RANK #614 / 1001 NAT · #16 / 37 VA · POP 229,359
1YR FORECAST: +0.4%
5YR OUTLOOK: +27%
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.
Richmond city's data profile doesn't fit any single market profile cleanly — its housing, labor, and demographic signals pull in different directions (home prices +0.9% YoY, population +0.8%, wages +4.8%). About 414 U.S. counties show this kind of mixed-signal pattern.
See all 414 Idiosyncratic Markets counties →Below national median (11.3x)
Below national median
Below-average climate & terrain
Above national median (15x)
Housing is fairly valued at 5.5x relative to local economic output. The typical U.S. county is 4–6x.
Estimated local headcount ranges. Larger employers shown as floor + "+"; smaller employers show exact counts where reported.
Bars show trailing 12-month growth. The dashed Forecast bars are the model's next-12-month projection; the whisker marks the ±1% range (cooling–accelerating).
Source: CDC/NCHS vital statistics via County Health Rankings (2020–2022 avg). Rates per 100,000 population. Grade based on homicide rate relative to national average (~6.3). Learn more →
| 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.
Bars show percentile rank among all 1001 counties.
At 38/100, Richmond city faces headwinds that place it in the lower third of the 1001 counties we track. Median income of $64,587 combined with job growth of +1.1% suggests the local economy is struggling to keep pace with national trends.
Richmond city leans toward the expensive side. A median home value of $353,000 against an income-to-home-value ratio of 0.18 means housing eats a bigger share of local earnings than the national norm. Renters face $1,372/month on average.
Richmond city is growing on multiple fronts. Population is up +0.8% year-over-year while employers added jobs at a +1.1% clip. Home values shifted +0.9% in the past year.
In significant numbers — 7.59% of Richmond city's current population relocated from another state, well above the national norm. That level of in-migration usually signals a county where jobs, affordability, or quality of life are pulling people in from elsewhere.