salaryRichmond is the 5th-largest city in Virginia that we track, with 229,359 residents. Rent is lower than in 50% of U.S. cities. A typical house costs about 5.1 years of household income. Most households rent (57%), so there are plenty of rental options.
How much money do I need?
To rent here comfortably, you should earn about $65,760 a year. That is $32 an hour at a full-time job.
Is rent cheaper than other Virginia cities?
Yes. Rent here is cheaper than in most of Virginia. It is number 61 of 199 cities from cheapest to most expensive.
Compare Richmond with other big cities
Compare Richmond to 149 other cities →
How much do households earn in Richmond?
Share of households by yearly income. 23.9% of households earn $100,000 or more.
Rent by apartment size in Richmond
| Size | Richmond | U.S. average |
|---|---|---|
| Studio | $1,278 | $1,338 |
| 1 bedroom | $1,332 | $1,324 |
| 2 bedrooms | $1,520 | $1,509 |
| 3 bedrooms | $1,587 | $1,698 |
| 4 bedrooms | $1,922 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Richmond overall?
Everyday prices in the Richmond metro area are 2% below the U.S. average (index 97.9, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024.
Taxes and bills in Richmond
Life in Richmond
What jobs pay in Richmond
| Job | Median pay | Rent / pay |
|---|---|---|
| Pharmacist | $144,940 | 13.6% |
| Lawyer | $144,910 | 13.6% |
| Software Developer | $132,120 | 14.9% |
| Nurse Practitioner | $127,820 | 15.4% |
| Physician Assistant | $126,810 | 15.6% |
| Operations Manager | $108,670 | 18.2% |
| Computer Systems Analyst | $105,190 | 18.8% |
| Dental Hygienist | $104,250 | 18.9% |
| Registered Nurse | $93,580 | 21.1% |
| Civil Engineer | $91,300 | 21.6% |
| Accountant | $84,220 | 23.4% |
| Market Research Analyst | $81,660 | 24.2% |
| Licensed Practical Nurse | $64,030 | 30.8% |
| Police Officer | $62,720 | 31.5% |
| Plumber | $61,480 | 32.1% |
| Electrician | $61,350 | 32.2% |
| Elementary School Teacher | $61,290 | 32.2% |
| Firefighter | $60,790 | 32.5% |
| HVAC Technician | $59,130 | 33.4% |
| Truck Driver | $58,190 | 33.9% |
| Carpenter | $51,870 | 38.0% |
| Medical Assistant | $44,490 | 44.3% |
| Nursing Assistant | $42,720 | 46.2% |
| Customer Service Representative | $42,660 | 46.2% |
| Warehouse Worker | $40,270 | 49.0% |
| Server (Waiter/Waitress) | $38,470 | 51.3% |
| Restaurant Cook | $37,080 | 53.2% |
| Retail Salesperson | $33,580 | 58.7% |
| Cashier | $30,350 | 65.0% |
Is it cheaper to rent or buy in Richmond?
Renting is cheaper right now: about $805 a month less.
Owning assumes a typical $353,000 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $35,300 for the down payment.
Frequently asked questions
What is the average rent in Richmond, VA?
Renting in Richmond costs a median of about $1,644 a month in 2026, including utilities. The Virginia median is $2,049.
How much do I need to make to live in Richmond?
To keep rent under 30% of income, you need about $65,760 a year, or $32 an hour at a full-time job.
Is Richmond cheap or expensive?
Richmond is rated OK: rent takes 28.3% of the typical household income of $69,657. It ranks 61st cheapest of 199 Virginia cities we track.
How much are property taxes in Richmond?
The median homeowner in Richmond pays $3,150 a year in property taxes, about 0.89% of the median home value.
Is Richmond more expensive than the national average?
Overall prices in the metro area are 2% below the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Richmond?
The median home value in Richmond is $353,000, about 5.1 times the typical yearly household income.
229,359 people live in Richmond. Numbers are typical (middle) values.