Thinking about transferring to Richmond Va? Want to know the REAL value of residing in Richmond Virginia? In this video I’m going over the precise value of residing in Richmond AND I present you a price of residing calculator that can assist you to examine Richmond’s value of residing to different main cities. I additionally let you know how a lot cash you should make to dwell in Richmond Virginia! I provide you with precise stats together with median residence costs in comparison with nationwide common, and insider details about the grocery retailer battle that’s serving to to maintain Richmond’s groceries reasonably priced.
Did you already know that Richmond is probably the most reasonably priced metro metropolis in all of Virginia? This is only one cause why so many individuals are transferring to Richmond! In 2020 the median residence worth in Richmond was $280,000, median hire in Richmond is 1193/month. Utilities are 16% dearer than nationwide common, however groceries are 12% cheaper. Median Richmond earnings was $47,250 vs nationwide common of $68,703 (each are 2019 numbers). Below I’ll embody my calculations displaying you ways I obtained to the numbers I speak about within the video.
Example:Rent 1193/month. Groceries 300/month. Transportation prices 813/month (nationwide common). Utilities 124/month. Cell cellphone 70/month. Entertainment $250/month (you may wish to finances extra, Richmond has numerous enjoyable issues to do!). All that provides as much as $2750/month, so for good measure lets add one other 15% on high of that to cowl for every other missed objects (i see you pupil loans). That equals 3162/month of after tax earnings wanted. So lets account for a 5% retirement financial savings price, the virginia earnings tax of 5.75%, and a 22% federal tax price, which suggests we now have to take 32.75% of earnings off the highest soooo 3162*12 = 37944 then divided by 0.6725 = $56,422 pretax earnings wanted. Running the identical numbers however with a roommate the place hire and utilities have been equally shared yields a results of $42,908 pretax earnings wanted.
Let me know what you consider these calculations! Again, Richmond is the most affordable metro space to dwell in all of Virginia and for my part probably the most enjoyable!
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