B
7%
Overall NAT. AVG.
2%
Goods & Services NAT. AVG.
29%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Richmond Hill Georgia National
Cost of living10793100
Goods & Services9897100
Groceries10298100
Health care109100100
Housing12986100
Transportation9694100
Utilities9086100

An Overview of Cost of Living in Richmond Hill, GA

The cost of living in Richmond Hill affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Richmond Hill is 107, which is 7% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

The cost of living in Richmond Hill closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Richmond Hill can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

Housing costs significantly influence the Richmond Hill cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 28.6%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

What Do Locals Say About the Cost of Living in Richmond Hill?

The real experts on a city are its residents. That's why we reached out to 7 locals to get their views on the cost of living in Richmond Hill. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 14% found it budget-friendly with decreasing prices, while 86% said it's simply not affordable as prices have continued to rise.

Is Richmond Hill Affordable?

Is Richmond Hill an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Richmond Hill, the median home price is 12.1% higher than what most folks pay across the country, and monthly rent prices are 67.2% higher than the usual rates. Income levels in Richmond Hill come in at $72,033, which is 30.2% higher than the national average.

What Factors can Influence the Cost of Living in Richmond Hill?

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Richmond Hill, the housing index stands at 28.6% higher than the national average.

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Richmond Hill, the utilities index stands at 10.4% lower than the national average.

Where is the Data From?

The Richmond Hill cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Richmond Hill is 16% higher than the Georgia average
  • The cost of living in Richmond Hill is 7% higher than the national average
  • Richmond Hill housing is 29% higher than the national average
  • Georgia general sales tax is 22% lower than the national average
  • Georgia state income tax is 61% lower than the national average

Most Affordable Places to Live in and Around Richmond Hill

See all the best places to live around Richmond Hill

Compare Richmond Hill, GA Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$88,769$7,397$2,071$2,663
      Renters$51,304$4,275$1,197$1,539
      To approximate the cost of living and the housing affordability in Richmond Hill, GA, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Richmond Hill have a median income of $88,769. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,071 per month to avoid calamity and poverty. The renters in the city have an income of about $51,304, which would make their monthly maximum allowable rental costs $1,197.

      Georgia Sales Tax

      State General Sales Tax With Max Surtax
      Georgia 4% 8%

      Georgia Income Tax

      State Income Tax (Low) Income Tax (High)
      Georgia 1% 5.57%

      Goods & Services

      Item Richmond Hill National avg. Difference
      Haircut $23.25$24.264.2%
      Beauty Salon $38.33$45.5615.9%
      Toothpaste $3.66$3.701.1%
      Shampoo $1.30$1.281.8%
      Movie $12.10$12.130.3%
      Bowling $22.40$18.0024.4%

      Groceries

      Item Richmond Hill National avg. Difference
      Ground Beef $6.23$5.846.7%
      Fried Chicken $1.46$1.577.4%
      Milk $4.75$4.671.7%
      Potatoes $5.33$4.938.0%
      Pizza $14.38$12.0919.0%
      Beer $10.13$10.412.7%

      Health Care

      Item Richmond Hill National avg. Difference
      Optometrist $93.17$125.6825.9%
      Doctor $135.16$135.780.5%
      Dentist $142.17$113.2925.5%
      Ibuprofen $10.63$10.650.2%
      Lipitor $518.07$468.6010.6%

      Housing

      Item Richmond Hill National avg. Difference
      Home Price $207,000.00$184,700.0012.1%
      Avg. Mortgage Payment $1,681.21$2,346.6928.4%
      Apartment Rent $1,587.00$949.0067.2%

      Transportation

      Item Richmond Hill National avg. Difference
      Gasoline $3.33$3.463.6%
      Tire Balancing $57.68$59.923.7%

      Utilities

      Item Richmond Hill National avg. Difference
      All Electricity $163.38$193.9915.8%
      Phone $188.43$192.252.0%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Riceboro, GA8268515.5%
      Garden City, GA8,957928.1%
      Bloomingdale, GA2,801936.7%
      Midway, GA2,075963.8%
      Savannah, GA145,492973.0%
      Richmond Hill, GA13,2501077.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Bellefontaine, OH13,250946.5%
      Shorewood, WI13,24812020.3%
      Western Springs, IL13,24716161.3%
      Bedford, IN13,2468811.6%
      McFarland, CA13,2441109.6%
      Richmond Hill, GA13,2501077.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.