Cost of Living in Richmond, Virginia
In Richmond, the median household income is $64,587 and the median gross rent is $1,372/mo, with a median home value of $353,000. Source: Census Bureau ACS, 2020-2024 estimates.
- Median household income
- $64,587
- Median gross rent
- $1,372/mo
- Median home value
- $353,000
- Population
- 229,359
How Richmond compares to the Virginia average
| Measure | Richmond, VA | Virginia statewide | Difference |
|---|---|---|---|
| Median household income | $64,587 | $93,170 | -30.7% |
| Median gross rent (monthly) | $1,372 | $1,579 | -13.1% |
| Median home value | $353,000 | $383,700 | -8.0% |
Statewide, Virginia prices average 101.1 on the BEA Regional Price Parity index (2024), where the U.S. average is 100.
Housing affordability in Richmond
- Salary needed for median rent
- $54,880
- Rent burden at median income
- 25.5%
- Est. affordable home price
- $235,609
So that $1,372/mo is 30% of gross income
Share of the median household income spent on median rent (30%+ = cost-burdened)
At median income, 6.67% 30-yr rate (FRED, 2026-08), 20% down, 28% front-end DTI
The median home value in Richmond is $353,000 — +49.8% above what the median household income supports under these assumptions.
Estimates from documented formulas — see methodology. Not financial advice.
Cost of living in other Virginia cities
About this data
- American Community Survey 5-Year Estimates — data period 2020-2024, retrieved August 13, 2026.
- Regional Price Parities — data period 2024, retrieved August 13, 2026.
- Federal Reserve Economic Data — data period 2026-08, retrieved August 13, 2026.
Figures are shown exactly as published by the source or derived by the documented formulas on our methodology page. Where a source suppresses an estimate, we show “—” rather than a substitute value.