Richmond city, Virginia: commercial real estate data.
Richmond city, Virginia has a population of 229,359 across 60 square miles, up 3.1 percent since the 2020 census base. County output reached $35.11 bn in 2024, 6,530 establishments operate here, and the SBA record carries 194 7(a) approvals worth $71.7 m.
122 sourced county values · tier FULL · 11 sections · underlined figures are computed by MMCG Analytics, not published by the agency
Richmond city
How many people live in Richmond city
- Population229,359
- Households104,321
- Average household size2.20
- Median household income$64,587
- Median age34.7
- Median gross rent$1,372 per month
- Median owner-occupied home value$353,000
- Home value to household income5.5 times
- Annual rent as a share of median income25.5 percent
- Adults 25 and over with a bachelor degree or higher45.6 percent
- Adults 25 and over with a graduate degree18.9 percent
- Adults 25 and over163,087
- Population under 1840,196
- Share under 1817.5 percent
- Population 65 and over32,244
- Share 65 and over14.1 percent
- Working age population, 18 to 64156,919
- Civilian labor force131,239
- Unemployment rate5.7 percent
- Labor force participation, adults 18 and over69.4 percent
- Rank by population among Virginia independent cities10th of 133
- Rank by population among US county-equivalents312th
Richmond city is the 10th largest of 133 Virginia independent cities by population. A median home costs 5.5 times median household income, which is a stretched ownership market and usually shows up as rental demand. Residents under 18 outnumber those 65 and over, at 17.5 percent against 14.1 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Richmond city
Is Richmond city's population growing?
- Population change since the 2020 census base3.15 percent
- Census 2020 base population226,525
- Births, 20242,859
- Deaths, 20242,029
- Natural change, 2024830
- Net domestic migration, 2024352
- Net international migration, 20242,099
- Total net migration, 20242,451
- Cumulative net domestic migration, 2021 to 2024-1,725
- Rank by growth among US county-equivalents838th
The county has grown 3.15 percent since the 2020 census base. Migration contributed more to 2024 change than births over deaths, so demand here follows people arriving rather than families forming.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Richmond city
Where are people moving to Richmond city from?
- Tax returns filed by households arriving12,115
- People arriving, from those returns16,785
- Adjusted gross income arriving$798.0 m
- Net adjusted gross income movement$0
- Average income of an arriving household$65,865
- Largest single originRichmond city Non-migrants (76,897 households)
- Largest single destination (76,897 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Richmond city Non-migrants | 76,897 | 128,058 | $8.77 bn |
| Henrico County | 2,421 | 3,638 | $156.2 m |
| Other flows - Different State | 2,276 | 3,089 | $152.0 m |
| Chesterfield County | 1,855 | 2,843 | $96.2 m |
| Other flows - South | 1,042 | 1,422 | $62.0 m |
| Other flows - Northeast | 516 | 705 | $34.0 m |
| Other flows - Same State | 472 | 589 | $33.5 m |
| Fairfax County | 406 | 499 | $28.9 m |
The largest single source of arrivals is Richmond city Non-migrants, which is the catchment a retail or multifamily study should look at first.
US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Richmond city
What is the Richmond city economy?
- County GDP, 2024$35.11 bn
- County GDP, 2023$32.93 bn
- GDP change, 2023 to 20246.6 percent
- GDP change over five years38.4 percent
- Rank by GDP among Virginia independent cities5th
- Rank by GDP among US county-equivalents169th
- GDP per resident$153,060
Output grew 6.6 percent in the latest year and 38.4 percent over five, which is the trend line a lender will read behind any single year figure.
US Bureau of Economic Analysis, Regional, table CAGDP2, CAGDP2, through 2024.
