Greater Richmond offers a high quality of life on par with the national average cost. According to the Council for Community and Economic Research’s Cost of Living Index Annual Average 2024, our region’s overall cost of living is nearly 6 percent below the national average (94.2 vs. 100.0). Housing costs, which account for 28 percent of the index, are more than 15 percent lower in the Richmond area than the national average.
| Richmond MSA | |
|---|---|
| Composite Index (100%) | 94.2 |
| Grocery Items (14%) | 99.8 |
| Housing (28%) | 84.6 |
| Utilities (9%) | 96.3 |
| Transportation (9%) | 95.1 |
| Health Care (5%) | 91.4 |
| Misc. Goods & Services (35%) | 99.3 |
| 100=U.S. Average | |
Source: Council for Community and Economic Research Cost of Living Index, 2024 Annual Average. |
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