RICHMOND — The city of Richmond is still one of the least expensive places to live in the United States, according to a new report.
The Council for Community and Economic Research has published a quarterly "Cost of Living Index" since 1968 and bases the rankings off a "standardized basket of goods and services that a typical consumer might purchase," using weights derived from the Bureau of Labor Statistics' Consumer Expenditure Survey, according to project manager Tyler Baines.
Each quarter, Baines said, 250 to 300 urban areas across the United States are calculated, and Richmond has been included in the index since 2009.
"In Richmond’s case, housing stands out as particularly affordable compared to other areas, which is a significantly weighted category in the index," Baines said.
Since at least the start of 2024, Richmond has ranked in the top six of least expensive urban areas to live in with a Cost of Living Index just above 80 each time. The lower the index, the least expensive the area is.
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