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Richmond city, VA

RANK #498 / 996  ·  POP 227,171  ·  VA

PROJECTED GROWTH: +0.7%

Richmond city sits in the middle of the pack — stable but not accelerating.

[01] Why Richmond city?

Richmond, Virginia, is known for the James River, which features the nation's only urban Class III and IV rapids, offering whitewater rafting and kayaking within the city. The city is the capital of Virginia, located about 100 miles south of Washington, D.C., and approximately 70 miles northwest of Norfolk. Commuting within Richmond is supported by the GRTC Transit System, including the Pulse Bus Rapid Transit, and the city is becoming more bike-friendly with dedicated lanes and trails like the Virginia Capital Trail. Richmond offers a balance of city and suburban environments, with neighborhoods like Church Hill and the Fan District, and nearby suburbs such as Short Pump and Midlothian.

Life in Richmond offers access to history, culture, and outdoor activities. The city has a diverse economy, with job opportunities in sectors such as finance, government, healthcare, and education. Recent economic developments include significant investment in mixed-use, multifamily, and industrial projects, with a focus on adaptive reuse of existing structures. The region is attracting investment in logistics, data centers, and advanced manufacturing. Richmond Public Schools serve the city, alongside various private school options.

[02] Market Snapshot

Housing Ratio
2.5x

Undervalued relative to economy

GDP Growth
+2.6%

Below national median

Home Prices
+0.8%

Below national median

Climate & Terrain
-0.9

Below-average climate & terrain

Price/Rent
16x

Above national median (13x)

Housing looks undervalued at 2.5x — home prices are low relative to local economic output. The typical U.S. county is 4–6x.

[03] Signal Profile

[04] Home Value Growth vs National

Richmond city U.S. National

The Numbers

DEMOGRAPHICS
Population
227,171
+0.66% YoY
Median Household Income
$59,606
Median Home Value
$308,300
+0.78% 12mo
Median Rent
$1,227
Average Annual Pay
$83,392
+4.5% YoY
Employment
165,947
+3.4% YoY
Income-to-Home-Value
0.1933
Near national average
Migration Inflow
8.08%
of pop. from another state

Market Activity

REAL ESTATE
Building Permits (2024)
2,540
Single-Family Permits
380

[05] Capital Investment

$3,347M
TOTAL
PROJECT AMOUNT STATUS
Chesterfield Energy Reliability Center (Natural Gas Plant)
Dominion Energy
$1,470M Approved
Meta Henrico Data Center
Meta, Inc.
$1,000M Operating
Diamond District Redevelopment
Diamond District Partners LLC (led by Thalhimer Realty Partners, Inc.)
$500M Under Construction
Iron Mountain Data Center Campus (RCH-1, RCH-2, RCH-3, RCH-4)
Iron Mountain
$200M Under Construction
Bookers Mill Solar Farm
Dominion Energy
$127M Completed
North Anna Power Station License Extension & Upgrades
Dominion Energy
$50M Planned

Source: public records, news, corporate announcements. Amounts are estimates where noted.

[06] Score Breakdown

GDP Growth +2.6% 48 percentile
Population Growth +0.7% 60 percentile
Income Growth +8.8% 57 percentile
Vacancy Rate 1.7% 17 percentile
Home Price Change +0.8% 42 percentile
Rent Growth +4.1% 69 percentile
Price/Rent 16x 23 percentile

Bars show percentile rank among all 996 counties.

[07] Frequently Asked Questions

Is Richmond city, VA a good place to move to?

Richmond city has a Boom Town Index score of 50/100, ranking #498 among 996 U.S. counties. With job growth at +3.4% and a median household income of $59,606, it's an above-average county on economic indicators.

Is Richmond city affordable?

The median home value in Richmond city is $308,300 with median rent at $1,227/month. The income-to-home-value ratio is 0.1933, which is less affordable than the national average.

Is Richmond city growing or shrinking?

Population growth: +0.7% year-over-year. Job growth: +3.4%. Home values changed +0.8% in the past 12 months.

Are people moving to Richmond city?

Yes — 8.08% of Richmond city's population moved from another state, which is above the national average and indicates strong in-migration.

[08] Similar Metros

San Juan County, NM 60 Harnett County, NC 60 Chester County, PA 60 Autauga County, AL 60 Ward County, ND 60 Boone County, KY 60 Columbiana County, OH 60 Prince William County, VA 60