Richmond Hourly Wage & Salary 2026
Richmond, VA: $29.81/hr median hourly wage, $62,000 median annual salary, cost of living index 100, and $12.41/hr minimum wage. Calculate take-home pay with federal and Virginia taxes.
Richmond Hourly Wage Quick Answer
The median hourly wage in Richmond, VA is $29.81/hr, equivalent to $62,000 per year at 2,080 work hours. Entry-level pay estimates around $18.48/hr, senior-level pay estimates around $42.33/hr, and the local minimum wage is $12.41/hr.
Median Salary
$62,000
$29.81/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 ($29.81/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 Salary by Experience Level (2026)
Wage distribution in Richmond, VA based on BLS percentile breakdown of the $62,000 median salary. Entry-level represents 10th–25th percentile; mid-level is the median; senior-level represents 75th–90th percentile.
| Experience Level | Annual Salary | Hourly Wage | Years Exp |
|---|---|---|---|
| Entry-Level | $38,440 | $18.48/hr | 0–2 years |
| Mid-Level (Median) | $62,000 | $29.81/hr | 3–7 years |
| Senior-Level | $88,040 | $42.33/hr | 8–15 years |
| Top 10% (90th Percentile) | $110,360 | $53.06/hr | 15+ years / leadership |
Percentile multipliers (62%, 100%, 142%, 178%) derived from 2024 BLS Occupational Employment and Wage Statistics distribution across all occupations in metro areas. Specific roles vary; see jobs by city for role-specific data.
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
$48,432
$4,036.00/month · $1,862.77/biweekly · Effective Rate: 21.9%
Gross Pay
$62,000
Federal Tax
-$5,260
State Tax
-$3,565
Local Tax
$0
FICA
-$4,743
Net Pay
$48,432
Pay Breakdown
| Item | Monthly | Annual |
|---|---|---|
| Gross Salary | $5,166.67 | $62,000.00 |
| Federal Income Tax | -$438.33 | -$5,260.00 |
| 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 | $4,036.00 | $48,432.00 |
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 $48,432 annual take-home pay in Richmond has the purchasing power of approximately $48,432 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 $24,500 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.
Methodology & Local Economy Data Sources
How we calculate Richmond salary data: Our citywide compensation figures aggregate occupation-specific salary data from BLS Occupational Employment and Wage Statistics for the Richmond-VA metropolitan statistical area (MSA), weighted by local employment counts. Cost-of-living adjustments use the C2ER Cost of Living Index baseline of 100 (national average), with Richmond indexed at 100.
- Median salary calculation: weighted average of Richmond's occupation-specific medians from BLS OEWS, adjusted for local cost of living. Net result: $62,000 annual median.
- Tax burden reflects Virginia state income tax (5.75%) (no local income tax), sales tax (6%), and federal taxes per IRS 2026 brackets.
- Unemployment rate for Richmond: 3.2%, sourced from BLS Local Area Unemployment Statistics (LAUS).
- Top industries: Finance, Government, Healthcare — based on QCEW employment concentration data.
- Job growth: 2% projected through 2034, derived from BLS Employment Projections program for Virginia.
- Housing context: median home price $295,000, median rent $1,300/mo, sourced from Census American Community Survey 5-year estimates.
Authoritative US data sources for Richmond, VA:
- BLS Occupational Employment and Wage Statistics (OEWS) — metropolitan area salary data
- BLS Local Area Unemployment Statistics — Richmond unemployment rate
- U.S. Census Bureau — Richmond QuickFacts — population, housing, demographics
- BLS Quarterly Census of Employment and Wages (QCEW) — county-level industry employment
- BLS Economy at a Glance — Virginia — state economic indicators
- U.S. Bureau of Economic Analysis (BEA) — local GDP and personal income data
- BLS Consumer Price Index (CPI-U) — regional inflation tracking
Disclaimer: Salary and cost data are estimates for general guidance. Individual compensation varies by employer, experience, education, negotiation, and skills. Richmond's rapidly changing economy can shift these baselines — always verify with current job listings, employer offers, and recent Virginia labor market reports for the most current figures.
Reviewed by Brazora Monk· Last updated 2026 · BLS & Census data current as of latest releases
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Frequently Asked Questions
What is the hourly wage in Richmond, VA?
The median hourly wage in Richmond, VA is $29.81 per hour. At a standard 2,080-hour work year, that equals about $62,000 per year. Entry-level workers are estimated around $18.48/hr, while senior-level workers are estimated around $42.33/hr before overtime, bonuses, or benefits.
What is the median salary in Richmond, VA?
The median salary in Richmond, VA is $62,000 per year, or $29.81 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.