Richmond city
Largest employers in Richmond city
- Covered employment, annual average165,947
- Establishments reporting9,205
- Average annual pay$83,392
- Average weekly wage$1,604
- Sector 62, employment25,659
- Sector 62, average annual pay$72,585
- Sector 72, employment12,537
- Sector 72, average annual pay$29,856
- Sector 56, employment11,979
- Sector 56, average annual pay$60,478
- Sector 54, employment11,465
- Sector 54, average annual pay$127,003
- Sector 52, employment9,164
- Sector 55, employment8,781
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Sector 62 | 25,659 | 1,561 | $72,585 |
| Sector 72 | 12,537 | 688 | $29,856 |
| Sector 56 | 11,979 | 449 | $60,478 |
| Sector 54 | 11,465 | 1,346 | $127,003 |
| Sector 52 | 9,164 | 464 | $153,113 |
| Sector 55 | 8,781 | 118 | $157,266 |
| Sector 44-45 | 7,618 | 768 | $39,879 |
| Sector 23 | 5,639 | 474 | $84,664 |
The largest sector is the biggest private employer group at 25,659 jobs, 15.5 percent of covered employment. Average pay per job exceeds median household income, which usually means single earner households and a wage base that can carry rent.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Richmond city
How many businesses are in Richmond city?
- Establishments, all industries6,530
- Employment at those establishments129,898
- Annual payroll$10.11 bn
- Establishments per 1,000 residents28.5
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against.
US Census Bureau, County Business Patterns, 2023.
Richmond city
Building permits in Richmond city
- Housing units authorised by permit, 20242,540
- Declared construction value permitted$312.4 m
- Single family units authorised380
- Multifamily units authorised2,160
- Multifamily share of units85.0 percent
- Average declared value per unit$123,003
- Units authorised per 1,000 households24.3
Multifamily is 85.0 percent of units authorised, so the pipeline is being built for renters rather than buyers.
US Census Bureau, Building Permits Survey, 2024 annual.
Richmond city
SBA loans in Richmond city (7(a) and 504)
- 7(a) approvals recorded194
- 7(a) gross approval dollars$71.7 m
- Average 7(a) approval$369,579
- Median 7(a) approval$200,000
- 10th percentile approval$25,000
- 90th percentile approval$954,000
- Largest single approval$2,907,600
- Jobs reported supported, 7(a)1,677
- Jobs per approval8.6
- Distinct 7(a) lenders active52
- Distinct industries receiving approvals98
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer12.4 percent
- Loans on real estate terms24
- Loans on working capital terms, 120 months or shorter164
- Franchise loans23
- Franchise share of approvals11.9 percent
- Leading industry by approval countLimited-Service Restaurants (12)
- Most active lenderManufacturers and Traders Trust Company (32)
- 504 approvals recorded68
- 504 gross approval dollars$24.0 m
- Average 504 approval$353,132
- Median 504 approval$309,000
- Distinct CDCs active4
- 504 jobs per approval9.6
- 504 jobs per million dollars approved27.2
- Most active CDCBusiness Finance Group, Inc. (44)
- 7(a) share of SBA approvals74.0 percent
- Combined SBA approval dollars$95.7 m
The average approval of $369,579 sits well above the median of $200,000, so a small number of large deals is pulling the mean up. The median is the better guide to what a typical borrower here actually gets. Only 12.4 percent of approvals run on real estate terms, so SBA credit here is mostly working capital and equipment rather than property acquisition.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30. US Small Business Administration, 504 FOIA release, FY2010 to FY2026 year to date, as of 2026-06-30.
Richmond city
SBA loan default and charge-off rates in Richmond city
Do SBA loans in Richmond city get paid back?
- Loans with a final outcome recorded25
- Paid in full24
- Charged off1
- Charge off rate on resolved loans4.0 percent
- Status: Exempt from disclosure136
- Status: Paid in full24
- Status: Cancelled24
- Status: Charged off1
- Status: Committed, not yet disbursed9
Of the 25 loans that have reached a final outcome, 4.0 percent were charged off. This is computed only over resolved loans, because a loan still running has not yet succeeded or failed and counting it either way would be wrong.
