Richmond, VA Relocation Guide (2026)
Cost of living, housing, and income data for Richmond, sourced from the US Census Bureau.
Salary needed to live in Richmond →
Source: US Census Bureau ACS 5-Year (2022). Last updated July 2026.
Richmond counts roughly 227,171 residents, and the median household brings in $59,606 annually — -17% relative to the cities in our dataset, putting incomes here below the pack.
In Richmond, the median home is valued at $308,300 — roughly in line with the median across the cities we track (-6%) — and typical rent runs $1,227 a month. Factor in mortgage rates and property taxes when sizing up whether buying pencils out.
The home-value-to-income ratio in Richmond — around 5.2× — falls into a middle tier, neither notably affordable nor notably stretched. Home prices near Richmond have risen a steady 2.26% over the past year — measured growth, not a spike. FEMA's National Risk Index puts Richmond at Relatively Low for overall natural-hazard risk — a relatively favorable factor for insurance costs.
Personal Affordability Check
Renting at $1,227/mo in Richmond would take 24.7% of your income.
$263/mo under the 30% guideline.
Buying the median home ($308,300) would take 33.1% of your income toward principal & interest.
$255/mo over the 28% guideline.
Cost of housing in Richmond
Median home value is $308,300 and median gross rent is $1,227/month. For buyers, monthly costs depend heavily on current mortgage rates — worth checking before you commit.
FHFA's county-level home price index for Richmond City rose 2.26% over the past year (as of 2025).
HUD's FY 2026 Fair Market Rent for a 2-bedroom unit in the surrounding county is $1,655/month.
Climate & home insurance
FEMA rates Richmond's overall natural-hazard risk as Relatively Low. Risk level is a major driver of home insurance premiums.
Safety
Richmond reported a violent crime rate of 441.5 per 100,000 residents in 2025, per FBI data.
Moving to Richmond
Planning a move to Richmond? Compare licensed movers and get quotes based on your origin and move date.
Frequently asked questions
- What is the cost of living in Richmond, VA?
- Cost of living in Richmond centers on housing: median home value runs $308,300, median rent runs $1,227/month, and the typical household earns $59,606 a year. Data via the US Census Bureau ACS 5-Year (2022).
- How much do you need to earn to live comfortably in Richmond?
- To keep rent under the commonly recommended 30% of income in Richmond, where median rent runs $1,227/month, you'd want to earn about $49,080 annually. See the full salary breakdown (renting and buying) for Richmond.
- Is it better to rent or buy in Richmond?
- Comparing the two in Richmond: renting at the median $1,227/month needs about $49,080 in annual income (30% guideline), while buying the $308,300 median home needs roughly $70,537 a year in principal-and-interest, assuming 20% down and a 30-year fixed loan at current rates.
- Is Richmond safe?
- Richmond reported a violent crime rate of 441.5 per 100,000 residents in 2025, per FBI data. Compare that figure against other cities you're considering for context.
See the full salary breakdown for Richmond →
Cities with a similar cost of living
Matched on median rent and household income within 15% of Richmond's.