City profile
Richmond, VA cost of living
VA · BLS RPP 97.7
Overall RPP
97.7
US = 100
Housing RPP
98.2
Housing component
Goods RPP
95.7
Goods component
2-BR Rent (HUD)
$1,532/mo
FY2024 FMR
Where Richmond, VA sits in the verified metro set
RPP rank
#35 of 67
-2.3 vs U.S. average
Vs median metro
-0.7
median RPP 98.4
2-BR rent rank
#37 of 67
-74/mo vs median verified metro
RPP ranks use only verified ReloMath metro records. Sources: BEA Regional Price Parities by MSA, 2022 (Table 4); HUD FY2024 Fair Market Rents (2-BR); reviewed June 2026. These are official published averages, not neighborhood-level prices.
Who’s moving in and out of Richmond, VA
IRS tax-return migration · 2021-2022Cost 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
89,755
people · 52,502 households
Moved out
83,150
people · 48,829 households
Net
+6,605
net gain of residents
Net migration rank
#17 of 65
among IRS-covered ReloMath metros
Vs median net flow
+6,709
median -104 people
Largest flow share
2% in / 1% out
top named county shares
Where new residents came from
- Fairfax County, VA 1,549
- James City County, VA 675
- Prince William County, VA 670
- Virginia Beach city, VA 626
- Spotsylvania County, VA 545
Where residents moved to
- Fairfax County, VA 759
- Louisa County, VA 592
- Virginia Beach city, VA 518
- James City County, VA 400
- Wake County, NC 382
Counts are IRS tax filers (returns ≈ households, individuals ≈ exemptions) who changed address between 2021-2022. 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?
Equivalent salary to maintain the same purchasing power as in a US-average city (RPP 100).
| In US-average city | You need in Richmond, VA | Formula |
|---|---|---|
| $50,000 | $48,850 | $50,000 x (97.7/100) |
| $75,000 | $73,275 | $75,000 x (97.7/100) |
| $100,000 | $97,700 | $100,000 x (97.7/100) |
| $125,000 | $122,125 | $125,000 x (97.7/100) |
| $150,000 | $146,550 | $150,000 x (97.7/100) |
| $200,000 | $195,400 | $200,000 x (97.7/100) |
This tool provides estimates only. Equivalent-salary figures are derived from BLS Regional Price Parities (RPP) and HUD Fair Market Rents — they are averages, not guarantees. Actual cost of living varies by neighborhood, lifestyle, and individual circumstances. Not financial advice.
State income tax note
Virginia income tax 2%-5.75%.
Frequently asked questions
- What is the cost of living in Richmond, VA?
- Richmond, VA has a BLS Regional Price Parity of 97.7 (US average = 100). It is 2.3% less expensive than the national average.
- What salary do I need to live in Richmond, VA?
- If you earn $100,000 in a US-average city (RPP 100), you would need approximately $97,700 in Richmond, VA to maintain the same purchasing power.
- What is the average rent in Richmond, VA?
- The HUD Fair Market Rent for a 2-bedroom in Richmond, VA is approximately $1,532 per month as of FY2024.
- Are people moving to or away from Richmond, VA?
- Based on IRS tax-return migration data for 2021-2022, about 89,755 people moved into the Richmond, VA metro and 83,150 moved out — a net gain of roughly 6,605 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.