Philadelphia vs Richmond: cost of living compared
Richmond is 15% cheaper than Philadelphia overall. State income tax tops out around 3.07% in PA 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
Overall, the cost of living is noticeably higher in Philadelphia compared to Richmond. This difference is primarily driven by higher expenses in Philadelphia for transportation, food, and healthcare. While housing costs show some variation, the combined effect of other categories makes Philadelphia the more expensive option for general expenses, despite some housing metrics being similar or even higher in Richmond.
Housing
The housing cost index is roughly similar between both metros. However, median home prices are somewhat higher in Richmond, while median rent for a one-bedroom apartment is higher in Philadelphia. Philadelphia offers a mix of historic rowhouses and urban apartments, while Richmond features a blend of historic homes and newer developments. Property taxes and insurance costs will vary by location within each metro.
Taxes and everyday costs
Daily expenses for things like groceries, healthcare, and utilities are generally higher in Philadelphia. Transportation costs also present a significant difference, being much higher in Philadelphia. State income tax rates are considerably lower in Pennsylvania than in Virginia, which can impact take-home pay. These factors mean that routine household spending will likely be greater in Philadelphia.
Lifestyle trade-offs
Philadelphia, a larger and older city, offers a more extensive public transit system and a denser urban environment, often with a faster pace. Richmond, while also historic, tends to have a more car-dependent culture and a somewhat slower pace. Both experience four distinct seasons, but Philadelphia's winters can be colder with more snow, while Richmond's climate is generally milder. Neither metro is typically prone to extreme weather events like hurricanes.
Bottom line
For households considering a move, Richmond generally presents a more budget-friendly option across most spending categories. While home purchase prices can be higher in Richmond, the overall cost of living, particularly for transportation, food, and healthcare, is notably lower. Philadelphia offers a more robust public transit system and a denser urban experience, but at a higher financial outlay for everyday essentials and transportation needs.
| Measure | Philadelphia, PA | Richmond, VA |
|---|---|---|
| Overall cost of living (US avg = 100) | 112 | 95 |
| Housing index | 91 | 90 |
| Transportation index | 120 | 93 |
| Food index | 105 | 95 |
| Healthcare index | 108 | 95 |
| Utilities index | 105 | 98 |
| Misc index | 102 | 88 |
| Median home price | $298,000 | $318,000 |
| Median 1-bedroom rent | $1,550/mo | $1,350/mo |
| Average commute | 34 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.