Richmond, CA, Cost of Living: What You Need to Know

The Contra Costa County city of Richmond, located in the East Bay region of San Francisco’s Bay, borders places like San Pablo, Albany, and El Cerrito. 

While the city stands in its own right, its proximity to San Francisco is particularly advantageous for the job market. Moreover, the city exudes a suburban vibe that many who want to stay away from the city noise of its neighbors will greatly appreciate.

Are you thinking of calling Richmond, California, home? Then, it definitely will interest you to learn about the Richmond, CA, cost of living, including the financial details of housing and healthcare.

Let’s get straight into it!

Housing Costs in Richmond

Many people moving from other locations to California must brace themselves for the state’s living costs. But while it’s true that California is not exactly easy on the wallet, there are some pretty affordable areas.

One such place is Richmond, CA. Even though the overall cost of living here is 26% higher than the national average and housing costs towers at 43% above most cities in the U.S., about 52% of the residents here own their homes.

What does that tell you? 

It demonstrates that despite being in the Bay Area, housing is relatively affordable here without the typical California-style expenses. Plus, you can also say the average rent in Richmond, CA, is lower than in nearby cities.

• Average House Rent: $2,801
• Median Home Value: $545,000

There is no doubt about it: homes often sell above their listing price (2% – 7% higher), with the highly sought-after ones lingering in the market no more than 12 days after listing. 

But its real estate market is a buyer’s market, meaning there are many options, and you might score a nice bungalow with Bay views. 

Utility Costs

While Richmond’s housing cost does hold the torch against other Bay Area cities in terms of affordability, keeping the lights on in Richmond costs some money.

With utility costs 40% above the national average, electricity, water, and internet costs add up to Richmond, CA, cost of living. 

On average, expect to spend close to $300 a month on basic utilities like electricity, heating, cooling, and water. 

• Energy Bill: $275.04
• Phone Bill: $270.39

Note: 

The movers in Richmond, CA, will tell you to expect fluctuations in this price as it is not set in stone. Hence, you might pay a little above or below the average.

Read more: Hiring local movers in Richmond

Grocery and Food

Even though Richmond is blessed with a mix of grocery stores, from the local farmer’s markets to familiar chains like Safeway and Trader Joe’s, the grocery prices are 17% higher than the national average. 

But how much should you budget for food? 

On average, a single person spends about $681 monthly on food. Families, of course, will spend more (about $1,773 for a family of 4). 

Plus, if you enjoy organic items, you might find that your cost of living in Richmond, CA, will increase. 

Transportation Costs

A reliable means of getting around Richmond, CA, is important since many of its residents commute to San Francisco. 

Fortunately, Richmond is connected by BART (Bay Area Rapid Transit) and buses, which has proven convenient for locals without personal cars.

However, depending on how frequently you use BART or buses, you may have to pay between $70.9 and $120 per month. 

If you’re driving, keep in mind that California’s gas prices are on the higher side, averaging $4.45 per gallon.

Moreover, Richmond is pretty much a bike-friendly city — saving you extra cost on gas or bus tickets.

Healthcare Costs

Part of the budget puzzle you must figure out is Richmond’s healthcare. 

With healthcare costs 21% above the national average, you don’t need a soothsayer to whisper the answer to the question, “Is Richmond expensive?”

Healthcare costs in most of California are slightly higher than the national average. A single person can pay around $450 monthly for health insurance.

Note:

The good news is that Richmond has several great healthcare providers, from clinics to hospitals. Of course, costs can vary depending on coverage, but the area’s healthcare infrastructure is solid.

Education Costs

If you have kids or are considering furthering your own education, Richmond offers a mix of public, private, and charter schools, as well as nearby colleges and universities. 

Thankfully, public schools are free and funded by taxpayers’ funds. But private education in California can be pricey, with annual tuition costs ranging from $12,000 to $30,000, depending on the institution.

For higher education, community colleges like Contra Costa College offer affordable options. Tuition averages around $1,400 per year for in-state students. 

For the 4-year nonprofit schools in Richmond where you can get a degree in education and teaching, you will have to pay around $43,367 within this period.

Goods and Services

If you’ve long considered shopping, dining, and entertainment in this city, factor in how these will add to your overall Richmond, CA, cost of living. 

These goods and services costs are a mix of high and low in Richmond!

Be prepared for Bay Area prices, whether grabbing a latte at a cozy café or indulging in a night out at a trendy restaurant. A meal at a mid-range restaurant could set you back $25 to $30 per person.

Luckily, Richmond has plenty of parks and outdoor spaces that are free to enjoy. For instance, hiking along the shoreline or exploring local nature preserves will cost you nothing.

Income and Taxes

The city of Richmond offers a mix of blue-collar and white-collar job opportunities, with many residents commuting to nearby tech hubs for work. 

However, prepare to have a chunk of those earnings going to taxes. California levies state income taxes, reaching up to 12.3% for high earners. Plus, there’s also a sales tax, with Richmond’s currently fixed at a high rate.

• Personal Income Tax Rate: 1% to 12.3%
• Property Tax Rates: 1.11% 
• Sales Tax Rate: 9.75%

However, while you may consider the tax, it’s important to note that the median household income in Richmond is higher than the national average. 

Whether it buffers tax spending or helps with the affordability of the Richmond, CA, cost of living, you still take home a decent sum after taxes and expenses.

• Population: 116,448
• Median Household Income: $86,618
• Unemployment Rate: 5.6%
• Poverty Rate: 14.3%

Read more: Why are homes so much cheaper in Garberville?

Endnote on Richmond’s Cost of Living

Living in Richmond, CA, is all about balance. You will encounter higher housing prices and taxes, but you’ll also enjoy the benefits of a thriving, diverse community with a lower cost of living than some nearby Bay Area cities. 

Financial prudence is key when figuring out or budgeting how to manage your Richmond, CA, cost of living. If access to the urban centers nearby, outdoor opportunities, and a high quality of life are at the top of your list, you may find that the higher living costs in Richmond are worth every penny.

But if you have other motivations, evaluate them against what you earn and spend based on these average values. Then, you can decide if Richmond is the place for you to be.

Good luck!

Read more: Best neighborhoods in Santa Rosa, CA

Written by Billy Guteng. October 1, 2024

Billy is a content writer for Kukun. He was born in France, and has lived in multiple cities around the world ever since. He loves art, design and architecture as well as construction and real estate.