Cost of Living in Richmond, RI
Population 8,107 · Rhode Island · Data vintage 2023
(100 = US avg)
Richmond is a smaller Rhode Island community of around 8000 residents, where median household incomes of $118,924 and housing costs ($419,000 for a typical home) give the local cost-of-living profile a distinctly small-town shape. An unemployment rate of 0.9% points to a labor market well on the tight side of the national distribution.
Geographically, Richmond is about 25 miles southwest of Providence, the nearest large metro. Median home values run roughly 30% higher than Providence's $323,000.
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 $418,500 — 37% above the national median of $305,000. Median rent runs $1,185/month, 10% lower than the national median of $1,314/month. The median household income of $118,924/year is 59% higher than the US median of $74,580. The local unemployment rate is 0.9%, below the national average of 4.8%. Rhode Island's top state income tax rate is 6.0% and the combined sales tax is 7.0%. The climate averages highs of 58.9°F and lows of 40.1°F. Overall, Richmond has a cost of living index of 118 versus the US average of 100, meaning it is 18% more 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
🌤 Climate
NOAA 1991–2020 Climate Normals
| Month | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High °F | 38 | 39 | 46 | 56 | 66 | 74 | 80 | 79 | 72 | 62 | 52 | 43 |
| Low °F | 20 | 21 | 28 | 36 | 46 | 56 | 62 | 60 | 53 | 42 | 33 | 26 |
| Precip" | 4.15 | 3.87 | 5.73 | 4.51 | 3.50 | 3.90 | 3.09 | 4.10 | 4.30 | 4.59 | 4.39 | 5.14 |
Frequently Asked Questions
What is the cost of living in Richmond, RI?
Richmond has a cost index of 118 (100 = national average). It is 18% above the national average.
What is average rent in Richmond, RI?
The median gross rent in Richmond is $1,185 per month based on 2023 Census data.
What is the average home price in Richmond?
The median home value in Richmond is $418,500 according to 2023 Census ACS data.
What is the median income in Richmond?
The median household income in Richmond is $118,924 per year (2023 ACS 5-year estimates).
What is the sales tax in Richmond, RI?
The combined state and local sales tax rate in Richmond is 7.0%. The Rhode Island state income tax top rate is 6.0%.
Is Richmond, RI affordable?
Richmond is above average in cost of living, with an index of 118 — about 18% higher than the national average.
What is the weather like in Richmond?
Richmond has average high temperatures of 58.9°F and average lows of 40.1°F. Annual precipitation is 51.3". Data from NOAA 1991–2020 Climate Normals.
Richmond at a Glance
- Population
- 8,107
- Median Income
- $118,924
- Home Value
- $418,500
- Median Rent
- $1,185/mo
- Unemployment
- 0.9%
- Avg High Temp
- 58.9°F
- Sales Tax
- 7.0%
Nearby Cities
Explore county-level cost of living data
Rhode Island Rankings
Similar Cost Cities
Cities in other states with comparable housing costs