Quick facts: Richmond, VA

Quick Facts

106
Cost of Living
above US average
229,395
Population
37.58
Crime Rate per 1000
above US average
$59,606
Median Income
below US average
$355,000
Median House Price
above US average
$1935
Average Rent
above US average
14%
Poverty Rate
above US average
3.5%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $59,606.

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Income Needed to Buy

βœ— Stretch
$111k/year
Based on $355,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $111k vs median $59,606
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Income Needed to Rent

⚠ Stretch
$83k/year
Based on $1935/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $83k vs median $59,606
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Richmond, VA

Richmond, Virginia, is a vibrant city known for its rich history and cultural significance. As the capital of Virginia, Richmond played a pivotal role during the American Civil War and is home to several historical sites, including the Virginia State Capitol, designed by Thomas Jefferson, and the American Civil War Museum. The city boasts a diverse range of neighborhoods, each with its unique character. The Fan District is famous for its beautiful architecture and tree-lined streets, while Shockoe Bottom offers a lively nightlife scene with bars, restaurants, and music venues. Richmond is also known for its thriving arts community, with numerous galleries, theaters, and museums, including the Virginia Museum of Fine Arts. Outdoor enthusiasts can enjoy the scenic James River, which provides opportunities for kayaking, fishing, and hiking along its picturesque trails. The city hosts several annual events, including the Richmond Folk Festival and the Dominion Energy Riverrock. Richmond also has a growing food scene, highlighting local flavors and farm-to-table dining experiences. With a mix of history, culture, and natural beauty, Richmond is a dynamic destination that attracts both residents and visitors alike.

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