Richmond, VA
Population 227,595 · Virginia
About Richmond, VA
Richmond is a major city located in Virginia with a population of 227,595 residents according to the latest US Census Bureau American Community Survey data. The median household income is $62,671 per year, which is 17% below the national median of $75,149. The median age of 34.5 years is notably younger the US median age of 38.9 years, indicating a younger, often more dynamic population base.
Housing Market Overview
The housing market in Richmond features a median home value of $328,100, which is 34% above the national median of $244,900. This positions Richmond in a moderately priced market relative to the rest of the country. Median monthly rent is $1,314, 13% above the national average of $1,163/month. Of the 112,848 total housing units, 43% are owner-occupied (44,386 units) and 57% are renter-occupied (57,759 units). The higher proportion of renters may reflect a transient population, younger demographics, or high housing costs relative to income.
Economy & Employment
The local economy in Richmond shows an unemployment rate of 6.0%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 18.8%, above the national average of 12.4%. Workers in Richmond have an average one-way commute time of 22.1 minutes.
Education & Demographics
44.1% of Richmond residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 2.1% White, 1.3% Hispanic or Latino, 1.1% Black or African American, and 6.8% Asian residents, with 8.6% of the population being foreign-born.
How Richmond Ranks in Virginia
Cost of Living in Richmond, VA
Compared to national averages, Richmond has a median household income of $62,671 (17% below the national median of $75,149). Home values average $328,100, which is 34% above the national median. Monthly rent at $1,314 is 13% above the US average of $1,163. Within Virginia, Richmond's income is 29% below the state average of $87,957, and home values are 0% above the state median of $327,514.
Why Live in Richmond, VA?
Richmond offers a well-educated community where 44.1% of residents hold a bachelor’s degree or higher, and short commute times averaging just 22.1 minutes.
Potential considerations include median household income ($62,671) that falls below the national average. However, as a major city, Richmond provides access to a wide range of amenities and services.
Richmond has a population of 227,595 with a median age of 34.5 years. Compare Richmond with other cities to see how it stacks up, or explore all cities in Virginia.
Similar Cities Near Richmond
Cities in Virginia with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Norfolk | 235,037 | $64,017 | $271,900 | Compare |
| Arlington | 235,463 | $140,160 | $864,800 | Compare |
| Chesapeake | 251,153 | $94,189 | $359,100 | Compare |
| Newport News | 184,774 | $66,718 | $243,300 | Compare |
| Alexandria | 156,788 | $113,638 | $696,800 | Compare |
| Hampton | 137,334 | $67,758 | $234,100 | Compare |
| Roanoke | 98,677 | $52,671 | $180,500 | Compare |
| Portsmouth | 97,299 | $58,972 | $229,400 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Virginia
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Richmond With Other Cities
Frequently Asked Questions about Richmond
What is the population of Richmond, VA?
The population of Richmond, VA is 227,595 according to the latest US Census Bureau American Community Survey estimates. This makes it a major city in Virginia.
What is the median household income in Richmond?
The median household income in Richmond, VA is $62,671 per year, which is 17% below the national median of $75,149.
What is the median home value in Richmond?
The median home value in Richmond, VA is $328,100, which is 34% above the national median of $244,900. A significant portion of residents rent their homes.
What is the average rent in Richmond?
The median monthly rent in Richmond, VA is $1,314, which is 13% above the national average of $1,163/month.
What is the unemployment rate in Richmond?
The unemployment rate in Richmond, VA is 6.0%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Richmond, VA a good place to live?
Richmond offers a moderate cost of living, a competitive housing market, and growing employment opportunities. With a population of 227,595 and a median age of 34.5, the city appeals to young professionals and families.
How educated is Richmond, VA?
44.1% of residents in Richmond aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Richmond?
Key cost-of-living indicators for Richmond, VA: median home value is $328,100 (34% above national), median rent is $1,314/month, and median household income is $62,671. The home-value-to-income ratio is 5.2x, a moderate figure by national standards.
What is the poverty rate in Richmond?
The poverty rate in Richmond, VA is 18.8%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Richmond, VA?
Richmond's population is 2.1% White, 1.3% Hispanic or Latino, 1.1% Black or African American, 6.8% Asian, and 41.6% two or more races. 8.6% of residents are foreign-born.