What Salary Do You Need to Live in Richmond, VA?
To live comfortably in Richmond, a household needs to earn roughly $60,000/year. That's about $5,000/month before taxes.
The Number: $60,000/year
At $60,000 per year, a household in Richmond can afford median-priced rental housing at roughly 28% of gross income.
This is based on Richmond's median monthly rent of $1,451 and the 28% housing guideline. Source: Census ACS 2024.
Richmond at a Glance
Sources: Census ACS 2024, Tax Foundation.
For Single Residents
A single person can live comfortably in Richmond on roughly $40,000/year. That's about $3,333/month before taxes.
Salary Questions About Richmond
The median monthly rent is $1,451. Using the 30% guideline, you need about $58,000/year to afford this comfortably.
The median home price is $377,900. With a 20% down payment, you would need roughly $75,580 saved and a household income to support the mortgage payments.
The median household income is $63,390/year. Our recommended salary of $60,000/year is near the median, reflecting a comfortable (not extravagant) standard of living.