Cost of Living in Henrico County, Virginia
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Henrico County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Henrico County ranks #2,615 of 3,144 counties for affordability (bottom 17%)
Data Story
About Cost of Living in Henrico County, Virginia
Henrico Balances Income and Housing Costs
At 20.5%, Henrico County's rent-to-income ratio sits between national affordability (under 15%) and stress zones, reflecting housing costs that demand meaningful household income. With a median household income of $86,397—15% above the national median—Henrico residents have stronger financial footing than average Americans.
Moderate Housing Pressure in Virginia
Henrico's 20.5% rent-to-income ratio exceeds Virginia's state average of 18.6%, placing it among the state's pricier housing markets. The county's proximity to Richmond's economic center and suburban appeal have kept both rents and home values elevated relative to rural alternatives.
Richmond's Affordable Urban Alternative
Henrico's median rent of $1,474 nearly matches Hanover's $1,496, but Henrico residents earn less ($86,397 vs. $109,504), making housing proportionally more burdensome. Compared to Isle of Wight County ($1,313 rent, $96,118 income), Henrico offers slightly higher rents but lower home values ($333,600 vs. $333,600).
Housing Takes 20% of Income
Henrico renters spend $1,474 monthly against a median income of $86,397, claiming 20.5% of earnings for rent alone. Homeowners face comparable costs at $1,483, while median home values of $333,600 sit within reach for dual-income or higher-earning households.
Henrico Offers Suburban Proximity with Costs
If you're relocating to the Richmond region, Henrico delivers urban amenities with a 20.5% rent-to-income ratio—reasonable but not cheap. Compare it against outer suburbs like Hanover (16.4% ratio) or rural areas further out for more breathing room in your housing budget.
Cost of Living Advisory: Henrico County
Affordability Verdict
Henrico County is affordable for renters, with a median gross rent of $1,474/month representing approximately 20.5% of median household income. The rent burden (GRAPI) stands at 30.0%.
Rent vs. Own
Renters in Henrico County pay $1,474/month on average, compared to $1,483/month for homeowners. This market favors renters by about 1%.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $58,960/year. For owner costs at the 28% rule, the required income is roughly $63,557/year. With a median household income of $86,397, most households can comfortably afford rent here. Notably, 30.0% of renter households in Henrico County are cost-burdened, spending more than 30% of income on housing.
Regional Context
Henrico County sits 4% more expensive than Culpeper County ($1,417/month) in terms of median gross rent.
Affordability Calculator
See how your income compares to housing costs in Henrico County
Rent Burden
20.5%
of gross income
Max Housing (28% Rule)
$2,016
per month
Owner Cost Burden
20.6%
of gross income
The median home in Henrico County may be a stretch
Median home value is $333,600. Estimated monthly cost: $2,663 vs. your max of $2,016.
Rent Affordability Guide
Income Needed Calculator
See how much you need to earn to comfortably afford housing
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.
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