New York-Newark-Jersey City vs Richmond
Fair Market Rent Comparison — HUD 2025 Data
Quick Answer
Richmond is 125% cheaper for renters. A 2-bedroom rents for $1,021/mo vs $2,293/mo in New York-Newark-Jersey City — saving $15,264/year.
Rent by Unit Size
| Unit Size | New York-Newark-Jersey City | Richmond | Difference |
|---|---|---|---|
| Studio | $1,531 | $669 | $862 |
| 1 Bedroom | $1,813 | $842 | $971 |
| 2 Bedrooms | $2,293 | $1,021 | $1,272 |
| 3 Bedrooms | $2,674 | $1,317 | $1,357 |
| 4 Bedrooms | $3,167 | $1,453 | $1,714 |
| Median Income | $124,777 | $69,914 | $54,863 |
New York-Newark-Jersey City
- Studio
- $1,531/mo
- 1 BR
- $1,813/mo
- 2 BR
- $2,293/mo
- 3 BR
- $2,674/mo
- 4 BR
- $3,167/mo
- Median Income
- $124,777/yr
Richmond
- Studio
- $669/mo
- 1 BR
- $842/mo
- 2 BR
- $1,021/mo
- 3 BR
- $1,317/mo
- 4 BR
- $1,453/mo
- Median Income
- $69,914/yr
Frequently Asked Questions
Is New York-Newark-Jersey City or Richmond cheaper to rent in?
Richmond is cheaper — a 2-bedroom Fair Market Rent is $1,021/mo vs $2,293/mo in New York-Newark-Jersey City. That's $1,272/mo or $15,264/year more expensive in New York-Newark-Jersey City (125% higher).
What is the 2-bedroom rent in New York-Newark-Jersey City vs Richmond?
The HUD Fair Market Rent for a 2-bedroom in New York-Newark-Jersey City is $2,293/month. In Richmond, a 2-bedroom FMR is $1,021/month.
How do incomes compare between New York-Newark-Jersey City and Richmond?
The median household income in New York-Newark-Jersey City is $124,777/year. In Richmond it is $69,914/year. New York-Newark-Jersey City has the higher median income.
What is the studio rent in New York-Newark-Jersey City vs Richmond?
A studio apartment Fair Market Rent in New York-Newark-Jersey City is $1,531/mo. In Richmond it is $669/mo.