Richmond, MI Cost Of Living
Cost Of Living In Richmond, MI Summary
Cost of living in Richmond research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Richmond is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Michigan, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Richmond is 95, with 100 being the average.
The cost of living index in Richmond is 0.9x lower than the national average.
Richmond ranks as the #124 cheapest in Michigan out of 175.
Richmond ranks as the #2,449 cheapest out of 6,412 in the US.
The median home value in Richmond is $192,400.
The median income in Richmond is $58,684.
Table Of Contents
Richmond's Overall Cost Of Living
Lower Than The National Average
What is the cost of living in Richmond, MI?
According to the most recent data on the cost of living, Richmond has an overall cost of living index of 95, which is 0.9x lower than the national index of 100.
Compared to Michigan, Richmond has a cost of living index that's 1.0x higher than Michigan's index of 92.
The standard of living in Richmond ranks as #124 most affordable out of the 175 places we measured in Michigan. By definition, that implies Richmond ranks as the #51 most expensive place in the Wolverine State.
For more reading on life in Richmond, check out:
- Living In Richmond
- Richmond Crime Report
- Search Homes For Sale In Richmond, MI
In Michigan
In America
Richmond Cost Of Living Vs. Michigan
Six factors go into calculating the cost of living index in Richmond. Here is how it fairs on each of the criteria:
The Services index in Richmond is 111.
The Groceries index in Richmond is 101.
The Health index in Richmond is 97.
The Housing index in Richmond is 70.
The Transportation index in Richmond is 108.
The Utilities index in Richmond is 96.
| Living Expense | Richmond | Michigan | National Average | |
|---|---|---|---|---|
| Overall | 95 | 92 | 100 | |
| Services | 111 | 96 | 100 | |
| Groceries | 101 | 96 | 100 | |
| Health | 97 | 94 | 100 | |
| Housing | 70 | 80 | 100 | |
| Transportation | 108 | 97 | 100 | |
| Utilities | 96 | 100 | 100 | |
Richmond, MI Housing Cost Breakdown
Housing swings affordability the most between places in Michigan, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Richmond is $192,400.
The Median Rent in Richmond is $783.
The Median Income in Richmond is $58,684.
The Home Value To Income in Richmond is 3.3x.
The Rent To Monthly Income in Richmond is 0.16x.
| Statistic | Richmond | Michigan | United States |
|---|---|---|---|
| Median Home Value | $192,400 | $172,100 | $244,900 |
| Median Rent | $783 | $946 | $1,163 |
| Median Income | $58,684 | $63,202 | $69,021 |
| Home Value To Income | 3.3x | 2.7x | 3.5x |
| Rent To Monthly Income | 0.16x | 0.18x | 0.2x |
Median Home Value
Median Rent
Median Income
Richmond, MI Costs By Category
Detailed Richmond Services Costs Vs. Michigan
Detailed Richmond Groceries Costs Vs. Michigan
Detailed Richmond Health Costs Vs. Michigan
Detailed Richmond Transportation Costs Vs. Michigan
Detailed Richmond Utilities Costs Vs. Michigan
Richmond SnackAbility
/10
Cost Of Living In Cities Around Richmond
The cost of living varies in the cities and towns around Richmond. Here's a quick look at the cost of living in the most populous nearby places:
Troy, MI has a cost of living index of 113, 1.2x Richmond.
Rochester Hills, MI has a cost of living index of 111, 1.2x Richmond.
Novi, MI has a cost of living index of 113, 1.2x Richmond.
| City | Population | Cost Of Living | Vs. Richmond |
|---|---|---|---|
| Troy, MI | 86,912 | 113 | 1.2x |
| Rochester Hills, MI | 75,990 | 111 | 1.2x |
| Novi, MI | 65,369 | 113 | 1.2x |
| Royal Oak, MI | 58,368 | 101 | 1.1x |
| Birmingham, MI | 21,728 | 134 | 1.4x |
| Berkley, MI | 15,234 | 102 | 1.1x |
| New Baltimore, MI | 12,147 | 102 | 1.1x |
| Clawson, MI | 11,482 | 99 | 1.0x |
| Marysville, MI | 9,925 | 93 | 1.0x |
| Plymouth, MI | 9,308 | 109 | 1.1x |