Compare against the national and state SBA charge-off rates, computed the same way over resolved loans only.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Richmond city
SBA lending by place in Richmond city
- Places in the county with recorded lending5
- RICHMOND, approvals190
- GLEN ALLEN, approvals1
- HENRICO, approvals1
- North Chesterfield, approvals1
- CHESTERFIELD, approvals1
| Place | Approvals | Gross approval dollars |
|---|---|---|
| RICHMOND | 190 | $70,878,400 |
| GLEN ALLEN | 1 | $50,000 |
| HENRICO | 1 | $150,000 |
| North Chesterfield | 1 | $270,000 |
| CHESTERFIELD | 1 | $350,000 |
RICHMOND accounts for 190 approvals against 1 in GLEN ALLEN. County level figures average over that gap, which is why a site decision is made at the submarket rather than the county.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Richmond city
How large is Richmond city?
- Land area60 sq mi
- Rank by land area among Virginia independent cities99th of 133
- Width, east to west10 mi
- Height, north to south9.2 mi
- Geographies sharing a boundary2
- Residents per square mile of land3,823
- Establishments per square mile108.83
US Census Bureau county boundary geometry, TIGER, adjacency computed from shared boundary vertices, TIGER county boundaries. US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year. US Census Bureau, County Business Patterns, 2023.
Coverage
What this page does not hold.
Every item below could be filled with a plausible figure. None of them is. On a page a lender may read, a number that cannot be traced is worse than an absence, so the absences are named.
- No NFIP communities are listed for this county in the FEMA Community Status Book.
- Flood zone record counts are not held. The flood coverage export has not landed, so no count is shown rather than an estimated one.
- Traffic counts resolve in the platform, not in this dataset, so no AADT figure is printed here.
- Zoning is in build. Parcel level zoning is not published on this page.
Feasibility studies
When a Richmond city site needs a document a lender will accept.
The same data layer behind this page is the one the studies are written from. A study for a Richmond city site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population229,359
- Households104,321
- Average household size2.20
- Median household income$64,587
- Median age34.7
Common questions
Richmond city questions, answered from the record.
How many people live in Richmond city, Virginia?
229,359, in 104,321 households, ranking 10th of 133 Virginia counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Richmond city's population growing?
The population has grown 3.15 percent since the 2020 census base. In 2024 there were 2,859 births against 2,029 deaths, with net migration of 2,451. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Richmond city?
$64,587. The median owner-occupied home is valued at $353,000, which is 5.5 times income, and median gross rent is $1,372 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Richmond city?
6,530 establishments, employing 129,898 people with an annual payroll of $10.11 bn. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is the average wage in Richmond city?
Average annual pay is $83,392, or $1,604 a week, across 165,947 covered jobs. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Richmond city?
194 7(a) approvals totalling $71.7 m since FY2020, across 52 lenders, with a median approval of $200,000, plus 68 504 approvals worth $24.0 m. These are approvals recorded in the release, not loans disbursed.
Do SBA loans in Richmond city get paid back?
Of the 25 loans that have reached a final outcome, 24 were paid in full and 1 charged off, a charge off rate of 4.0 percent. Loans still running are excluded, because they have not yet succeeded or failed.
How many building permits were issued in Richmond city?
2,540 housing units were authorised by permit in 2024, with a declared construction value of $312.4 m. Multifamily was 85.0 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Richmond city?
Zone 3, a predicted average indoor radon screening level less than 2 pCi/L. Source: US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Where do people moving to Richmond city come from?
The largest single origin is Richmond city Non-migrants, with 76,897 households. Arriving households report an average income of $65,865 against null for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Richmond city on this page?
No. Annual average daily traffic resolves in the platform rather than in this dataset, so no AADT figure is printed here. It is a gap we know about rather than a figure we estimated.
Is zoning published for Richmond city?
Not yet. The zoning layer is in build. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame with confirm locally attached.