Cost of Living in Richmond, VA, United States

Updated On July 26, 2023

How Much Does It Cost to Live In Richmond, VA?

Richmond is the capital city of Virginia with some great benefits of a big city, great food, great art, awesome culture, and a vibe.

It boasts a vibrant music scene and Carytown is one of the coolest places to visit downtown, and there’s amazing street art all over the place.

The climate is moderate most of the year and there are no natural disasters to worry about.

The cost of living is comparably low, and the location is ideal: it’s close to mountains, ocean, DC, and a five-hour drive away from NYC.

Cost of Living Index:
* Based on Research & User Data


There are lots of nice restaurants if you have a reasonable salary.

In fact, Richmond is the home to incredible restaurants, and you can’t walk down the street without running into a local brewery.

The locals say that it seems like there is a new restaurant opening almost every week.

Richmond is full of craft breweries, cideries, and eateries while remaining completely reasonable in price.



Richmond offers lots of farmers’ markets that are great for produce shopping, people-watching, and even specialty groceries.

You will find many places where you can stock up with whatever you need – at reasonable and high prices: from Whole Foods to many ethnic grocers including Russian, Asian, Spanish, Mexican, Greek, Italian etc.



Public transportation is not the best, but it’s generally okay, especially now that the bus company just made a major upgrade.

The easiest way to get around Richmond is by car.

The Greater Richmond Transit Company operates a bus service across the city with the average fare being around 1.75$ for local routes and 2$ for the express routes.



Utilities are a bit pricier in Richmond than the norm, though it depends on the size of your apartment.

For an apartment of about 85m2, basic utilities including electricity, heating, cooling, water, gas, and garbage services will amount to 136$.

Internet is a bit pricier – only about 75$ per month.

Sports and leisure


If you don’t explore the nature surrounding Richmond then you’ll be missing out.

If you’re a fan of nature you’ll love going on a hike through Virginia’s State Park or whitewater rafting down the James River.

There are a ton of outdoorsy things to do, especially down by the James River, with people hiking, rock climbing, kayaking, mountain biking or trail running.

A fitness club or a gym cost only 50$ a month.

Clothing and shoes


If you like to shop, Carytown’s a place you must visit.

Good shopping is guaranteed with Carytown featuring tons of unique boutiques and vintage finds.

The prices are high, but the high-end clothing, art, and antiques are worth it and you’ll have a blast.

For malls, head into the suburbs: Broad Street is home to many large chains and outdoor malls with reasonable prices.

Rent per month


Rent is going up, from Shockoe Bottom to the Fan/Museum District area, where you can expect to rent from 1350$ to 1500$ or more a month for a one-bedroom apartment, and many times this doesn’t include utilities.

If you want a larger apartment in the center, the price will climb to 2300$, and if you move further from the city, the price will drop to around 900$.

Cost of Living Averages Table for Richmond, VA

*Note: All prices are indicated in USD.
Average Restaurant Prices
Meal (Inexpensive Restaurant)$20.00
Domestic Beer (0.5 Liter)$4.50
Water (0.33 Liter)$2.25
Average Market Prices
Milk (1 Liter)$0.89
Loaf Bread (500g)$2.63
Eggs (12)$3.32
Average Transport Prices
One Way Ticket$1.75
Monthly Pass$27.00
Average Utilities Prices
Basic (Water, Electricity, Garbage, Heating, Cooling)$136.58
1 min. of Prepaid Mobile Tariff Local$0.10
Internet (Unlimited Data, Cable/ADSL)$75.00
Average Leisure Prices
Fitness Club, Monthly Fee for 1 Adult$48.33
Tennis Court Rent (1 Hour)$20.00
Cinema, 1 Seat, International Release$13.50
Average Clothing Prices
1 Pair of Jeans (Levis 501 Or Comparable)$36.62
1 Summer Dress in a Chain Store (Zara, etc...)$40.45
1 Pair of Adidas Walking Shoes (Mid-Range)$79.93
Average Rent Prices
Apartment (1 bedroom) in City Center$1521.00
Apartment (1 bedroom) Outside of Center$1334.17
Apartment (3 bedrooms) in City Center$2371.43

How Does the Average Person Spend Their Money in Richmond, VA?

Like in most countries and cities, an average person living in Richmond spends the biggest part of their salary on food.

Food takes up only 0.2% more of people’s salaries than rent, which means that rent is as expensive as food in Richmond.

