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)
How Richmond city Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Richmond city ranks #3,099 of 3,144 counties for affordability (bottom 1%)
Data Story
About Cost of Living in Richmond city, Virginia
Richmond rents strain household budgets
Renters in Richmond city spend 25.2% of their income on housing, well above the national sweet spot of 30% as a maximum burden. The median household income here is $62,671—$12,084 below the national median—making that 25.2% hit harder than it does elsewhere.
Less affordable than most Virginia counties
Richmond city's rent-to-income ratio of 25.2% ranks it among Virginia's least affordable markets, compared to the state average of 18.6%. The median rent of $1,314 runs 15% higher than Virginia's typical $1,140, signaling a tight rental market in the city core.
More expensive than surrounding counties
Richmond city's median rent ($1,314) significantly exceeds nearby Rockbridge County ($956) and Russell County ($682), though it trails slightly behind Roanoke city ($964). Home values tell a similar story: Richmond's median of $328,100 is the highest among neighboring jurisdictions, reflecting strong demand in the urban center.
Housing claims over a quarter of income
The median renter pays $1,314 monthly while homeowners face $1,514 in monthly costs—both substantial chunks of the $62,671 annual median household income. At 25.2%, rent consumes a larger share of income here than in most Virginia markets, leaving less for transportation, food, and savings.
Consider affordability in your relocation plans
If housing costs are a primary concern, Richmond city's 25.2% rent-to-income ratio suggests exploring surrounding counties like Rockbridge or Russell for more breathing room in your budget. However, the urban amenities and job density of Richmond may justify the premium for some relocating professionals.
Cost of Living Advisory: Richmond city
Affordability Verdict
Housing in Richmond city is moderately affordable. The median rent is $1,314/month against a median household income of $62,671, putting rent at 25.2% of income.
Rent vs. Own
At $1,314/month rent versus $1,514/month in owner costs, renting is roughly $200/month cheaper — a 13% difference.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $52,560/year. For owner costs at the 28% rule, the required income is roughly $64,886/year. With a median household income of $62,671, most households can comfortably afford rent here. Notably, 31.0% of renter households in Richmond city are cost-burdened, spending more than 30% of income on housing.
Regional Context
Within Virginia, Richmond city is more affordable than King William County by roughly 5% ($1,314/mo vs $1,246/mo).
Affordability Calculator
See how your income compares to housing costs in Richmond city
Rent Burden
25.2%
of gross income
Max Housing (28% Rule)
$1,462
per month
Owner Cost Burden
29.0%
of gross income
The median home in Richmond city may be a stretch
Median home value is $328,100. Estimated monthly cost: $2,619 vs. your max of $1,462.
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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