The Economic Policy Institute’s Family Budget Calculator is a great tool to estimate the cost of living in Richmond, VA. A family of four would need $6,950 per month or $83,400 per year for a comfortable, modest lifestyle in the Richmond metro area.
How much money do you need to live comfortably in Richmond VA?
Typical Expenses
| 1 ADULT | ||
|---|---|---|
| 0 Children | 1 Child | |
| Required annual income after taxes | $31,622 | $56,269 |
| Annual taxes | $7,758 | $13,804 |
| Required annual income before taxes | $39,380 | $70,073 |
Is it expensive to live in Richmond VA?
The cost of living in Richmond, VA is 6% lower than the state average and 4% lower than the national average. Richmond, VA housing is 10% cheaper than the U.S average, while utilities are about 3% pricier.
What is a livable income in Virginia?
Virginia is one of the most expensive states in America, according to the Economic Policy Institute. The cheapest metro area to live in is Richmond at about $83,000 a year, while you need to earn over $110,000 a year to live in many parts of Fairfax and Loudon Counties.
How much is it to live in Richmond?
The median after-tax salary is $2613, which is enough to cover living expenses for 1.8 months.
Cost of Living in Richmond, ENG.
| Cost of living | One person | Family of 4 |
|---|---|---|
| ? Total with rent | $1490 | $3734 |
| ?️ Without rent | $618 | $2116 |
| ? Rent & Utilities | $872 | $1617 |
| ?️ Food | $419 | $1087 |
What is the cheapest city to live in Virginia?
The 25 cheapest places to live in Virginia
| Rank | City | 1-BR Average Rent |
|---|---|---|
| 1 | Roanoke | $593 |
| 2 | Vinton | $788 |
| 3 | Petersburg | $827 |
| 4 | Lynchburg | $848 |
What is middle class income in Virginia?
Table
| Population | |
|---|---|
| Income & Poverty | |
| Median household income (in 2020 dollars), 2016-2020 | $76,398 |
| Per capita income in past 12 months (in 2020 dollars), 2016-2020 | $41,255 |
| Persons in poverty, percent | 10.2% |
Is rent expensive in Richmond VA?
The average rent for apartments in Richmond, VA, is between $1,302 and $2,015 in 2022. For a studio apartment in Richmond, VA, the average rent is $1,302. When it comes to 1-bedroom apartments, the average rent in Richmond, VA, is $1,474. For a 2-bedroom apartment, the average rent is $1,691.
What is the average income in Richmond?
Table
| Population | ||
|---|---|---|
| Mean travel time to work (minutes), workers age 16 years+, 2016-2020 | 21.8 | 28.6 |
| Income & Poverty | ||
| Median household income (in 2020 dollars), 2016-2020 | $51,421 | $76,398 |
| Per capita income in past 12 months (in 2020 dollars), 2016-2020 | $35,682 | $41,255 |
What is the nicest area of Richmond VA?
Best Suburbs of Richmond, Virginia
- Wakefield. Population: 11,275.
- Innsbrook. Population: 7,753.
- Bon Air. Population: 16,366.
- Brandermill. Population: 13,173.
- Woodlake. Population: 7,319.
- Tuckahoe. Population: 44,990.
- Mechanicsville. Population: 36,348.
- Glen Allen. Population: 14,774. Median Home Value: $235,100.
What is low income Virginia?
For 2021: If the number of eligible exemptions is: Your family Virginia adjusted income must be less than: 1. $12,880.
Can I afford to live in Virginia?
Virginia scores a 103.7 on the cost of living index which is based on a U.S. average of 100. This means compared to the national average, the cost of living in Virginia is more expensive. However, compared to other east coast cities, Virginia is relatively affordable and has a reasonable cost of living.
Is living in Virginia worth it?
There are many pros and cons to moving to Virginia, but the pros definitely outweigh the cons. With a low crime rate, great quality of healthcare, and a strong economy, it is no surprise that Virginia is one of the best places to live. Surrounded by history and living in the heart of where America began is pretty cool.
Is Richmond VA a fun place to live?
Richmond is truly brimming with fun and is a vibrant, creative city. It’s also home to several universities like Virginia Commonwealth University and The University of Richmond.
Is Virginia cheap to live?
The average cost of living in Virginia is just 1% higher than in the average U.S. state. So living in Virginia is cheaper than some states (like California), more expensive than some (like Tennessee) and about the same as others (like Florida).
What is the safest city to live in Virginia?
Here we go!
- Purcellville. Purcellville is the safest city in Virginia.
- Lexington. Next up is Lexington—a safe city with one of the lowest costs of living in Virginia.
- Blacksburg.
- Poquoson.
- Manassas Park.
- Leesburg.
- Vienna.
- Radford.
What is the nicest town to live in Virginia?
Best Places to Live in Virginia
- Alexandria.
- Charlottesville.
- Bon Air.
- Centreville.
- Stone Ridge.
- Chesapeake.
- Abingdon. Let’s head to the other side of the state.
- Blacksburg. Blacksburg is a small mountain town with higher housing prices and lower yearly salaries than Abingdon.
What state has the lowest living cost?
Mississippi
1. Mississippi. Coming in as the cheapest state to live in in the United States is Mississippi with a cost of living index score of 83.3. It also has the lowest average housing costs in the nation at 33.7% below the national average.
What is high income Virginia?
Average Household Income: $106,023. Per Capita Income: $41,255. 11.6% of Households in Virginia are High Income Households that make over $200,000 a year.
Median Household Income in Virginia by Age of Householder.
| Virginia | |
|---|---|
| Householder 45 to 64 years | $93,370 |
| Householder 65 years and over | $54,826 |
Is $70000 a year considered middle class?
With the median U.S. income being about $80,000 a year, a household of four earning between roughly $52,000 and $175,000 a year is considered middle class.
What are the 5 income classes?
Breaking Down Economic Class by Income
From that data, they split earners into different classes such as poor, lower-middle class, middle class, upper-middle class and wealthy.