Cost of Living in Richmond, IN
Cost indexes, living wages, and fair market rents — 2024 Data
Cost of Living Overview
Overall Index
77.4
100 = national avg
-22.6 vs national average
Living Wage (1 Adult)
$34,072
per year
Living Wage (Family of 4)
$80,534
per year
Cost Index by Category
Housing74.0
Food85.5
Transportation70.9
Healthcare88.4
Utilities86.1
100 = national average. Higher = more expensive.
Fair Market Rent
Source: HUD1 Bedroom
$729
per month
2 Bedroom
$956
per month
The overall cost of living index in Richmond is 77.4, which is 22.6% below the national average. Housing costs are below the national average at an index of 74.0. A single adult needs to earn approximately $34,072 per year to cover basic expenses.