Moving to Richmond, VA

Thinking about moving to Richmond?

You’ll be in good company. Between 2010 and 2016, more than 18,956 people have moved to Richmond, an increase of 9.3%. New residents are attracted to Richmond’s affordability, its enviable location between mountains and the beach, and its strong economic growth.

Living

Richmond is home to 223,170 Richmonders. With an area of 59.8 square miles, Richmond has a population density of 3,732 persons per square mile, which makes it less dense than many other cities of comparable size.

The Richmond, VA Metropolitan Statistical Area boasts a population of 1,281,708 people, of which Richmond proper’s population makes up 17%.

Housing

One of Richmond’s greatest strengths is its relatively affordable housing market. The median home value in Richmond is $181,000, -10% below the US median value, according to Zillow. The median price per square foot in Richmond is $128. Over the past 5 years, home values in Richmond have increased by 6%.

Renters in Richmond will also have an easy time finding affordable housing. The median rent in Richmond is $1,185 per month, which is 17% lower than the US median. Over the past year, rental rates in Richmond have decreased by 0.7%.

Economy

Richmond’s economy is on fire. The Richmond metro area’s GDP grew by 26% between 2011 and 2016, from $64.0 billion in 2011 to $80.7 billion in 2016, a total increase of $16.7 billion. The metro area has a per capita GDP of $62,964. According to the US Census Bureau, the median household income in Richmond is $59,919, 2% higher than the national median. Richmond’s unemployment rate is 4%.

Weather

The average annual temperature in Richmond is 59 degrees. The average annual low temperature is 48 degrees, while the average annual high is 69.5 degrees. Richmond’s hottest month is July, during which the average high temperature is 90 degrees, while the coldest month is January, when the average low drops down to 28 degrees.

Richmond sees an average rainfall of 43.3 inches per year. August is the wettest month, with an average rainfall of 4.65 inches, while February is the dryest month, with an average rainfall of 2.72 inches.

Crime

Richmond has an annual violent crime rate of violent crimes per 1,000 residents, which is lower than the national median of 3.8 in 1,000. Its property crime rate is crimes per 1,000 residents a year, which is lower than the national average of 26.

Traffic & Transportation

Traffic is not as big of a problem in Richmond as it is in many other US cities. According to a survey conducted by INRIX, the average commuter in Richmond spends 10.8 hours in traffic each year, with about 4% of their time commuting in a traffic jam, a lower portion than average among US cities.

Walk Score gives Richmond a 51 walk score.

 

Cost of Living

Richmond is a relatively affordable place to live with a low cost of living. According to the Bureau of Economic Analysis‘s Regional Price Parity survey, which takes into account cost of living metrics including the price of goods and services and housing, Richmond has a regional price parity of 104.8, -4.3% below the average for US metro areas.

Demographics

The median age in Richmond is 37.9 years. 48.4% of the population in the Richmond metro area is male, while 51.6% is female. 7.2% of the metro population is foreign born.

In terms of racial demographics, Richmond is 41% Non-Hispanic White, 6.5% Hispanic, 47% Black, and 2.2% Asian.

85% of those over the age of 25 in Richmond have a high school diploma, a lower rate than nationally. 38% of those over the age of 25 have a bachelor’s degree, which is higher than the national rate. 15% of residents have an advanced or professional degree.

In the 2016 presidential election, 15% of Richmond voters voted for the Republican nominee, while 79% voted for the Democratic nominee.

Plan Your Move to Richmond With SpareFoot

Planning a move to Richmond? SpareFoot can help. Use SpareFoot to find special deals and discounts on Richmond Moving Truck Rentals. If you need a storage unit as part of your move, SpareFoot makes it easy to find storage units in Richmond too.