Thinking about moving to Richmond Va? Want to know the REAL cost of living in Richmond Virginia? In this video I go over the actual cost of living in Richmond AND I show you a cost of living calculator that will help you compare Richmond’s cost of living to other major cities. I also tell you how much money you need to make to live in Richmond Virginia! I give you actual stats including median home prices compared to national average, and insider information about the grocery store war that is helping to keep Richmond’s groceries affordable.
Did you know that Richmond is the most affordable metro city in all of Virginia? This is just one reason why so many people are moving to Richmond! In 2020 the median home price in Richmond was $280,000, median rent in Richmond is 1193/month. Utilities are 16% more expensive than national average, but groceries are 12% cheaper. Median Richmond income was $47,250 vs national average of $68,703 (both are 2019 numbers). Below I will include my calculations showing you how I got to the numbers I talk about in the video.
Example:Rent 1193/month. Groceries 300/month. Transportation costs 813/month (national average). Utilities 124/month. Cell phone 70/month. Entertainment $250/month (you might want to budget more, Richmond has lots of fun things to do!). All that adds up to $2750/month, so for good measure lets add another 15% on top of that to cover for any other missed items (i see you student loans). That equals 3162/month of after tax income needed. So lets account for a 5% retirement savings rate, the virginia income tax of 5.75%, and a 22% federal tax rate, which means we have to take 32.75% of income off the top soooo 3162*12 = 37944 then divided by 0.6725 = $56,422 pretax income needed. Running the same numbers but with a roommate where rent and utilities were equally shared yields a result of $42,908 pretax income needed.
Let me know what you think of these calculations! Again, Richmond is the cheapest metro area to live in all of Virginia and in my opinion the most fun!
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