This is What it Will Cost to Live in Richmond Every Year

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This is What it Will Cost to Live in Richmond Every Year

Are you looking to move to Richmond, VA but interested in the true costs of living before making your ultimate decision? Whether you are searching to own your own home or searching apartments for rent in Richmond, VA, here are the general costs you can expect throughout the year.

Lower Costs on Average

First, it’s important to note that Richmond, VA is known to have a 4% lower cost of living than the national average. Factors that make up an area’s cost of living include average salary, your career, the real estate market, utilities, transportation, and more typical expenses you see on a daily or monthly basis.

Housing

A major cost of living is typically for housing. Whether you are looking to buy a home or rent an apartment, Richmond’s housing expenses are 11% lower than the national average. So while some other expenses may be higher than normal, keep in mind that you are saving quite a bit just on housing expenses alone.

Specifically, the average cost of a home in Richmond is around $307,000 while the average cost of monthly rent is about $964.

Utilities

Generally a monthly expense, you can expect to see your energy bill around $178 per month depending on your usage. Obviously, if you tend to be a bit gentler on the amount of electricity you use, you will see a lower cost monthly. 

Transportation

When it comes to going from Point A to Point B, Richmond has transportation expenses that are 8% lower than the national average. These expenses take into account the price of things like bus fares and gas prices.

Groceries

Shopping for groceries also comes at a lower cost in Richmond. With grocery prices that are 12% lower than the national average, you can expect to purchase your bread, eggs, and milk for a lower cost than a majority of the country.

Healthcare

Unfortunately, this is where a higher price comes into play when living in Richmond. You can typically expect to see higher costs for your doctor’s visits, dentist visits, or prescription drugs. However, you can likely avoid these costs if your employer offers good health insurance coverage.

While there are some expenses that are above the national average in Richmond, a majority of costs are lower overall. Generally speaking, most individuals who move to Richmond, VA tend to find themselves saving a few extra dollars thanks to these lower costs. But as always, everyone’s spending is different so do your research before deciding if Richmond is the right move for you.

 

 

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