Living in Richmond, Virginia
Cost of living, income, home prices, rent and demographics of Richmond · Census data 2020–2024
Richmond has 229,359 residents with a median age of 34.7. The median household income is $64,587 (31% lower than the Virginia median), the median home value is $353,000, the median rent is $1,372/month.
Richmond at a glance
- Population
- 229,359
- Median age
- 34.7State: 39
- Median household income
- $64,587State: $93,170
- Median home value
- $353,000State: $383,700
- Median rent
- $1,372/moState: $1,579
- Homeowners
- 43.5%
- Bachelor's degree or higher
- 45.6%
- Average commute
- 22 min
Is Richmond a good place to live?
Pros: Home values 8% lower than the state median; an average commute of 22 minutes.
Cons: Median household income 31% lower than the Virginia median; unemployment of 5.7%; a poverty rate of 18.2%.
The weather is best in April–May and September–October.
Cost of living in Richmond
Housing is the biggest part of the cost of living. In Richmond the median home value is $353,000, 6% higher than the U.S. median. Renters pay a median of $1,372 per month, which is 31.1% of household income. Homeowners with a mortgage pay $1,920 a month in housing costs.
Richmond median household income
The median household income in Richmond is $64,587 and the income per person is $45,790. 18.2% of residents live below the poverty line (Virginia: 9.9%).
Housing in Richmond: homes for sale and rent
- Housing units
- 114,293
- Owner-occupied
- 43.5%
- Renter-occupied
- 56.5%
- Vacant
- 8.7%Includes seasonal homes
- Median year built
- 1959
- Average household size
- 2.10
Richmond demographics
- Population
- 229,359
- Median age
- 34.7
- Under 18
- 17.5%
- 65 and older
- 14.1%
- Households
- 104,321
- Foreign-born
- 8.4%
- Veterans
- 5.4%Adults 18+
Hispanic or Latino can be of any race. Population history of Richmond ›
Education in Richmond
45.6% of adults 25 and older in Richmond have a bachelor's degree or higher (Virginia: 42.2%), and 18.9% have a graduate or professional degree.
Jobs and commute in Richmond
- Unemployment rate
- 5.7%State: 4.3%
- Average commute
- 22 minState: 27 min
- Work from home
- 19.5%
- Drive alone
- 63%
- Public transit
- 2.9%
- Walk to work
- 4.5%
- Homes with broadband
- 86.2%
Richmond vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Richmond | 229,359 | $64,587 | $353,000 | $1,372 |
| Manchester | 12,445 | $80,296 | $317,000 | $1,558 |
| Bon Air | 16,904 | $101,879 | $365,200 | $1,799 |
| Montrose | 8,285 | $49,550 | $194,100 | $1,297 |
| Lakeside | 12,654 | $72,032 | $288,200 | $1,361 |
| Dumbarton | 7,997 | $60,169 | $291,300 | $1,421 |
| East Highland Park | 15,265 | $64,681 | $229,200 | $1,318 |
| Bensley | 5,949 | $50,547 | $218,500 | $1,238 |
| Meadowbrook | 20,749 | $86,054 | $298,500 | $1,583 |
More for people moving to Richmond
Richmond ZIP code ›Weather and climate ›Living in Richmond: FAQ
What is the median household income in Richmond, VA?
The median household income in Richmond is $64,587, 31% lower than the Virginia median of $93,170 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Richmond?
The median home value in Richmond is $353,000, compared with $383,700 in Virginia.
How much is rent in Richmond?
The median gross rent in Richmond is $1,372 per month, about 31.1% of household income.
Is Richmond, VA a good place to live?
Pluses: home values 8% lower than the state median; an average commute of 22 minutes. Minuses: median household income 31% lower than the Virginia median; unemployment of 5.7%; a poverty rate of 18.2%.
What is the median age in Richmond?
The median age in Richmond is 34.7 years (Virginia: 39).
How long is the commute in Richmond?
The average commute to work in Richmond is 22 minutes; 19.5% of workers work from home.
What is the unemployment rate in Richmond?
The unemployment rate in Richmond is 5.7% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Richmond?
45.6% of adults in Richmond have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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