Cost of Living in Richmond, VA
Is it worth moving here?
How far does a $70,000 salary go in Richmond? Estimated income taxes on that gross salary total approximately $10,549 per year — combining federal taxes with Virginia's state income tax. Subtract rent for a 2-bedroom apartment ($1,655/month based on HUD Fair Market Rents for the Richmond metro area) and the estimated annual take-home is $39,591, or roughly $3,299 per month for everything else: food, transportation, savings, and discretionary spending.
The Richmond metro has a cost of living index of 101.0 according to the Bureau of Economic Analysis Regional Price Parities (national average = 100). Richmond sits close to the national average, meaning everyday expenses are broadly in line with what you'd find across most U.S. cities.
At a $70,000 salary, the estimated 2-bedroom rent in Richmond represents approximately 28% of gross income. That approaches the 30% threshold commonly used to define affordability. A smaller unit or a higher salary would improve the picture.
Annual Breakdown
Cost of Living Index
Living in Richmond, VA is roughly 1% more expensive than the national average.
Monthly Take-Home
... / mo
Affordability Score
K-12 Schools
See Details →Colleges & Universities
See Details →| Institution | Enrollment | In-State Tuition | Grad Rate |
|---|---|---|---|
| University of Richmond | 3,776 | $62,600 | 88.0% |
| Randolph-Macon College | 1,523 | $46,278 | 75.0% |
| Jazz Barber and Hairstyling Academy | 36 | $0 | 68.0% |
| Virginia Commonwealth University | 28,238 | $12,850 | 65.0% |
| Centura College-Richmond Main | 31 | $16,500 | 52.0% |
| Empire Beauty School-Richmond | 70 | $0 | 44.0% |
| Virginia State University | 5,190 | $5,540 | 41.0% |
| Virginia Union University | 1,662 | $10,530 | 41.0% |
| Chester Career College | 147 | $0 | 40.0% |
| Brightpoint Community College | 9,023 | $4,788 | 39.0% |
| Fortis College-Richmond | 399 | $14,800 | 37.0% |
| Empire Beauty School-Midlothian | 87 | $0 | 36.0% |
| J Sargeant Reynolds Community College | 7,707 | $4,881 | 30.0% |
| Richard Bland College | 2,598 | $6,570 | 21.0% |
| South University-Richmond | 417 | $15,732 | 21.0% |
| Bon Secours Memorial College of Nursing | 527 | $13,200 | — |
| Galen Health Institutes-Richmond | 374 | $15,660 | — |
| Union Presbyterian Seminary | 173 | $0 | — |
| Lotus Professional College | 161 | $0 | — |
| Southside College of Health Sciences | 91 | $6,064 | — |
| Henrico County-Saint Marys Hospital School of Practical Nursing | 79 | $0 | — |
| Another Level Barbering and Cosmetology School | 77 | $0 | — |
| Institute of Advanced Medical Esthetics | 37 | $0 | — |
| Bon Secours St Mary's Hospital School of Medical Imaging | 31 | $6,900 | — |