What salary do you need to live in Richmond, VA?

The cost side of living in Richmond

Renters in Richmond pay a median $1,438 a month for two bedrooms. Size matters: one bedroom is $1,292, three bedrooms $1,600, so going from the smallest to the largest of the three adds $3,696 a year.

Homeowners in Richmond report a median home value of $353,500. With median household income at $86,679, a typical home costs 4.1× a typical income, close to the middle of the range across US metros.

BEA's Regional Price Parity for the metro is 97.9, where 100 is the US average. In plain terms, the full basket of goods, services and housing costs 2.1% less than average, so $100,000 here buys roughly what $102,189 would at average US prices.

The salary lines for a two-bedroom in Richmond

The salary lines for a two-bedroom household land at $47,000 for Tight, $94,000 for Okay and $190,000 for Comfortable. The gap between the Okay and Comfortable lines alone is $96,000, which says how much extra income it takes to make housing feel roomy here rather than merely workable.

The Royal grade is within reach at $571,000 a year, where both rent and the median home price look small next to income.

These lines come straight from the calculator's formula: the income is raised until the two-bedroom score crosses each cutoff, then rounded up to the next $1,000.

Richmond at four common salaries

On $75,000, a one-bedroom scores 40 and a three-bedroom 37, both Tight; the extra bedrooms cost points but not a grade.

None of the four salaries reaches Comfortable for two bedrooms; even $150,000 scores 58, Okay, which fits the $190,000 line above.

Where Richmond falls nationally

Out of 387 metros, Richmond has the 116th highest price parity and the 85th highest two-bedroom rent, which puts it near the middle on overall prices and in the top quarter on rent.

For a sense of scale, the metros just above and below it on two-bedroom rent are Houston-Pasadena-The Woodlands, TX ($1,438) and Atlantic City-Hammonton, NJ ($1,437).

Richmond in a Virginia context

Statewide, Virginia's median two-bedroom rent is $1,481 and its median home value $383,700. Richmond's rent is −3% against that, and its home value −8%; the price parity is 97.9 versus 101.1 for the state.

On statewide medians, a two-bedroom budget reaches Comfortable at $216,000 — above Richmond's $190,000 line.

Within Virginia, the metros closest to Richmond on rent and overall prices are Virginia Beach-Chesapeake-Norfolk, VA-NC, Winchester, VA-WV, and Charlottesville, VA. Their Comfortable lines for two bedrooms sit at $184,000, $178,000, and $228,000.

Where the typical Richmond household lands

The median household in the metro earns $86,679 (ACS 2020-2024). Run through the calculator with two bedrooms, that scores 43, Tight. The Comfortable line is 119% above what the median household makes. Statewide, the Virginia median household ($93,170) grades Tight on the state's own medians. A household figure may pool several earners, unlike a single salary.

Estimates use pre-tax income and public data; they are not financial advice.