Cost of Living in Richmond, VT

With a cost of living index of 112, Richmond, VT is somewhat more expensive than average. Living here is 12% more expensive than the national average and 20% above the Vermont state average of 92. Richmond is a small community of 675 residents.

Housing costs are the biggest factor in Richmond's cost of living. The median monthly rent is $1,814 (38% above the US median of $1,319), and the median home value sits at $261,900 (14% below the national median of $304,900). At current prices, the median home costs roughly 4.2x the median household income — a moderately affordable ratio by today's standards.

The median household income in Richmond is $62,240, which is 17% lower than the national median of $75,149. Residents spend roughly 35% of household income on rent. This exceeds the recommended 30% threshold, meaning many renters here are cost-burdened.

Everyday prices in the Burlington-South Burlington, VT (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 5 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

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.