.S.: $157 Virginia $173 U.S. $157

Natural gas, 12-mo avg. ($/Mcf)

Natural gas, 12-mo avg. ($/Mcf) Virginia: $21.74; U.S.: $19.40 Virginia $21.74 U.S. $19.40
Show the data table
MeasureVirginiaU.S.
Electricity price (¢/kWh)17.6¢18.3¢
Average electric bill (monthly)$173$157
Natural gas, 12-mo avg. ($/Mcf)$21.74$19.40

Residential customers. Electricity price for July 2026; electric bill and natural gas are 12-month averages. U.S. Energy Information Administration. Sources: EIA Electric Power Monthly: residential retail sales; EIA Natural Gas Monthly: price delivered to residential consumers

Transportation and commuting

Workers in Richmond who commute spend an average of 22.6 minutes getting to work (U.S.: 27.2 minutes). The most common way to get to work is to drive alone (62.3% of workers); 16.9% work from home. Gasoline in the Lower Atlantic region (PADD 1C), which includes Virginia, averaged $4.07 a gallon for regular in September 2026, compared with $4.36 nationally. EIA publishes no separate Virginia price.

How workers get to work

How workers get to work Richmond: Drove alone 62.3%, Carpooled 8.6%, Public transit 4.2%, Walked 5%, Bicycle 0.8%, Worked from home 16.9%, Other (taxi, motorcycle, etc.) 2.2%. Virginia: Drove alone 68.6%, Carpooled 8.7%, Public transit 3%, Walked 2.1%, Bicycle 0.3%, Worked from home 15.8%, Other (taxi, motorcycle, etc.) 1.5%. U.S.: Drove alone 69.2%, Carpooled 9.2%, Public transit 3.7%, Walked 2.4%, Bicycle 0.5%, Worked from home 13.3%, Other (taxi, motorcycle, etc.) 1.7%. Most common in Richmond: Drove alone. Richmond Richmond · Drove alone: 62.3% 62.3% Richmond · Carpooled: 8.6% Richmond · Public transit: 4.2% Richmond · Walked: 5% Richmond · Bicycle: 0.8% Richmond · Worked from home: 16.9% 16.9% Richmond · Other (taxi, motorcycle, etc.): 2.2% Virginia Virginia · Drove alone: 68.6% 68.6% Virginia · Carpooled: 8.7% Virginia · Public transit: 3% Virginia · Walked: 2.1% Virginia · Bicycle: 0.3% Virginia · Worked from home: 15.8% 15.8% Virginia · Other (taxi, motorcycle, etc.): 1.5% U.S. U.S. · Drove alone: 69.2% 69.2% U.S. · Carpooled: 9.2% U.S. · Public transit: 3.7% U.S. · Walked: 2.4% U.S. · Bicycle: 0.5% U.S. · Worked from home: 13.3% 13.3% U.S. · Other (taxi, motorcycle, etc.): 1.7%
Show the data table
Means of transportationRichmondVirginiaU.S.
Drove alone62.3%68.6%69.2%
Carpooled8.6%8.7%9.2%
Public transit4.2%3%3.7%
Walked5%2.1%2.4%
Bicycle0.8%0.3%0.5%
Worked from home16.9%15.8%13.3%
Other (taxi, motorcycle, etc.)2.2%1.5%1.7%

Share of workers 16 and over. Census ACS 2024 1-year estimates, table B08301. Source: American Community Survey (U.S. Census Bureau)

