Richmond, MI Cost Of Living

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

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

  1. Summary
  2. National Comparison
  3. Housing Breakdown
  4. Detailed Pricing
  5. Nearby Comparisons
95
Richmond's Overall Cost Of Living
0.9x
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:

124 out of 175
In Michigan
2,449 out of 6,412
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
For more reading on cost of living around Michigan, check out:
Richmond Cost of Living Vs. MI

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
Search Homes For Sale In Richmond, MI
$192,400
Median Home Value
$783
Median Rent
$58,684
Median Income

Richmond, MI Costs By Category

Detailed Richmond Services Costs Vs. Michigan

Item Richmond Michigan
Shampoo $0.94 $1.06
Movie $11.26 $10.68
Bowling $19.8 $14.67
Haircut $18.95 $18.62
Beauty Salon $54.27 $39.05

Detailed Richmond Groceries Costs Vs. Michigan

Item Richmond Michigan
Ground Beef $4.55 $4.22
Fried Chicken $1.13 $1.39
Milk $1.44 $2.05
Potatoes $4.18 $3.29
Pizza $10.82 $10.62
Beer $8.42 $9.38
Toothpaste $2.43 $2.34

Detailed Richmond Health Costs Vs. Michigan

Item Richmond Michigan
Optometrist $81.52 $108.57
Doctor $104.59 $116.17
Dentist $99.57 $99.13

Detailed Richmond Transportation Costs Vs. Michigan

Item Richmond Michigan
Gasoline $2.25 $2.22
Tire Balancing $58.95 $50.07

Detailed Richmond Utilities Costs Vs. Michigan

Item Richmond Michigan
All Electricity $159.51 $167.67
Phone $178.81 $175.64

Richmond SnackAbility

5
/10
Overall SnackAbility
Jobs
6/10
Housing
6
Affordability
8
Diversity
6
Safety
7
Amenities
8
Education
6
Commute
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:

  • 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

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