Key Economic Benchmarks
Median Household Income
$64,587$5,382 per month · U.S. Census Bureau ACS 5-YearFair market rent & 30% rule in Richmond city, VA
Official HUD Fair Market Rents evaluated against local household income benchmarks.
2026 HUD Fair Market Rent Schedule: Richmond city, VA
Official FY2026 HUD Fair Market Rents for Richmond, VA HUD Metro FMR Area. Under the federal 30% housing affordability standard, housing costs are sustainable when they consume 30% or less of gross household income.
| 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% |
50/30/20 Living Budget in Richmond city, VA
Based on the local median household income of $64,587/year ($5,382/month), here is how a balanced budget allocates expenses:
Take-Home Pay & Tax Explorer in Virginia
Explore net income after federal income tax, FICA, and Virginia state income tax based on the local median baseline.
Related Regional & Financial Profiles
Compare earnings and living costs across Virginia with official federal datasets:
Frequently Asked Questions About Living in Richmond city, VA
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?
According to HUD Fair Market Rent (FMR) benchmarks for 2026, standard monthly rents in Richmond city, VA are $1,442 for a studio, $1,507 for 1 bedroom, $1,655 for 2 bedrooms, $2,072 for 3 bedrooms, and $2,553 for 4 bedrooms.
How does the cost of living in Richmond city, VA compare to the national average?
Based on the Bureau of Economic Analysis (BEA) Regional Price Parity index, the general price level in Richmond city, VA is 97.9 (2.1% lower than the U.S. national baseline of 100.0).
How much do you need to earn to comfortably afford rent in Richmond city, VA?
Under the standard 30% housing affordability standard, renting a median 2-bedroom home ($1,655/month) in Richmond city, VA requires a minimum gross household income of $66,200 per year ($5,517 per month).
What is a balanced 50/30/20 monthly budget in Richmond city, VA?
For a typical household earning the median income of $64,587/year ($5,382/month) in Richmond city, VA, a balanced 50/30/20 budget allocates $2,691/month to essential needs (rent, utilities, groceries), $1,615/month to discretionary spending, and $1,076/month to savings and debt repayment.
What are typical electricity and utility costs in Richmond city, VA?
Residential electricity rates in Virginia average 17.2¢ per kWh according to the U.S. Energy Information Administration (EIA). For an average home using 900 kWh per month, the estimated electric bill is approximately $155 per month.