Travel time to work in Richmond

Travel time to work in Richmond Share of workers who do not work from home in Richmond by range; ranges differ in width. The bottom range, less than 5 min, holds 1.9%; the top range, 90 min or more, holds 2.8%. Mean 22.6 min. The U.S. distribution is drawn as a line. 0% 10% 20% 30% Less than 5 min: 1.9% (U.S.: 2.8%) 5–9 min: 9.1% (U.S.: 9.4%) 10–14 min: 17.2% (U.S.: 13.1%) 15–19 min: 21.7% (U.S.: 15%) 20–24 min: 20.5% (U.S.: 14.1%) 25–29 min: 9% (U.S.: 7%) 30–34 min: 8% (U.S.: 13.7%) 35–39 min: 3.6% (U.S.: 3.4%) 40–44 min: 1% (U.S.: 4.1%) 45–59 min: 3.3% (U.S.: 8.3%) 60–89 min: 2% (U.S.: 6.3%) 90 min or more: 2.8% (U.S.: 3%) <5 5–9 10–14 15–19 20–24 25–29 30–34 35–39 40–44 45–59 60–89 90+ Mean 22.6 min (Richmond) 21.7%
Show the data table
RangeRichmondU.S.
Less than 5 min1.9%2.8%
5–9 min9.1%9.4%
10–14 min17.2%13.1%
15–19 min21.7%15%
20–24 min20.5%14.1%
25–29 min9%7%
30–34 min8%13.7%
35–39 min3.6%3.4%
40–44 min1%4.1%
45–59 min3.3%8.3%
60–89 min2%6.3%
90 min or more2.8%3%

Share of workers who do not work from home. Census ACS 2024 1-year estimates, table B08303. Source: American Community Survey (U.S. Census Bureau)

Child care costs in Richmond

In 2022, full-time center-based care for an infant had a median price of $308 a week in Richmond City, or $16,037 over 52 weeks. That is 78% above the U.S. county median of $174. Prices are for 2022 and are not adjusted for inflation.

Weekly child care prices (2022)

Type of care Richmond City Virginia (county median) U.S. (county median)
Center-based care, infant $308$191$174
Center-based care, toddler $202$147$153
Center-based care, preschool $186$141$144
Center-based care, school-age $148$142$120
Home-based family care, infant $177$158$143
Home-based family care, toddler $139$131$132
Home-based family care, preschool $135$131$131
Home-based family care, school-age $129$129$118

Median weekly price for full-time care. State and U.S. figures are medians of county medians. Prices are for 2022 and are not adjusted for inflation. U.S. Department of Labor, National Database of Childcare Prices. Source: National Database of Childcare Prices (U.S. Department of Labor, Women's Bureau)

Food costs

USDA's moderate-cost food plan puts groceries for a family of four at $1,388 a month in August 2026; the thrifty plan comes to $1,024. USDA publishes these as national averages, not city figures, so they show a typical grocery budget rather than Richmond prices.

Monthly cost of food at home (August 2026)

USDA food plan U.S. family of 4 U.S. couple U.S. single man U.S. single woman
Thrifty $1,024$630$383$304
Low-cost $1,126$652$381$331
Moderate-cost $1,388$808$478$403
Liberal $1,679$1,007$583$515

Family of 4: two adults and two children aged 6–8 and 9–11. For a single man, the Thrifty plan costs more than the Low-cost plan: USDA re-evaluated the Thrifty plan in 2021, while the other plans still use older market baskets. USDA Food and Nutrition Service, Official Food Plans, August 2026. Source: USDA Food Plans: Cost of Food at Home (monthly reports)

Frequently asked questions

What is the average rent in Richmond?

Median rent is $1,335 for a one-bedroom and $1,610 for a two-bedroom unit, including utilities the renter pays.

How much do most renters pay in Richmond?

Among renter households paying cash rent, 16.2% pay less than $1,000 a month, 70.2% pay $1,000 to $1,999, and 13.6% pay $2,000 or more (Census ACS 2024).

How much do you need to make to live in Richmond?

To keep the median rent of $1,451 at no more than 30% of income, a household needs about $58,000 a year before taxes. This covers housing only.

Is Richmond more expensive than the U.S. average?

No. The Bureau of Economic Analysis puts overall prices in the Richmond, VA metro area at 97.9 for 2024 (U.S. = 100), 2.1% below average. Housing rents score 99.1.

How long is the average commute in Richmond?

22.6 minutes one way for workers who commute, compared with 27.2 minutes nationally (Census ACS 2024).

How much does infant day care cost in Richmond?

The median price for full-time center-based infant care was $308 a week in Richmond City in 2022, according to the Department of Labor's National Database of Childcare Prices.