F
56%
Overall NAT. AVG.
14%
Goods & Services NAT. AVG.
141%
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 California National
Cost of living156140100
Goods & Services114111100
Groceries117112100
Health care121109100
Housing241196100
Transportation129126100
Utilities134127100

An Overview of Cost of Living in Richmond, CA

The cost of living in Richmond 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 is 156, which is 56% 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 is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Richmond falls into this category, which may not be suitable for those seeking an economically favorable living environment.

Housing costs significantly influence the Richmond 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 141.5%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Goods and services make up 33% of the total cost of living index score and are a large part of your everyday expenses. These items could include things like haircuts, salons, toothpaste, shampoo, clothes, movies, bowling, gym memberships or yoga. In Richmond, you can expect to pay 14.1% more than average for these items, making it a more expensive place to live.

The substantial and relentless rise in grocery prices definitely warrants some attention. Over the past two years, grocery expenses have escalated by more than 10%. Having said that, the situation in Richmond is even less favorable, with grocery prices here being 17.2% higher than the national average.

Is Richmond Affordable?

Is Richmond 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, the median home price is 173.8% higher than what most folks pay across the country, and monthly rent prices are 65.9% higher than the usual rates. Income levels in Richmond come in at $72,463, which is 31% higher than the national average.

What Factors can Influence the Cost of Living in Richmond?

Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Richmond, the healthcare costs are 21.2% higher than the national average.

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Richmond starts at 7.25% and the income tax rates start at 1%.

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Richmond, the utilities index registers 33.7% higher than the national average.

Where is the Data From?

The Richmond 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 is 12% higher than the California average
  • The cost of living in Richmond is 56% higher than the national average
  • Richmond housing is 141% higher than the national average
  • California general sales tax is 42% higher than the national average
  • California state income tax is 61% lower than the national average

Most Affordable Places to Live in and Around Richmond

See all the best places to live around Richmond

Compare Richmond, CA Cost of Living

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      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$91,212$7,601$2,128$2,737
      Renters$55,128$4,594$1,286$1,654
      A good way to judge both the affordability of the housing and the cost of living in Richmond is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Richmond has a median income of about $91,212 for people who own homes. Based on that number, a maximum of $2,128 should be spent on expenses related to housing. Renters have a slightly different median income, which is $55,128. Based on this average, renters should spend no more than $1,286 on all rental costs if they want to maintain a non-impoverished standard of living.

      California Sales Tax

      State General Sales Tax With Max Surtax
      California 7.25% 10.5%

      California Income Tax

      State Income Tax (Low) Income Tax (High)
      California 1% 13.3%

      Goods & Services

      Item Richmond National avg. Difference
      Haircut $25.00$24.263.0%
      Beauty Salon $76.00$45.5666.8%
      Toothpaste $3.64$3.701.7%
      Shampoo $1.45$1.2813.5%
      Movie $16.46$12.1335.7%
      Bowling $27.22$18.0051.2%

      Groceries

      Item Richmond National avg. Difference
      Ground Beef $5.70$5.842.3%
      Fried Chicken $3.43$1.57118.2%
      Milk $4.91$4.675.1%
      Potatoes $4.87$4.931.3%
      Pizza $13.49$12.0911.6%
      Beer $11.18$10.417.4%

      Health Care

      Item Richmond National avg. Difference
      Optometrist $137.40$125.689.3%
      Doctor $110.00$135.7819.0%
      Dentist $118.27$113.294.4%
      Ibuprofen $11.76$10.6510.4%
      Lipitor $508.17$468.608.4%

      Housing

      Item Richmond National avg. Difference
      Home Price $505,800.00$184,700.00173.8%
      Avg. Mortgage Payment $6,553.90$2,346.69179.3%
      Apartment Rent $1,574.00$949.0065.9%

      Transportation

      Item Richmond National avg. Difference
      Gasoline $4.60$3.4633.0%
      Tire Balancing $60.97$59.921.7%

      Utilities

      Item Richmond National avg. Difference
      All Electricity $182.51$193.995.9%
      Phone $180.31$192.256.2%
      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.
      Port Costa, CA24212020.0%
      Strawberry CDP (Tuolumne County), CA11612524.6%
      El Cerrito CDP, CA5,69914039.6%
      San Pablo, CA30,95914242.0%
      North Richmond, CA4,25814444.2%
      Richmond, CA110,05115656.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Lakeland, FL110,335964.4%
      Billings, MT109,7051098.6%
      Gresham, OR110,45612423.9%
      St. John's, NL109,566n/a 
      Miami Gardens, FL110,76711010.0%
      Richmond, CA110,05115656.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.