Salary & Cost of Living in Richmond, VA
Richmond, VA: $62,000 median salary, cost of living index 100, $12.41/hr minimum wage. Calculate your take-home pay with our free paycheck calculator.
Median Salary
$62,000
$30/hr
Cost of Living
100
US avg = 100
Minimum Wage
$12.41
per hour
Unemployment
3.2%
rate
Richmond, VA Overview
Population
226,610
Median Salary
$62,000
Average Salary
$69,000
Avg Commute
24 min
Median Home Price
$295,000
Median Rent
$1,300/mo
Job Growth
+2%
Sales Tax
6%
Richmond is located in Virginia with a population of 226,610. The median household salary is $62,000 per year ($30/hour), which is $2,616 above the national median of $59,384. The average commute time is 24 minutes, and the city has a job growth rate of +2%.
Richmond Paycheck Calculator
Enter your annual salary to see your estimated take-home pay in Richmond, VA, after federal, state, and local taxes.
Estimated Annual Take-Home Pay
$48,291
$4,024.21/month · $1,857.33/biweekly · Effective Rate: 22.1%
Gross Pay
$62,000
Federal Tax
-$5,402
State Tax
-$3,565
Local Tax
$0
FICA
-$4,743
Net Pay
$48,291
Pay Breakdown
| Item | Monthly | Annual |
|---|---|---|
| Gross Salary | $5,166.67 | $62,000.00 |
| Federal Income Tax | -$450.13 | -$5,401.50 |
| Virginia State Tax (5.75%) | -$297.08 | -$3,565.00 |
| Social Security (6.2%) | -$320.33 | -$3,844.00 |
| Medicare (1.45%) | -$74.92 | -$899.00 |
| Net Take-Home Pay | $4,024.21 | $48,290.50 |
Salary Comparison: Richmond vs Other Cities
See how Richmond's median salary and cost of living compare to the national average and similar cities.
| City | Median Salary | COL Index | Adj. Salary |
|---|---|---|---|
| Richmond, VA | $62,000 | 100 | $62,000 |
| National Average | $59,384 | 100 | $59,384 |
| Tempe, AZ | $62,000 | 105 | $59,048 |
| Wilmington, DE | $62,000 | 105 | $59,048 |
| Fort Lauderdale, FL | $62,000 | 118 | $52,542 |
| Miramar, FL | $62,000 | 112 | $55,357 |
Adjusted salary reflects purchasing power when cost of living is factored in. A higher adjusted salary means your money goes further.
Cost of Living in Richmond
Richmond's cost of living index is 100 (national average = 100). Richmond's cost of living matches the national average.
Median Home Price
$295,000
Median Monthly Rent
$1,300
Annual Rent Cost
$15,600
Your Salary's Purchasing Power
Your $48,291 annual take-home pay in Richmond has the purchasing power of approximately $48,291 in an average-cost US area. Your $62,000 salary stretches further here than in most US cities.
Top Industries in Richmond
Richmond's economy is driven by these key industries. Workers in top industries often earn significantly above the median salary of $62,000.
Salary Tips for Richmond Workers
- Maximize pre-tax deductions. With a 5.75% state income tax rate, maximizing 401(k) contributions (up to $23,500 in 2026) and HSA contributions can significantly reduce both your federal and state tax burden.
- Research top industries. Richmond's top industries include Finance, Government, Healthcare. Targeting roles in these sectors can help you earn above the $62,000 median salary.
- Review your W-4 withholding. If you regularly receive large tax refunds, adjust your W-4 to increase your per-paycheck take-home pay instead of giving the government an interest-free loan.
Explore Salaries Across the US
Compare salary data and cost of living for hundreds of US cities. Find out where your paycheck goes the furthest.
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Frequently Asked Questions
What is the median salary in Richmond, VA?
The median salary in Richmond, VA is $62,000 per year, or $30 per hour. The average salary is $69,000. This is $2,616 above the national median of $59,384.
What is the cost of living in Richmond, VA?
Richmond's cost of living index is 100 (national average = 100), meaning it is equal to the cost of living compared to the national average. The median home price is $295,000 and the median monthly rent is $1,300.
What are the best industries in Richmond?
The top industries in Richmond, VA include Finance, Government, Healthcare. The city has a job growth rate of 2% and an unemployment rate of 3.2%. Workers in these industries often earn above the city's median salary of $62,000.
How does Richmond's salary compare to other cities?
Richmond's median salary of $62,000 is 4.4% above the national median of $59,384. However, when adjusted for cost of living (index: 100), the real purchasing power is approximately $62,000.
What is the minimum wage in Richmond, VA?
The minimum wage in Richmond, VA is $12.41 per hour. This equals approximately $25,813 per year for a full-time worker (40 hours/week). This is $5.16 above the federal minimum wage of $7.25/hour.