Cost of Living in Richmond, MI
Population 5,839 · Michigan · Data vintage 2023
(100 = US avg)
Richmond is a smaller Michigan community of around 6000 residents, where median household incomes of $61,715 and housing costs ($228,000 for a typical home) give the local cost-of-living profile a distinctly small-town shape. Around 23% 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 20 miles northeast of Sterling Heights. Median home values run roughly 13% lower than Sterling Heights' $261,000.
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 $228,000 — 25% below the national median of $305,000. Median rent runs $870/month, 34% lower than the national median of $1,314/month. The median household income of $61,715/year is 17% lower than the US median of $74,580. The local unemployment rate is 8.4%, above the national average of 4.8%. Michigan's top state income tax rate is 4.3% and the combined sales tax is 6.0%. Overall, Richmond has a cost of living index of 71 versus the US average of 100, meaning it is 29% less expensive.
Richmond has limited residential data
Detailed housing and income data is limited for this location. Here are the nearest cities with full cost of living data:
🏠 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
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Richmond, MI?
Richmond has a cost index of 71 (100 = national average). It is 29% below the national average.
What is average rent in Richmond, MI?
The median gross rent in Richmond is $870 per month based on 2023 Census data.
What is the average home price in Richmond?
The median home value in Richmond is $228,000 according to Zillow and Census data.
What is the median income in Richmond?
The median household income in Richmond is $61,715 per year (2023 ACS 5-year estimates).
What is the sales tax in Richmond, MI?
The combined state and local sales tax rate in Richmond is 6.0%. The Michigan state income tax top rate is 4.3%.
Is Richmond, MI affordable?
Yes, Richmond is generally considered affordable, with a cost of living index of 71 — about 29% below the US national average of 100.
Richmond at a Glance
- Population
- 5,839
- Median Income
- $61,715
- Home Value
- $228,000
- Median Rent
- $870/mo
- Unemployment
- 8.4%
- Sales Tax
- 6.0%
Nearby Cities
Explore county-level cost of living data
Michigan Rankings
Similar Cost Cities
Cities in other states with comparable housing costs