Cost of Living in Richmond, MI
Cost indexes, living wages, and fair market rents — 2024 Data
Cost of Living Overview
Overall Index
101.4
100 = national avg
+1.4 vs national average
Living Wage (1 Adult)
$44,596
per year
Living Wage (Family of 4)
$105,409
per year
Cost Index by Category
Housing110.5
Food97.2
Transportation94.3
Healthcare97.7
Utilities100.4
100 = national average. Higher = more expensive.
Fair Market Rent
Source: HUD1 Bedroom
$1,122
per month
2 Bedroom
$1,411
per month
The overall cost of living index in Richmond is 101.4, which is 1.4% above the national average. Housing costs are above the national average at an index of 110.5. A single adult needs to earn approximately $44,596 per year to cover basic expenses.