City profile
Richmond, VA cost of living
VA · BEA RPP 97.858
2024 overall RPP
97.858
US = 100
2024 housing-rent RPP
99.136
Housing component
2024 goods RPP
96.773
Goods component
2-BR FMR (HUD)
$1,651/mo
FY2027 FMR
Where Richmond, VA sits in the verified metro set
RPP rank
#39 of 67
-2.1 vs U.S. average
Vs median metro
-1.6
median RPP 99.5
2-BR rent rank
#38 of 67
-38/mo vs median verified metro
RPP ranks use only verified ReloMath metro records. Sources: BEA MARPP 2024 (all items, housing, goods, other services); HUD FY2027 2-bedroom Fair Market Rent; reviewed 2026-10-04. These are historical area benchmarks, not current neighborhood prices. HUD FMR is a 40th-percentile gross-rent benchmark, not median rent. BEA metro and HUD rent-area boundaries can differ. BEA: Richmond, VA (Metropolitan Statistical Area) (code 40060). HUD: Richmond, VA HUD Metro FMR Area (code METRO40060M40060); counties or county equivalents: Amelia County, Charles City County, Chesterfield County, Colonial Heights city, Dinwiddie County, Goochland County, Hanover County, Henrico County, Hopewell city, King William County, New Kent County, Petersburg city, Powhatan County, Prince George County, Richmond city, Sussex County. The official files were retrieved 2026-10-04.
Who’s moving in and out of Richmond, VA
IRS tax-return migration · 2022-2023Cost of living is only half the relocation question. The other half is which way people are actually voting with their feet, straight from IRS tax-return migration for the Richmond, VA metro.
Moved in
17,287
people · 11,208 households
Moved out
13,106
people · 8,704 households
Net
+4,181
net gain of residents
Net migration rank
#17 of 65
among IRS-covered ReloMath metros
Vs median net flow
+3,810
median +371 people
Largest flow share
9% in / 6% out
top named county shares
Where new residents came from
- Fairfax County, VA 1,583
- James City County, VA 619
- Prince William County, VA 608
- Virginia Beach city, VA 583
- Newport News city, VA 533
Where residents moved to
- Fairfax County, VA 836
- Virginia Beach city, VA 554
- Louisa County, VA 523
- Mecklenburg County, NC 403
- Wake County, NC 376
Counts are IRS tax filers (returns ≈ households, individuals ≈ exemptions) who changed address between 2022-2023. Flows too small for IRS to disclose are grouped and excluded from the named lists. Source: IRS SOI county-to-county migration data ↗, mapped to metros via the U.S. Census CBSA delineation.
What salary do you need in Richmond, VA?
Historical BEA 2024 salary illustration relative to the U.S. average (RPP 100), before tax and household adjustments. Housing is already included in overall RPP.
| In US-average city | You need in Richmond, VA | Formula |
|---|---|---|
| $50,000 | $48,929 | $50,000 x (97.858/100) |
| $75,000 | $73,394 | $75,000 x (97.858/100) |
| $100,000 | $97,858 | $100,000 x (97.858/100) |
| $125,000 | $122,323 | $125,000 x (97.858/100) |
| $150,000 | $146,787 | $150,000 x (97.858/100) |
| $200,000 | $195,716 | $200,000 x (97.858/100) |
Salary illustrations use BEA 2024 overall Regional Price Parities (RPP) only, before tax and household-specific adjustments. Overall RPP already includes housing. HUD FY2027 2-bedroom Fair Market Rent is a separate historical gross-rent benchmark, not a current lease or median rent. Do not add rent to the RPP salary figure. Your lease and moving quote belong in a separate budget. Not financial advice.
Step 2: what will the move itself cost?
The historical salary illustration is separate from moving payments. Use an actual mover quote and lease terms in your budget summary.
State income tax note
Income tax and payroll deductions are not calculated. Obtain take-home estimates for your actual work and home addresses.
Frequently asked questions
- What is the cost of living in Richmond, VA?
- In the historical BEA 2024 benchmark, Richmond, VA has an overall Regional Price Parity of 97.858 (US average = 100). Its overall price level is 2.1% lower than the national average for that year.
- What salary do I need to live in Richmond, VA?
- If you earn $100,000 in a US-average city (RPP 100), the BEA 2024 RPP illustration is approximately $97,858 in Richmond, VA, before tax and household adjustments.
- What historical rent benchmark is shown for Richmond, VA?
- The historical HUD Fair Market Rent benchmark for a 2-bedroom associated with Richmond, VA is $1,651 per month as of FY2027.
- Are people moving to or away from Richmond, VA?
- Based on IRS tax-return migration data for 2022-2023, about 17,287 people moved into the Richmond, VA metro and 13,106 moved out — a net gain of roughly 4,181 residents. The largest single source of new residents was Fairfax County, VA.
Curated nearby & similar cities
Similar verified metros by RPP
These links are chosen by data proximity: closest overall RPP to Richmond, VA, with HUD 2-BR rent as a tie-breaker.
Curated cost-of-living comparisons for Richmond, VA
Side-by-side cost of living and the equivalent salary you'd need — pick a destination.
Check published data changes
Review dated source notices for tracked metros alongside Richmond, VA's historical benchmarks. Change-log entries do not automatically refresh the BEA 2024 or HUD FY2027 values shown here.
View cost-of-living change log