Cost of Living in Richmond, KY

With a cost of living index of 75, Richmond, KY is a very affordable place to live. Living here is 25% cheaper than the national average and 3% below the Kentucky state average of 78. With a population of 35,498, Richmond is a mid-sized community that balances access to services with a more manageable cost of living compared to larger metros.

Housing costs are the biggest factor in Richmond's cost of living. The median monthly rent is $860 (35% below the US median of $1,319), and the median home value sits at $205,900 (32% below the national median of $304,900). At current prices, the median home costs roughly 4.3x the median household income — a moderately affordable ratio by today's standards.

The median household income in Richmond is $48,223, which is 36% lower than the national median of $75,149. Residents spend roughly 21% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.