Cost of Living in Richmond (2026)

The typical monthly cost of living in Richmond for a single person is approximately $2,390, based on a one-bedroom rental ($370/week), groceries, transport, and utilities. Located 3km from Melbourne CBD, Richmond sits in the inner ring where convenience comes at an urban price – but the numbers are more manageable than many people expect.

This guide breaks down the real costs of living in Richmond across rent, groceries, transport, utilities, and lifestyle spending.

Rent

Rental prices in Richmond are around the inner-Melbourne median. At $370/week for a one-bedroom, the suburb offers a balance between location (3km from CBD) and affordability. Two-bedroom apartments at $500/week are more suitable for couples or those wanting a home office.

Rental prices in Richmond have increased steadily over the past three years, driven by strong demand for inner-Melbourne living and limited new supply. Properties closer to main transport corridors (tram routes 48, 70, 78) tend to command a small premium.

Bond is typically four weeks rent ($1,480 for a one-bedroom), and most landlords require income verification at 3x the weekly rent.

Groceries and Food

Weekly grocery spending in Richmond typically falls between $60 and $100 for a single person, depending on dietary preferences and shopping habits.

Richmond’s location means access to multiple supermarket options (Woolworths, Coles, Aldi) within the suburb or a short tram ride away. Local grocers and specialty shops along the main commercial strip offer fresh produce, often at competitive prices to supermarkets.

The suburb’s cafe density (high) means coffee and brunch spending is a real budget line item. A flat white runs $4.50-5.50 at most cafes, and brunch plates average $18-24.

Transport

Public transport: Richmond is on the Multiple (Hurstbridge, Lilydale, Belgrave, Glen Waverley, Alamein, Sandringham) line, with tram routes 48, 70, 78 also available. A Myki pass covering zones 1 and 2 costs approximately $180/month for unlimited travel. A single zone 1-2 daily cap is $10.60, making public transport the most economical commute option from 3km out.

Living 3km from the CBD, many Richmond residents choose to forgo car ownership entirely. The suburb is well-connected enough by public transport and cycling infrastructure that a car becomes a convenience rather than a necessity. This saves $400-600/month compared to maintaining a vehicle.

Utilities

Electricity costs vary significantly by season. Melbourne winters are cold enough to require heating (gas ducted or split system), which pushes winter bills up by 30-50%. Summer is generally milder, though heatwaves can spike air conditioning costs.

Most apartments in Richmond are on the NBN network, with plans ranging from $60/month (basic) to $100/month (high speed). Mobile plans from Telstra, Optus, and Vodafone start at $30/month for adequate data.

Full Monthly Budget

These estimates assume no car ownership and moderate lifestyle spending. Actual costs vary based on individual circumstances, employer-provided benefits, and personal spending habits.

Money-Saving Tips for Richmond

1. Share housing. A room in a shared house costs $250-300/week, saving $100+/week compared to a solo one-bedroom.
2. Ditch the car. Public transport and cycling cover most needs in a suburb 3km from the CBD.
3. Cook more. The gap between groceries ($70/week) and eating out ($40-80/week for just 2-3 meals) is significant over a year.
4. Shop local. Greengrocers and market stalls are often cheaper than supermarkets for fresh produce.
5. Compare energy plans. Victorian Energy Compare (compare.energy.vic.gov.au) shows the cheapest electricity and gas plans for your address.

Data sourced from ABS Census 2021, realestate.com.au median rents, PTV fare data, and Australian Bureau of Statistics household expenditure survey. Compiled April 2026.