Portsmouth, VA vs Richmond, VA

Portsmouth is moderately more affordable than Richmond, with a 9.7% lower cost of living index. Portsmouth scores 91 compared to 101 for Richmond, where the US average is 100. This difference means residents of Richmond can expect to pay noticeably more for everyday expenses, housing, and services.

On the housing front, median rent in Portsmouth is $1,266/month compared to $1,314/month in Richmond — a 4% difference. Home values follow the same pattern: Portsmouth is more affordable at $229,400 median vs $328,100.

Median household income in Portsmouth is $58,972 compared to $62,671 in Richmond (-5.9%). The higher salaries in Richmond partially offset the cost difference, but don't fully close the gap. Looking at affordability, residents of Portsmouth spend roughly 25.8% of their income on rent, more than the 25.2% in Richmond.