Richmond, KY Cost Of Living

Demographics | Crime | Cost Of Living
Updated: 2023-11-15

Cost Of Living In Richmond, KY 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 Kentucky, 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 92, with 100 being the average.

  • The cost of living index in Richmond is 0.9x lower than the national average.

  • Richmond ranks as the #48 cheapest in Kentucky out of 85.

  • Richmond ranks as the #1,974 cheapest out of 6,412 in the US.

  • The median home value in Richmond is $157,200.

  • The median income in Richmond is $40,221.

Table Of Contents

  1. Summary
  2. National Comparison
  3. Housing Breakdown
  4. Detailed Pricing
  5. Nearby Comparisons
92
Richmond's Overall Cost Of Living
0.9x
Lower Than The National Average

What is the cost of living in Richmond, KY?

According to the most recent data on the cost of living, Richmond has an overall cost of living index of 92, which is 0.9x lower than the national index of 100.

Compared to Kentucky, Richmond has a cost of living index that's 1.0x lower than Kentucky's index of 94.

The standard of living in Richmond ranks as #48 most affordable out of the 85 places we measured in Kentucky. By definition, that implies Richmond ranks as the #37 most expensive place in the Bluegrass State.

For more reading on life in Richmond, check out:

48 out of 85
In Kentucky
1,974 out of 6,412
In America

Richmond Cost Of Living Vs. Kentucky

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 104.

  • The Groceries index in Richmond is 91.

  • The Health index in Richmond is 82.

  • The Housing index in Richmond is 71.

  • The Transportation index in Richmond is 93.

  • The Utilities index in Richmond is 102.

Living Expense Richmond Kentucky National Average
Overall 92 94 100
Services 104 105 100
Groceries 91 97 100
Health 82 79 100
Housing 71 75 100
Transportation 93 102 100
Utilities 102 106 100
For more reading on cost of living around Kentucky, check out:
Richmond Cost of Living Vs. KY

Richmond, KY Housing Cost Breakdown

Housing swings affordability the most between places in Kentucky, 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 $157,200.

  • The Median Rent in Richmond is $759.

  • The Median Income in Richmond is $40,221.

  • The Home Value To Income in Richmond is 3.9x.

  • The Rent To Monthly Income in Richmond is 0.23x.

Statistic Richmond Kentucky United States
Median Home Value $157,200 $155,100 $244,900
Median Rent $759 $826 $1,163
Median Income $40,221 $55,454 $69,021
Home Value To Income 3.9x 2.8x 3.5x
Rent To Monthly Income 0.23x 0.18x 0.2x
Search Homes For Sale In Richmond, KY
$157,200
Median Home Value
$759
Median Rent
$40,221
Median Income

Richmond, KY Costs By Category

Detailed Richmond Services Costs Vs. Kentucky

Item Richmond Kentucky
Shampoo $0.94 $1.06
Movie $9.56 $10.68
Bowling $15.2 $14.67
Haircut $17.72 $18.62
Beauty Salon $37.9 $39.05

Detailed Richmond Groceries Costs Vs. Kentucky

Item Richmond Kentucky
Ground Beef $4.12 $4.22
Fried Chicken $1.11 $1.39
Milk $1.64 $2.05
Potatoes $2.9 $3.29
Pizza $10.33 $10.62
Beer $9.29 $9.38
Toothpaste $1.74 $2.34

Detailed Richmond Health Costs Vs. Kentucky

Item Richmond Kentucky
Optometrist $74.07 $108.57
Doctor $82.39 $116.17
Dentist $76.8 $99.13

Detailed Richmond Transportation Costs Vs. Kentucky

Item Richmond Kentucky
Gasoline $2.08 $2.22
Tire Balancing $44.57 $50.07

Detailed Richmond Utilities Costs Vs. Kentucky

Item Richmond Kentucky
All Electricity $157.57 $167.67
Phone $206.48 $175.64

Richmond SnackAbility

5
/10
Overall SnackAbility
Jobs
4/10
Housing
6
Affordability
5
Diversity
6
Safety
6
Amenities
8.5
Education
8
Commute
8.5

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:

  • Georgetown, KY has a cost of living index of 92, 1.0x Richmond.

  • Nicholasville, KY has a cost of living index of 92, 1.0x Richmond.

  • Frankfort, KY has a cost of living index of 89, 1.0x Richmond.

City Population Cost Of Living Vs. Richmond
Georgetown, KY 36,281 92 1.0x
Nicholasville, KY 31,066 92 1.0x
Frankfort, KY 28,479 89 1.0x
Winchester, KY 18,993 89 1.0x
Danville, KY 17,164 92 1.0x
Berea, KY 15,465 90 1.0x
Lawrenceburg, KY 11,675 89 1.0x
Paris, KY 10,202 88 1.0x
Versailles, KY 10,196 91 1.0x
Wilmore, KY 6,025 91 1.0x

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