Cost of Living in Richmond, VA
Population: 227,595 • 2026 Data
$62,671
Median Household Income
-19% vs national
$1,314
Median Monthly Rent
-3% vs national
$328,100
Median Home Value
-3% vs national
6.0%
Unemployment Rate
Housing in Richmond
The median home value in Richmond, VA is $328,100. Monthly rent for a typical unit averages $1,314, while total monthly housing costs (including utilities and insurance) average $1,374.
Rent-to-income ratio: 25.2%. This is within the recommended 30% threshold, suggesting housing is relatively affordable for median-income earners.
Income and Employment
The median household income in Richmond, VA is $62,671. The unemployment rate stands at 6.0%, with a labor force of 131,106 people.
Data Sources
All data from the US Census Bureau American Community Survey 5-Year Estimates. National median figures used for comparison context.