Cost of Living in Richmond city, Virginia
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
These figures are county medians, not a personal budget. Use them to frame rent, ownership, and income tradeoffs, then account for household size, commute, financing, insurance, taxes, debt, and local availability before making a decision.
How Richmond city Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Richmond city ranks #2,864 of 3,142 counties for affordability (bottom 9%)
Sourced county brief
Official Median Rent Burden in Richmond City Reaches 31.1 Percent
The official ACS B25071 Gross Rent as a Percentage of Household Income (GRAPI) in Richmond city is 31.1%. This figure is 2.5 percentage points above the Virginia unweighted county mean of 28.6%. The median gross rent in the city was estimated at $1,372 per month, which is $202 higher than the state unweighted county mean of $1,170. For homeowners, the median home value was $353,000, which is $57,192 higher than the state unweighted county mean of $295,808. Median selected monthly owner costs for all owner-occupied units were $1,590, compared to the state unweighted county mean of $1,190. Among renter households, the median income is $48,196. All figures are based on the American Community Survey 5-Year Estimates for 2020-2024. See ACS table B25071 for the underlying estimate.
Source record
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25064 Median Gross Rent
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25071 GRAPI
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25077 Median Home Value
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25088 Selected Monthly Owner Costs
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25119 Household Income by Tenure
Data version acs5-2020-2024 · Method cost-brief-v1
Cost of Living Advisory: Richmond city
Affordability Verdict
ACS B25071 estimates median gross rent at 31.1% of renter household income in Richmond city, which is between the 30% and 50% rent-burden benchmarks. This is a median percentage among renter-occupied units, not the share of households above a threshold.
Rent vs. Own
Median gross rent is $1,372 per month; median selected monthly owner costs are $1,590. These ACS medians describe different tenure groups and are not a personalized rent-versus-buy calculation.
Income Needed
Using the common 30% budgeting benchmark, $54,880 in annual gross income would allocate 30% to the county's median gross rent. This is a reproducible illustration, not evidence that a particular household can afford housing.
Regional Context
The Virginia unweighted mean of county median rents is $1,170 per month. Richmond city's $1,372 median is 17.3% above that comparison value.
Data version acs5-2020-2024 · Method cost-advisory-v2
Affordability Calculator
See how your income compares to housing costs in Richmond city
Rent Burden
25.5%
of gross income
Max Housing (28% Rule)
$1,507
per month
Owner Cost Burden
29.5%
of gross income
The median home in Richmond city may be a stretch
Median home value is $353,000. Estimated monthly cost: $2,818 vs. your max of $1,507.
Rent Affordability Guide
Income Needed Calculator
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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 (2020-2024). Data is informational only and is not personalized financial advice.
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