Richmond is still one of the more affordable large cities on the East Coast, but it is not as cheap as it once was. Prices overall run slightly below the national average, a typical home costs about $394,095 and typical rent is about $1,751 a month. This guide breaks down the cost of living in Richmond in 2026, with sourced figures for housing, taxes and everyday costs.
Updated November 2026.
Richmond Cost of Living at a Glance
- Overall prices: the Bureau of Economic Analysis puts the Richmond area at 97.9 on its price index, where 100 is the US average. That is about 2% below the national average (2024, the latest available).
- Housing prices: BEA’s rent-based housing index for Richmond is 99.1, about 1% below the national average.
- Typical home value: about $394,095 in the Richmond metro in September 2026, up 2.5% from a year earlier.
- Typical rent: about $1,751 a month in July 2026, up 2.7% from a year earlier.
- Sales tax: 6% in Richmond, Henrico and Chesterfield.
- State income tax: 2% to 5.75%.
Sources: Bureau of Economic Analysis regional price parities (via FRED), Zillow September 2026 market report and Zillow July 2026 rent report. Older guides often say Richmond is 6% or more below the national average. The latest BEA data shows the gap is smaller.
Housing Costs
Buying a Home
Zillow’s typical home value for the Richmond metro was about $394,095 in September 2026. Redfin’s median sale price for the City of Richmond was about $425,500 in August 2026. The two measure different things and different areas, so expect numbers to differ. Prices vary a lot by neighborhood and locality. See our guide to the Richmond housing market in 2026 and the best neighborhoods in Richmond.
Renting
Typical asking rent in the Richmond metro was about $1,751 in July 2026, according to Zillow. Rents are higher in walkable neighborhoods such as the Fan and Scott’s Addition and lower in outer suburbs. If you are deciding between renting and buying, read renting vs buying in Richmond. For your first apartment, use our first apartment checklist.
Taxes
Property Tax
Property tax is set by each locality. Here are the 2026 real estate tax rates, with the annual tax on a $400,000 home as an example:
| Locality | Rate per $100 | Annual tax on a $400,000 home | Source |
|---|---|---|---|
| City of Richmond | $1.20 | $4,800 | Official page |
| Henrico County | $0.83 | $3,320 | Official page |
| Chesterfield County | $0.89 | $3,560 | Official page |
| Hanover County | $0.81 | $3,240 | Official page |
See our full guide to Richmond-area property tax by county.
Sales Tax and Income Tax
The sales tax in Richmond, Henrico and Chesterfield is 6%, according to Virginia Tax. Virginia’s individual income tax has four brackets from 2% to 5.75%, and Richmond does not add a city income tax. Virginia also taxes vehicles as personal property, and the rate and process vary by locality.
Utilities and Internet
Dominion Energy provides most electricity in the Richmond area. In the City of Richmond, the Department of Public Utilities provides gas, water, sewer and stormwater, and outside the city your address decides the provider. Internet options such as Xfinity and Verizon Fios depend on your building. Bills swing with the season, so ask your landlord or the previous owner for a year of typical bills. See our guide to setting up utilities in a new apartment.
Transportation
Most residents drive, so factor in car payments, insurance, fuel, parking and the vehicle tax. A few neighborhoods are walkable and the Greater Richmond Transit Company runs bus service. Read our commuting guide and the list of most walkable neighborhoods.
Groceries, Dining and Everyday Costs
No single price list captures everyday costs, which is why BEA’s all-items index is useful: it combines goods and services into one comparison. Richmond sits just under the national average. Local farmers markets, free museum days and the James River parks keep entertainment affordable. See our guides to weekend things to do in Richmond.
Build Your Own Richmond Budget
- Housing: rent or mortgage, plus renters or homeowners insurance.
- Taxes: property tax if you buy, and vehicle tax for your car.
- Utilities: electricity, gas, water, trash and internet.
- Transportation: car costs, insurance, fuel and parking.
- Food and household: groceries and everyday items.
- One-time costs: deposits, utility setup fees and your move.
What It Costs to Move to Richmond
Local moves in Richmond are billed hourly. In 2026, Cavalier Moving customers paid an average of $830 for a studio, $1,004 for a one-bedroom, $1,283 for a two-bedroom and $1,577 for a three-bedroom apartment. See the full breakdown of moving costs in Richmond and our pricing page.
One note on service area: Cavalier Moving moves households within Virginia. If you are coming from out of state, you will need a carrier that handles interstate moves for that leg, and we are glad to help with local moves around Richmond once you arrive.
How Richmond Compares
| Metro | Typical home value | Typical rent | Price index (US = 100) |
|---|---|---|---|
| Richmond, VA | $394,095 | $1,751 | 97.9 |
| Charlotte, NC | $381,219 | $1,756 | 97.3 |
| Raleigh, NC | $427,969 | $1,683 | 98.2 |
| Washington, DC metro | $570,871 | $2,456 | 108.9 |
| Virginia Beach-Norfolk, VA | $372,867 | $1,877 | 97.9 |
Figures are from the Zillow September 2026 market report, the Zillow July 2026 rent report and BEA price parities for 2024. See our full comparison of Richmond vs Charlotte, Raleigh, DC and Norfolk.
Ready for a straight answer on your move? Call Cavalier Moving at (804) 404-8048 or request a free estimate. We are open 24 hours, 7 days a week.
Frequently Asked Questions
Is Richmond, VA expensive to live in?
Not compared with most large East Coast cities. BEA’s price index puts Richmond about 2% below the national average, and a typical home costs far less than in the Washington, DC area.
What is the average rent in Richmond, VA?
Zillow’s typical asking rent for the Richmond metro was about $1,751 in July 2026.
What is the typical home price in Richmond, VA?
Zillow’s typical home value for the Richmond metro was about $394,095 in September 2026. The City of Richmond median sale price from Redfin was about $425,500 in August 2026.
What are the taxes in Richmond, VA?
The sales tax is 6%, the state income tax runs from 2% to 5.75%, and real estate tax rates in 2026 range from $0.81 per $100 in Hanover County to $1.20 in the City of Richmond.
How much does it cost to move to Richmond?
A local move averaged $830 for a studio and $1,283 for a two-bedroom apartment in 2026, based on Cavalier Moving jobs. Cavalier Moving moves households within Virginia.