Apart from rent and food, restaurants take up a huge part of overall expenses, along with transportation costs.

Like anywhere, clothing takes up an insignificant amount of money from an average person’s paycheck in Richmond, while utilities are significantly higher than the expenses on sports and leisure.

Average Costs Breakdown


Richmond, VA: Average Salary, Minimum Wage & Mortgages

Since Richmond is Virginia’s capital, government and law remain top job industries, along with finance.

If finance is not your thing, there are plenty of other opportunities in the area: Walmart, Food Lion, Amazon, and UPS top the list.

With such an array of high-quality employers in Richmond, job hunting should be a snap.

An average monthly salary in Richmond is around 4800$, which is just enough to cover all expenses while the minimum wage in this city is around 2600$, so the gap between the average and the minimum wage is pretty small.

Average Salary$4806.53
Minimum Wage$2600.00
Mortgage Interest Rate6.70%

Richmond Safety Overview

READ THE FULL REPORT: Richmond Safety Review

Safety Index:

Cost of Living by City in Richmond, VA

CityCost of Living Index
Albany, NY72.4
Albuquerque, NM72.4
Anchorage, AK72.4
Ann Arbor, MI72.4
Arlington, TX72.4
Asheville, NC72.4
Atlanta, GA72.4
Austin, TX72.4
Bakersfield, CA72.4
Baltimore, MD72.4
Bellevue, WA72.4
Bellingham, WA72.4
Berkeley, CA72.4
Birmingham, AL72.4
Boise, ID72.4
Boston, MA72.4
Boulder, CO72.4
Brooklyn, NY72.4
Buffalo, NY72.4
Burlington, VT72.4
Charleston, SC72.4
Charlotte, NC73.33
Chattanooga, TN72.4
Chicago, IL72.4
Cincinnati, OH72.4
Cleveland, OH72.4
Columbia, SC72.4
Columbus, OH72.4
Dallas, TX72.4
Dayton, OH72.4
Denver, CO72.4
Des Moines, IA72.4
Detroit, MI72.4
El Paso, TX72.4
Eugene, OR72.4
Everett, WA72.4
Fayetteville, AR72.4
Fort Myers, FL72.4
Fort Wayne, IN72.4
Fort Worth, TX72.4
Fresno, CA74.2
Gainesville, FL74.2
Grand Rapids, MI74.2
Greensboro, NC74.2
Hartford, CT74.2
Honolulu, HI74.2
Houston, TX74.2
Huntsville, AL74.2
Indianapolis, IN74.2
Irvine, CA74.2
Jacksonville, FL74.2
Jersey City, NJ74.2
Kansas City, MO74.2
Knoxville, TN74.2
Las Vegas, NV74.2
Lexington, KY74.2
Little Rock, AR74.2
Long Beach, CA74.2
Los Angeles, CA74.2
Louisville, KY74.2
Lubbock, TX74.2
Madison, WI74.2
Memphis, TN74.2
Miami, FL74.2
Milwaukee, WI74.2
Minneapolis, MN74.2
Nashville, TN74.2
New Orleans, LA74.2
New York, NY74.2
Oakland, CA74.2
Oklahoma City, OK74.2
Olympia, WA74.2
Orlando, FL74.2
Peoria, IL72.4
Philadelphia, PA72.4
Phoenix, AZ72.4
Pittsburgh, PA72.4
Portland, ME72.4
Portland, OR72.4
Raleigh, NC72.4
Reno, NV72.4
Rochester, NY74.2
Sacramento, CA74.2
Saint Louis, MO74.2
Saint Paul, MN74.2
Saint Petersburg, FL74.2
Salem, OR74.2
Salt Lake City, UT74.2
San Antonio, TX74.2
San Diego, CA74.2
San Francisco, CA74.2
San Jose, CA74.2
Santa Barbara, CA74.2
Santa Rosa, CA74.2
Seattle, WA74.2
Spokane, WA74.2
Springfield, MO74.2
Syracuse, NY74.2
Tacoma, WA74.2
Tallahassee, FL74.2
Tampa, FL74.2
Toledo, OH74.2
Tucson, AZ74.2
Tulsa, OK74.2
Vancouver, WA74.2
Virginia Beach, VA74.2
Washington, DC74.2
West Palm Beach, FL74.2
Wichita, KS74.2

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