Cost of living in Richmond

With a convenient East Coast location, a thriving economy, and excellent quality of life offering plenty to see and do, Richmond's cost of living has stayed surprisingly low. But, it’s on the rise; in fact, in Numbeo's 2022 Cost of Living Index, Richmond ranked 235th out of 578 world cities analysed, making it more affordable than most American cities but also more expensive than it was in the previous year.

As in most cities, the biggest portion of a Richmonder's salary will likely go to accommodation, transport and utilities.

Cost of accommodation in Richmond

Richmond boasts a variety of accommodation options, from inner-city apartments and condos to suburban Cape Cod-style mansions, rowhouses and cottages. New arrivals will undoubtedly find something to their style and liking – and at a reasonable price too. Rental costs here are low compared to the US average. Thanks to the influx of new residents, which increases housing demand plus the incline of the city’s economy, purchasing a house in Richmond is considered a solid investment.

The cost of utilities is also below the US average, so newcomers can often lead a better quality of life than they did in their home state or country.

Cost of transport and driving in Richmond

Public transport in Richmond is relatively affordable compared to other East Coast cities. But, given that Richmond's public transport infrastructure is limited outside of downtown and central areas, most Richmonders own a vehicle. Driving isn't cheap considering the purchase, maintenance, gas (petrol) and insurance as well as parking costs, but those who choose to settle in Richmond's suburbs will have no choice but to budget for these costs.

Cost of healthcare in Richmond

For those who can afford it, the standard of healthcare in Richmond is world-class. For patients without insurance, healthcare can be mediocre at best and inaccessible at worst. Major traumas can easily cost hundreds of thousands of dollars and, although everyone is legally entitled to emergency services, patients can typically expect to pay hefty fees subsequently.

Therefore, we recommend that newcomers and expats invest in a good health insurance policy. This comes at a hefty price, though, so we advise that employees negotiate for a healthcare subsidy before starting their new job.

Cost of entertainment in Richmond

Of course, entertainment costs come down to lifestyle and preference. Generally, having a good time in Richmond doesn't cost an arm and a leg. One could visit a good restaurant or brewery, take a walk through a museum, enjoy a game at one of the local stadia and top it all off with a shopping spree, and walk away relatively unscathed. Some free activities newcomers could enjoy include picnics, strolls down Richmond's historic streets or water adventures on the James River.

Cost of education in Richmond

Public education in Richmond doesn't cost a cent, aside from buying stationery and the like. Admission to schools is based on catchment areas, so parents must carefully consider their choice of an area or suburb, as not all public schools in Richmond are of a good standard.

Parents can also choose from several private schools in Richmond, which aren't bound by zoning regulations but come with steep tuition fees, not to mention myriad extra costs such as uniforms, field trips, and books.