Cost of Living in Henrico
Henrico's cost of living reads as a real, genuine value relative to both the national and Virginia averages -- a BestPlaces cost-of-living index of 97.6 puts the county 2.4% below the U.S. average and 6.3% below the Virginia state average -- while housing itself varies sharply depending on which part of the county a buyer targets.
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Learn moreA cost-of-living index genuinely below both national and state averages
BestPlaces cites Henrico's overall cost-of-living index at 97.6 (100 = U.S. average), reflecting housing, food, childcare, transportation, healthcare, and tax costs blended together -- 2.4% below the national average and 6.3% below the Virginia state average. This is a real, favorable reading relative to many other Richmond-region and Virginia markets in this dataset.
Housing cost genuinely depends on which part of the county
The county's own median sale price ($382,000 per a November 2025 Redfin reading, down 6.8% YoY; a separate 2026 source cites approximately $420,000 for single-family homes) blends two very different submarkets: western Henrico (Short Pump, Glen Allen, Wyndham) runs $450,000-$520,000+, while eastern Henrico (Highland Springs, Sandston) runs $245,000-$270,000 -- a genuinely wide, real spread that a single countywide figure understates.
Virginia's near-flat income tax and Henrico's own lower property tax
Virginia's graduated income tax brackets (2%/3%/5%/5.75%) function as a near-flat 5.75% tax for most working filers once income clears the $17,000 top-bracket threshold -- a real, structural cost regardless of which Henrico neighborhood a resident lives in. Henrico's own real estate tax rate ($0.85 per $100 of assessed value in current 2026 sources) runs meaningfully below Richmond city's $1.20 rate, a real, genuine cost advantage to living in the county rather than the city itself. See taxes for the full breakdown.
A genuinely more affordable entry point than several other metros in this dataset
Even at the higher end of western Henrico's range, home prices here run well below several other major metros built in this dataset (e.g., Denver's $612K-$640K range), while the median household income ($88,783 per the most recent ACS figure) runs meaningfully above the national median -- a real, favorable income-to-cost ratio for the county overall, even as specific neighborhoods vary.
Key takeaways
- Henrico's BestPlaces cost-of-living index (97.6) runs below both the national average (2.4% lower) and the Virginia state average (6.3% lower).
- Housing cost genuinely depends on location within the county: $245K-$270K in eastern Henrico vs. $450K-$520K+ in western Henrico -- a real, wide spread the countywide median ($382K-$420K depending on source) doesn't fully capture.
- Virginia's graduated income tax functions as a near-flat 5.75% for most working filers; Henrico's own $0.85/$100 real estate tax rate runs meaningfully below Richmond city's $1.20/$100.
- Median household income ($88,783) runs above the national median, giving Henrico a real, favorable income-to-housing-cost ratio overall.
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