Incomes in Richmond are slightly lower than the national average. The US Census Bureau reports a per capita income in Richmond of 25,199 USD, 6 percent lower than the national per capita. Twenty-seven percent of the population lives below the poverty level, compared to 15.9 percent of Americans nationwide.
The ACCRA Cost of Living Index reports the cost of living in Richmond is 3.3 percent higher than the cost of living in the average American city.
By comparison, the cost of living two hours away in Washington, DC, is 44.4 percent more expensive than the American average. Housing in Richmond costs 8.4 percent less than the national average. Groceries cost 3.2 percent more, utilities cost 3.5 percent more, health care costs 17.3 percent more and miscellaneous goods and services cost 12.6 percent more than the national average. Transportation costs almost exactly the national average.
Richmond’s housing market is in trouble.
Rising layoffs continue to lead to more foreclosures, which have dragged down home values. According to the Housing Predictor, home prices are expected to fall 4.5 percent this year. The median sales price for a Richmond home is 183,000 USD, according to the Richmond Federal Reserve.
The non-partisan Tax Foundation ranks Virginia’s business tax climate the 27th best in the nation. The state taxes 2.0 to 5.75 percent of personal income. Virginia’s property tax collections average 1,410 USD per capita.
This is just a short sample of what you’ll find in over 75 pages of information in the complete Richmond Guide.