Cost of Living in Richmond, KY
Population 35,498 · Kentucky · Data vintage 2023
(100 = US avg)
At $48,223, median household incomes in Richmond land roughly 35% below the US median, a gap that tends to persist across local labor-market indicators. Around 22% of residents live below the federal poverty line, a rate that tends to correlate with the income and housing figures above.
Geographically, Richmond sits roughly 25 miles southeast of Lexington-Fayette urban county. Median home values run roughly 24% lower than Lexington-Fayette urban county's $272,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Richmond
The median home value in Richmond is $205,900 — 32% below the national median of $305,000. Median rent runs $860/month, 35% lower than the national median of $1,314/month. The median household income of $48,223/year is 35% lower than the US median of $74,580. The local unemployment rate is 6.7%, above the national average of 4.8%. Kentucky's top state income tax rate is 4.0% and the combined sales tax is 6.0%. The climate averages highs of 66.3°F and lows of 46.3°F, with about 14.5" of annual snowfall. Overall, Richmond has a cost of living index of 67 versus the US average of 100, meaning it is 33% less expensive.
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
🌤 Climate
NOAA 1991–2020 Climate Normals
| Month | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High °F | 42 | 47 | 56 | 67 | 76 | 84 | 87 | 86 | 80 | 69 | 56 | 46 |
| Low °F | 25 | 28 | 36 | 45 | 55 | 63 | 67 | 65 | 58 | 47 | 36 | 30 |
| Precip" | 3.42 | 3.64 | 4.48 | 4.42 | 5.44 | 4.96 | 5.12 | 3.71 | 3.42 | 3.66 | 3.37 | 4.20 |
| Snow" | 4.7 | 4.5 | 2.8 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.4 | 1.9 |
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Richmond, KY?
Richmond has a cost index of 67 (100 = national average). It is 33% below the national average.
What is average rent in Richmond, KY?
The median gross rent in Richmond is $860 per month based on 2023 Census data.
What is the average home price in Richmond?
The median home value in Richmond is $205,900 according to Zillow and Census data.
What is the median income in Richmond?
The median household income in Richmond is $48,223 per year (2023 ACS 5-year estimates).
What is the sales tax in Richmond, KY?
The combined state and local sales tax rate in Richmond is 6.0%. The Kentucky state income tax top rate is 4.0%.
Is Richmond, KY affordable?
Yes, Richmond is generally considered affordable, with a cost of living index of 67 — about 33% below the US national average of 100.
What is the weather like in Richmond?
Richmond has average high temperatures of 66.3°F and average lows of 46.3°F. Annual precipitation is 49.8". Average annual snowfall is 14.5". Data from NOAA 1991–2020 Climate Normals.
Richmond at a Glance
- Population
- 35,498
- Median Income
- $48,223
- Home Value
- $205,900
- Median Rent
- $860/mo
- Unemployment
- 6.7%
- Avg High Temp
- 66.3°F
- Sales Tax
- 6.0%
Nearby Cities
Explore county-level cost of living data
Kentucky Rankings
Similar Cost Cities
Cities in other states with comparable housing costs