Richmond city, VA at a glance
Median household income
$64,587$5,382 per month · U.S. Census Bureau ACS 5-YearHow much rent can you afford in Richmond city, VA?
HUD’s fair market rent for each size, against what a typical household here earns. Change the income to see yours.
How much is rent in Richmond city, VA? By bedroom, 2026
HUD's fiscal 2026 Fair Market Rents for Richmond, VA HUD Metro FMR Area, with the income each one takes if rent stays under 30% of it.
| Unit Size | Monthly Rent | Annual Rent | 30% Rule Min. Income | % of Median Income |
|---|---|---|---|---|
| Studio / Efficiency | $1,442 | $17,304 | $57,680 | 26.8% |
| 1-Bedroom Apartment | $1,507 | $18,084 | $60,280 | 28% |
| 2-Bedroom ApartmentBenchmark | $1,655 | $19,860 | $66,200 | 30.7% |
| 3-Bedroom Home | $2,072 | $24,864 | $82,880 | 38.5% |
| 4-Bedroom Home | $2,553 | $30,636 | $102,120 | 47.4% |
What a typical income covers in Richmond city, VA
The 50/30/20 rule applied to the local median of $64,587 a year ($5,382 a month before tax).
What $64,587 leaves after Virginia taxes
Federal income tax, Social Security, Medicare and Virginia tax on the local median income. Change the salary to see yours.
Rent, jobs and pay in Virginia
Living in Richmond city, VA: common questions
What is the median household income in Richmond city, VA?
According to the latest U.S. Census Bureau ACS 5-Year survey, the median household income in Richmond city, VA is $64,587 per year (approximately $5,382 per month).
What is the average rent in Richmond city, VA?
The closest official figure is HUD's Fair Market Rent for 2026: $1,442 for a studio, $1,507 for one bedroom, $1,655 for two, $2,072 for three and $2,553 for four, utilities included.
It is not an average of listings. HUD sets it at the rent 40% of recent movers paid or less for a standard unit, so a new lease on a nicer place will usually cost more.
Is Richmond city, VA expensive to live in?
Prices there run 2.1% below the U.S. average. BEA's regional price parity for the metro area is 97.9, where the U.S. is 100. Rent moves the number most: housing is where places differ, while goods cost about the same everywhere.
How much do you need to earn to comfortably afford rent in Richmond city, VA?
To keep a $1,655 two-bedroom under 30% of gross income, a household needs about $66,200 a year, or $5,517 a month. That is 102% of what the typical household in Richmond city, VA earns.
How much do you need to live comfortably in Richmond city, VA?
On the local median income of $64,587 ($5,382 a month before tax), the 50/30/20 rule leaves $2,691 a month for needs like rent, utilities and groceries, $1,615 for everything else and $1,076 for savings or debt. A two-bedroom at $1,655 takes 61% of the needs share.
How much is the electric bill in Richmond city, VA?
Homes in Virginia paid 17.2¢ per kWh on average (EIA). At 900 kWh a month, a typical use, that is about $155. Your bill depends mostly on heating and cooling.