Safe Rate Local

Cost of Living in Henrico County

Is it better to rent or buy in Henrico County? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

← Back to Henrico County Hub

Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$101,911
$1,632/mo

Median in area: $1,632

$390,670

Median in area: $390,670

$78,134

If you Rent

🔑
$1,812 /mo
Base Rent$1,632
Est. Utilities$180
% of Income21.3%
Pre-tax Residual$6,681

If you Buy

🏠
$2,555 /mo
P&I (6.959%)$2,071
Taxes & Ins$304
Est. Utilities$180
% of Income30.1%
Pre-tax Residual$5,938

Compare Nearby Areas

See how Henrico County stacks up against neighboring areas.

countyCharles City County, VA
$1,152/mo
countyGoochland County, VA
$1,440/mo
countyChesterfield County, VA
$1,819/mo
countyRichmond City, VA
$1,350/mo
countyRichmond City, VA
$1,360/mo
countyHanover County, VA
$1,743/mo

Cost of Living FAQs

Is it cheaper to rent or buy in Henrico County?›

Based on median housing data, renting is currently more affordable on a monthly basis in Henrico County. The estimated all-in monthly cost for renting is $1,812, while owning a median-priced home with a 20% down payment is roughly $2,555 per month (a difference of $743).

How much do utilities cost in Henrico County?›

The average monthly utility cost (electricity and natural gas) for a typical home in Henrico County is approximately $180. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Henrico County?›

To comfortably afford the median rent and utilities in Henrico County without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $72,480 per year.