Richmond, VA Salary Guide: The Real Value of $100,000

You see the six-figure number on the offer letter, but what hits your bank account in Richmond is a different story. We strip away the noise and run the raw numbers to see if that $100k salary buys you freedom or just keeps you afloat.

The Verification Test ($100,000 Analysis)

Let’s put the "Sticker Price" under the microscope. A $100,000 annual salary in Richmond, VA, looks robust on paper, but the government takes its cut before you see a dime.

The Gross vs. Net Reality:

• Sticker Price: $100,000
• Federal Tax: -$13,614
• FICA Tax: -$7,650
• State Tax (VA): -$5,750
• Local Tax: $0
• Take Home Pay: $72,986

The Verdict:
You lose roughly 27% of your gross income to taxes. That leaves you with $72,986 in purchasing power. While Virginia does levy a state income tax (unlike states like Texas or Florida), it is a flat rate structure that doesn't aggressively punish high earners the way progressive tax states do. However, losing nearly $6k to Richmond’s state coffers is a sharp hit to your bottom line.

Smart Budget Breakdown (50/30/20 Rule)

With a monthly net of $6,082, how do you survive in a city where rent prices have been climbing? We apply the strict 50/30/20 rule to see if the math holds up.

Needs: $3,041 / Month

This bucket covers the essentials: rent, utilities, groceries, and insurance.

• Purchasing Power: In Richmond, a decent one-bedroom apartment averages between $1,500 and $1,800. Let's budget $1,700 for housing.
• The Remainder: After rent, you have roughly $1,341 left for utilities, insurance, and food. This is tight but manageable for a single person. You aren't starving, but a sudden car repair will hurt.

Wants: $1,825 / Month

This is your discretionary spending—dining out, nightlife in Scott’s Addition, and entertainment.

• The Reality: This is a healthy budget for fun. You can afford to hit the town, maintain a gym membership, and buy new clothes without sweating the balance. Richmond’s social scene is significantly cheaper than major metros, so this money goes far.

Savings: $1,216 / Month

This is where wealth is built.

• Wealth Creation: Saving over $1,200 a month is the difference between working forever and retiring early. This covers a healthy 401(k) match, IRA contributions, or a down payment fund. If you can stick to this number, $100k is a very good salary in Richmond.

Richmond Taxes vs The Competition

To understand the value of $100k in Richmond, you have to look at the competition.

Richmond vs. New York City:
In NYC, a $100k salary is decimated by city, state, and federal taxes. You’d likely take home closer to $65k–$68k, and your rent would consume double what you pay in Richmond. Your savings rate in NYC would drop to near zero.

Richmond vs. Austin, Texas:
Texas has no state income tax. On paper, Austin looks cheaper. However, Texas has brutally high property taxes (passed down to renters) and a cost of living that is rapidly catching up to coastal cities. Richmond offers a "Goldilocks" zone: moderate taxes, but housing costs that are still within reach for the middle class.

The Bottom Line:
While the Virginia State Tax of $5,750 stings, the lack of a local city tax (0%) is a massive advantage. You retain more of your paycheck than in Philadelphia or Baltimore, where local taxes eat 3-4% off the top.

Frequently Asked Questions (FAQ)

Q: What is the income tax rate in Richmond?
A: Virginia uses a progressive tax bracket system. For a $100,000 salary, your effective state tax rate is roughly 5.75%. Richmond city proper does not levy a local income tax, which saves you thousands compared to cities like Pittsburgh or Cleveland.

Q: Is $100k a good salary in Richmond?
A: Yes. It is well above the median household income for the area. It provides enough net pay ($6,082/mo) to cover high-quality housing, build a savings portfolio, and enjoy the city's amenities without financial anxiety.

Q: Does Richmond have a local city tax?
A: No. Residents of the City of Richmond do not pay a local wage or earnings tax. You pay state and federal only.

Methodology: Calculations based on IRS 2026 Tax Tables (Single Filer, Standard Deduction), Virginia State Tax Comptroller rates for 2024/2025, and Bureau of Labor Statistics (BLS) CPI data for the Richmond Metro Area.