Quick answer
Overall prices in the Miami, FL metro were 114.2 vs 97.9 in Richmond, VA in 2024 (US = 100), so Miami is 16.7% more expensive than Richmond; housing rents differ by 57% (155.6 vs 99.1). A $75,000 income in Miami buys about what $64,293 buys in Richmond, per BEA.
Data as of 2024. Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024
| Price index (US = 100) | Miami | Richmond | Miami vs Richmond |
|---|---|---|---|
| All items | 114.2 | 97.9 | +16.7% |
| Goods | 103.6 | 96.8 | +7.0% |
| Housing (rents) | 155.6 | 99.1 | +56.9% |
| Utilities | 97.2 | 89.2 | +9.0% |
| Other services | 109.1 | 98.6 | +10.6% |
| All items, 2008 | 106.5 | 98.1 | +8.5% |
| $50,000 in Miami equals in Richmond | $42,862 | ||
| $100,000 in Miami equals in Richmond | $85,724 | ||
| $150,000 in Miami equals in Richmond | $128,586 |
Related
- Cost of living: Miami, FL vs Portland, OR (2024)
- Cost of living: Miami, FL vs Providence, RI (2024)
- Cost of living: Miami, FL vs Raleigh, NC (2024)
- Cost of living: Miami, FL vs Riverside, CA (2024)
- Cost of living: Miami, FL vs Sacramento, CA (2024)
- Cost of living: Miami, FL vs Salt Lake City, UT (2024)
- Cost of living: Miami, FL vs San Antonio, TX (2024)
- Cost of living: Miami, FL vs San Diego, CA (2024)
Last updated 2026-10-16. Data only, not financial or tax advice.