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💵 Staying afloat in the River City

What it costs to live in Richmond

The Richmond skyline as seen from the James River
The overall cost of living in Richmond is lower than the national average. | Photo by @staboaviation
With Richmond constantly growing and undertaking multiple high-profile developments this year, we figured it was time to talk about the cost of planting some roots in the River City.

The median household income in the City of Richmond is $54,795 according to the US Census Bureau. On the state level, Virginia is No. 11 in the country (counting DC) for median income at ~$80,963 per household.

RICtoday_CostofLiving_OverallScreenshot

The overall cost of living in Richmond is lower than the national average.

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Screenshot via bestplaces.net

The overall cost of living in Richmond is lower than the national average and lower than the rest of the state.

In Richmond, the cost of healthcare is lower compared to other parts of the state but just under the national average. The cost of groceries, housing, and transportation expenses in the city also have lower average costs than other cities in Virginia and the country overall.

Breaking down the numbers

Hypothetically speaking, if you live in a household that brings in $50,000 annually — according to experts — you shouldn’t spend more than 30% of your monthly gross income on rent and utilities.

Don’t worry, we did the math for you — your max monthly budget would be $1,250. The average monthly rent for an apartment in Richmond is $1,476 — putting you over budget.

According to a 2022 study by Attom Data Solutions, it’s actually more affordable to buy a home in the City of Richmond than to rent.

Take a look at the chart below to see how Richmond’s cost of living compares to that of Arlington.

RICtoday_CostofLiving_RVAvsArlingtonCompare

Richmond has more affordable health care than Arlington.

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Screenshot via bestplaces.net


Interested in seeing Richmond’s cost of living compared to cities in other states? We played around on nerdwallet’s cost of living calculator, where you can put in any city along with your current pre-tax household income to find out what other cities you could actually afford to live in.

We took a look at the cost of living in Richmond compared to Baltimore, MD. Here’s what we found:
  • The cost of living is 13% higher in Baltimore.
  • To maintain our standard of living, we would need to bring in $56,549 to our Charm City household.
  • The median cost for a two-bedroom apartment is $1,823, which is $540 more than Richmond.
Richmond also has entities such as the Better Housing Coalition and other government-funded programs to help develop more affordable units.

There are also a number of local development firms working on apartments seemingly all the time — from the new high-rise apartments going up in Manchester to the renovated affordable housing development in Blackwell.
 
Events
Friday, Dec. 1
  • 2023 Bizarre Market | Friday, Dec. 1 | 11 a.m.-6 p.m. | Visual Arts Center of Richmond, 1812 W. Main St., Richmond | Free entry | Richmond’s much-loved handmade pop-up shop has gifts for everyone.
  • VCU Men’s Basketball vs. Norfolk State | Friday, Dec. 1 | 7-9 p.m. | Siegel Center, 1200 W. Broad St., Richmond | $25-$30 | The Rams battle the Spartans at home.
Saturday, Dec. 2
  • RVA Krampus Walk | Saturday, Dec. 2 | 5:30 p.m. | Aquarian Bookshop, 12 S. Thompson St., Richmond | Free | The 11th annual Krampusnacht walk through Carytown starts at Aquarian with a costume contest and apple cider donuts.
Sunday, Dec. 3
  • Caroling in Monroe Park and Holiday Market | Sunday, Dec. 3 | 3-6 p.m. | Monroe Park, 8 N. Laurel St., Richmond | Free | GHTC Choir, The Hood Temple, RVA Street Singers, and The Greater Richmond Children’s Choir will perform with VCU Brass.
Monday, Dec. 4
  • Classics and Cocoa in the Courtyard | Monday, Dec. 4 | 5:30-7 p.m. | Richmond’s First Baptist Church, 2709 Monument Ave., Richmond | Free | Enjoy cocoa, cider, and s’mores by the firepit, plus “A Charlie Brown Christmas.”
Tuesday, Dec. 5
Wednesday, Dec. 6
  • Movie Matinees: “Book Club” | Wednesday, Dec. 6 | 2-5 p.m. | RPL West End Branch, 5420 Patterson Ave., Richmond | Free | Head to the library for snacks and a screening of this lighthearted film starring Diane Keaton, Jane Fonda, Candice Bergen, and Mary Steenburgen.
Holiday events here
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News Notes
Closed
  • Broad Street Mexican restaurant Lalo’s Cocina has closed. A sign posted on their door thanked the community for nine years in operation, but said that lagging business and rising inflation proved too much to stay open. Affiliated eateries Chicano’s Cocina, the Patron, and Two Compadres remain open.
Community
  • The LEGO Group has awarded $1 million in grants to six local nonprofit organizations: Blue Sky Fund, Boy’s & Girl’s Club of Metro Richmond, James River Association, Lewis Ginter Botanical Garden, SOAR365, and YMCA of Greater Richmond. LEGO is in the midst of building its $1 billion factory in Chesterfield. (Richmond Family Magazine)
Biz
  • Barrio Taqueria & Tequila has been sold to the owner of 3 Monkeys, which is right down the street. Richmond Restaurant Group has owned the Barrio building since 2007, trying out three concepts in the space. (Richmond BizSense)
Plan Ahead
  • The Poe Museum will host a 215th birthday party for the iconic poet on Saturday, Jan. 20 from 4 to 10 p.m. Tickets are available for the event, which will feature live music from The Coldharts, the Charles Owens Trio, and the Embalmers.
Coming Soon
  • Starting on Friday, Dec. 15, Studio Two Three’s Scott’s Addition space will be available to rent for events. The cost of hosting an event at Studio Two Three will go to support the non-profit studio and print shop, which recently moved into its new space in Manchester.
Regional
  • The dead zone in the Chesapeake Bay is currently the smallest it’s been since the state began monitoring it in 1985. A dead zone is a space that, due to debris and agricultural runoff, doesn’t get enough oxygen to support marine life. ODU researchers attribute the change largely to low rainfall. (VPM)
 
Cause

Building pride one house at a time

Richmond Metropolitan Habitat for Humanity set to finish first PRIDE Build

Volunteers work on building a house
Volunteers built two houses for local families. | Photo via Richmond Metropolitan Habitat for Humanity
The Richmond Metropolitan Habitat for Humanity’s first annual PRIDE Build, a project constructing two new homes for local families, is set to wrap up on Friday, Dec. 8 at both 107 and 109 E. 17th St.

The build was a collaboration between 19 sponsors, 200+ volunteers, and members of Richmond’s LGBTQ+ community. Sponsors included Virginia Housing, Keeping Current Matters, and Grace Baptist Church.

Construction started on October 4 and ran Wednesday-Sunday, 8 a.m.-5 p.m., every week. From start to finish, 380 volunteer spots were filled between sponsors and community members.

Next year’s Richmond Habitat PRIDE Build is already on the calendar for summer 2024.
The Buy

The Buy 12.01.23 (Affiliate + Six & Main)

Only the perfect gift for cat lovers.
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The Wrap
 
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Today’s edition by:
David

Though every year I’m giddy for Spotify Wrapped to tell me how many minutes I spent listening this year (81,000 in 2023), I also try to give the local music ecosystem some support too — whether that’s buying straight from Richmond bands or going record shopping.
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