Richmond city, Virginia: commercial real estate data.
Richmond city, Virginia had an estimated 233,655 residents on July 1, 2024, up 3.1 percent since the 2020 census base of 226,525, across 60 square miles. 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 since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Richmond city
How many people live in Richmond city
- Population, American Community Survey 2020-2024229,359
- 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-equivalents, Puerto Rico included312th of 3,222
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 severely unaffordable by national standards. 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, July 1, 2024233,655
- Census 2020 base population226,525
- Population change since the 2020 census base3.15 percent
- Population change, 2023 to 20243,272
- 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 of 3,144
The county has grown 3.15 percent since the 2020 census base. The population grew in 2024 from both sources: births exceeded deaths and more people moved in than left.
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
- Tax returns filed by households leaving12,284
- Net household movement-169
- Adjusted gross income arriving$798.0 m
- Net adjusted gross income movement$-71.3 m
- Average income of an arriving household$65,865
- Average income of a leaving household$70,761
- Largest single originHenrico County (2,421 households)
- Largest single destinationHenrico County (3,370 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Henrico County | 2,421 | 3,638 | $156.2 m |
| Chesterfield County | 1,855 | 2,843 | $96.2 m |
| Fairfax County | 406 | 499 | $28.9 m |
| Hanover County | 282 | 394 | $18.0 m |
| District of Columbia | 209 | 260 | $22.9 m |
| Arlington County | 153 | 185 | $15.8 m |
| Prince William County | 143 | 174 | $7.1 m |
| Virginia Beach city | 143 | 158 | $7.1 m |
Households arriving report $4,896 less average income than households leaving, which drains spending power even where headcount holds up. The largest single source of arrivals is Henrico County, 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 the Virginia areas BEA publishes5th of 105
- Rank by GDP among the US county areas BEA publishes169th of 3,127
- 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
Employment by industry in Richmond city
- Covered employment, annual average165,947
- Establishments reporting9,205
- Average annual pay$83,392
- Average weekly wage$1,604
- Health care and social assistance, employment25,659
- Health care and social assistance, average annual pay$72,585
- Accommodation and food services, employment12,537
- Accommodation and food services, average annual pay$29,856
- Administrative and support and waste management services, employment11,979
- Administrative and support and waste management services, average annual pay$60,478
- Professional, scientific and technical services, employment11,465
- Professional, scientific and technical services, average annual pay$127,003
- Finance and insurance, employment9,164
- Management of companies and enterprises, employment8,781
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Health care and social assistance | 25,659 | 1,561 | $72,585 |
| Accommodation and food services | 12,537 | 688 | $29,856 |
| Administrative and support and waste management services | 11,979 | 449 | $60,478 |
| Professional, scientific and technical services | 11,465 | 1,346 | $127,003 |
| Finance and insurance | 9,164 | 464 | $153,113 |
| Management of companies and enterprises | 8,781 | 118 | $157,266 |
| Retail trade | 7,618 | 768 | $39,879 |
| Construction | 5,639 | 474 | $84,664 |
Health care and social assistance is the largest private sector at 25,659 jobs, 15.5 percent of covered employment.
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. County Business Patterns counts private establishments with paid employees in March 2023, while the Quarterly Census of Employment and Wages above counts every unemployment-insured employer, public ones included, as a 2024 annual average, so the two establishment and employment counts differ.
US Census Bureau, County Business Patterns, 2023.
Richmond city
Building permits in Richmond city
- Housing units authorized by permit, 20242,540
- Declared construction value permitted$312.4 m
- Single family units authorized380
- Multifamily units authorized2,160
- Multifamily share of units85.0 percent
- Average declared value per unit$123,003
- Units authorized per 1,000 households24.3
Multifamily is 85.0 percent of units authorized, 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$934,170
- 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$302,000
- Distinct CDCs active4
- 504 jobs per approval9.6
- 504 jobs per million dollars approved27.2
- Most active CDCBusiness Finance Group, Inc. (44)
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$95.7 m
The average approval of $369,579 sits well above the median of $200,000, pulled up by a few larger deals, so the median is the better guide to what a typical borrower here 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
- Status: Exempt from disclosure136
- Status: Paid in full24
- Status: Cancelled24
- Status: Charged off1
- Status: Committed, not yet disbursed9
Only 25 loans have reached a final outcome, fewer than the 30 a charge-off rate needs, so no rate is published.
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
- Borrower cities with recorded lending5
- Richmond, approvals190
- Chesterfield, approvals1
- North Chesterfield, approvals1
- Henrico, approvals1
- Glen Allen, approvals1
| Borrower city | Approvals | Gross approval dollars |
|---|---|---|
| Richmond | 190 | $70,878,400 |
| Chesterfield | 1 | $350,000 |
| North Chesterfield | 1 | $270,000 |
| Henrico | 1 | $150,000 |
| Glen Allen | 1 | $50,000 |
Richmond accounts for 190 approvals against 1 in Chesterfield. 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.
Richmond city
Flood risk in Richmond city
- Participation of the county's own NFIP community Richmond, city ofParticipating, community 510129
- Community Rating System class of the county's own communityClass 8
- Communities in the county in the NFIP Community Status Book1
- Of those, participating in the NFIP1
- NFIP participation rate100.0 percent
- Best Community Rating System class in the county A lower CRS class is a larger flood insurance premium discount.Class 8
- Communities carrying a CRS class1
- Radon levels in Richmond city, EPA zone predicted average indoor radon screening level less than 2 pCi/LZone 3
The county's own community in the status book, the City of Richmond (community 510129), participates in the National Flood Insurance Program and carries Community Rating System class 8, a flood insurance premium discount for policies written there. The EPA places Richmond city in radon zone 3, a predicted average indoor radon screening level less than 2 pCi/L. The zone is a screening prediction for the county and does not substitute for a test at an address. The best Community Rating System class among the county's communities is 8, which carries a flood insurance premium discount for policies written in that community. 100.0 percent of the county's listed communities participate in the National Flood Insurance Program, per Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26.
Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26. US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Coverage
What this page does not hold.
Traffic counts, zoning and the flood zone at an address are not on this page; they resolve at the address in the platform. How this page was built →
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.
- Population, American Community Survey 2020-2024229,359
- 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?
The Census Bureau estimates 233,655 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 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 of 226,525, to 233,655 on July 1, 2024. 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 employment by industry in Richmond city?
Health care and social assistance is the largest private sector at 25,659 jobs, 15.5 percent of covered employment. Covered employment averages 165,947 jobs at an average annual pay of $83,392, or $1,604 a week. 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 totaling $71.7 m since FY2020, across 52 lenders, with a median approval of $200,000, plus 68 504 approvals worth $24.0 m since FY2010. These are approvals recorded in the release, not loans disbursed.
How many building permits were issued in Richmond city?
2,540 housing units were authorized 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 Henrico County, with 2,421 households. Arriving households report an average income of $65,865 against $70,761 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?
No. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame, to be confirmed locally.
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