Denver vs Richmond: cost of living compared
Richmond is 26% cheaper than Denver overall. State income tax tops out around 4.4% in CO vs 5.75% in VA.
Indexes use a US average of 100: below 100 is cheaper than the national average. Housing and transportation are derived from median home prices, rents and commute times; figures come from BLS, Census ACS, Numbeo and the MIT Living Wage Calculator.
The big picture
Moving from Richmond to Denver means a substantial increase in your overall cost of living, with Denver being noticeably more expensive than the national average, while Richmond is more affordable. The primary driver of this difference is housing, which stands out as significantly pricier in Denver. While some other categories show smaller gaps, housing costs create a considerable financial distinction between these two metros, impacting both renters and homeowners.
Housing
Housing costs present the largest financial difference, with both median home prices and typical one-bedroom rents being substantially higher in Denver. Richmond offers a more accessible housing market for both purchasing and renting, often featuring a mix of historic and newer homes. While property taxes and insurance vary, the initial outlay for housing is considerably greater in the Mountain West metro, making it a key budget consideration.
Taxes and everyday costs
Daily expenses for food, healthcare, and miscellaneous goods and services are somewhat higher in Denver, though the difference is less pronounced than for housing. Transportation costs are also somewhat higher in Denver, despite similar commute times. Utilities are roughly comparable between the two cities. Virginia's state income tax rate is a bit higher than Colorado's, which could slightly offset some of Richmond's other cost advantages.
Lifestyle trade-offs
Beyond costs, a move involves distinct lifestyle changes. Denver offers a high-altitude, semi-arid climate with abundant sunshine and proximity to the Rocky Mountains, attracting outdoor enthusiasts. Richmond, in contrast, has a humid subtropical climate with a longer warm season and a more traditional East Coast feel. Both cities offer a mix of urban amenities, but Denver's higher density and rapid growth may feel different from Richmond's more established, historic character.
Bottom line
For most households, the move from Richmond to Denver would entail a significant increase in overall expenses, primarily due to the much higher cost of housing. While some daily necessities are also pricier in Denver, the housing market creates the biggest budgetary challenge. Conversely, moving from Denver to Richmond would likely free up a considerable portion of a household budget, especially regarding housing, despite a slightly higher state income tax rate.
| Measure | Denver, CO | Richmond, VA |
|---|---|---|
| Overall cost of living (US avg = 100) | 128 | 95 |
| Housing index | 146 | 90 |
| Transportation index | 104 | 93 |
| Food index | 105 | 95 |
| Healthcare index | 108 | 95 |
| Utilities index | 98 | 98 |
| Misc index | 108 | 88 |
| Median home price | $548,000 | $318,000 |
| Median 1-bedroom rent | $1,950/mo | $1,350/mo |
| Average commute | 28 min | 26 min |
Compare any two metros with the free cost of living tool, or see the true monthly cost of a specific Richmond home with the True Cost Calculator.