Richmond's monthly cost of living breakdown might make you sad

Living in Richmond is a dream come true for many people, thanks to its amazing restaurants, agricultural lands, waterways, and natural areas.

However, living in Richmond comes at a cost, and budgeting is crucial to managing your finances. It may not be the most exciting thing, but it’s necessary if you want to thrive in this city.

So let’s budget out how much cold hard cash you need to be able to make it. According to Numbeo, the average cost of renting in Richmond is 12.5% lower, on average, than in Vancouver.

So, without further ado, here is what it costs to live in Richmond.

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Housing costs

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The most expensive rentals in Richmond, in terms of cost per square foot, are studios and one-bedroom units.

According to recent rental data from Zumper.ca, the average price of studios in Richmond is $2,010, and for a one-bedroom, the average price is 2,493.

Although Numbeo sets the average price of a one-bedroom suite at $2,020, we’re going with Zumper for this article to more accurately reflect the cost of someone moving here alone.

Utilities

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Utilities are sometimes included in the rental prices, but sometimes they are not. Basic utility bills such as hydro, heat, and electricity cost $165.37 a month in Richmond.

Phone costs

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It’s 2023; almost everyone relies on some sort of technology to keep in touch with loved ones and to stay updated with the latest news.

According to a telecom analyst report, prices in the Canadian wireless market are the highest in the world. Numbeo puts the mobile phone cost at $63.

Transportation

Richmond-Brighouse SkyTrain Station (Shawn.ccf/Shutterstock)

Transportation often saves people money because you don’t have to worry about gas prices and how much it will cost to fill your tank.

A monthly two-zone TransLink Compass card is $140.25; if you plan to drive, it can be even higher.

Gas prices have been lowering in Metro Vancouver, so it won’t hurt as much. The average cost of gas per litre is currently at $1.67 per litre.

Groceries

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Numbeo sets their average price of groceries in Richmond if purchased once a week at $318. We’re talking only essential items like milk, bread, cheese, fruit, and vegetables.

Dining and entertainment

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So, if you go for dinner and drinks once a week, you will spend around $80 monthly, depending on where you like to grab grub.

If you’re also social and like to hang around the movies or go to concerts, you can expect to spend another $90.

Health and fitness

Fitness gym amenity space inside The Stack office tower. (Kenneth Chan/Daily Hive)

The gym is one way to keep my mind and body healthy. The average fitness club monthly fee for one adult is $219 at the Richmond Centre Community Centre. Whereas other specialty fitness studios may cost more.

Coffee

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You can save by drinking coffee at home or by cutting the caffeine habit altogether. We know it’s not easy for some and impossible for others. Numbeo sets the average cost of a regular cappuccino at $5.93.

Extras

Image: Joe Tabacca/Shutterstock

We all love to treat ourselves, and why wouldn’t you? If you were to buy yourself a few things at the Union Square Shopping Mall, say a summer dress at Zara, because you miss the season so much, and a new pair of jeans from H&M, you would be spending $102 a month.

The Grand Total

1. Housing: $2,439
2. Utilities: $165.73
3. Phone: $63
4. Transportation: $140.25
5. Groceries: $318
6. Dining Out: $80
7. Dining and Entertainment: $170
8. Health and Fitness: $219
9. Coffee: $148.45
10. Extras: $102

• rents a one-bedroom apartment by themselves
• pays their own utilities, phone bill, and gym membership, spends a scant $318 on meagre groceries a month
• takes the bus
• eats out once a week, goes to the movies twice a month, drinks coffee five days a week, and goes shopping once per month

The total you have to earn a month to live the lifestyle listed above is

$3,845.23, or $46,142 annually.

This is up from the $3,461.52 per month, or $41,538.24 annually listed from last year.

All this has us rethinking our budget, so let us know in the comments how you save money living in Richmond.

These figures are accurate as of November 2023.