Richmond City County · Virginia · South · 229k residents
Richmond, VA: economy, jobs & business costs
The site-selection read on Richmond: labor costs, talent, corporate tax, energy, and business activity, with the Virginia median as the yardstick. Compare it live against any of 3,000 US cities.
Data coverage: Curated city row; coverage varies by fact.
Average weekly wages in the surrounding labor market run $1,680/wk. Virginia's corporate income tax rate is 6%. Commercial electricity averages 8.7¢/kWh.
Compare Richmond side by side
Avg. weekly wage
$1,680/wk
Corporate income tax
6%
Bachelor's degree or higher
45.6%
Commercial electricity
8.7¢/kWh
Economic momentum
How fast Richmond's economy is moving, ranked against the US cities we track.
68/100
Heating
Ranks Richmond's residential building-permit and jobs growth against the US cities we cover. The label is relative pace, not a direction, so a market can rank low while some figures still rise. A higher score moves faster, it is not cheaper or better. This is economic activity, not commercial lease rates or vacancy. Not investment or relocation advice.
| Median home value | $360,000 |
| Price per sq. ft. | $230 |
| Property tax rate | 1.2% |
| 1-bedroom rent | $1,400/mo |
| 2-bedroom rent | $1,650/mo |
| State & local income tax | 4.36% |
| Sales tax | 6% |
| Corporate income tax | 6% |
| Avg. weekly wage | $1,680/wk |
| Bachelor's degree or higher | 45.6% |
| Commercial electricity | 8.7¢/kWh |
| Businesses per 1k residents | 40.1/1k |
| Wage: Software developer | $136,460 |
| Wage: Registered nurse | $93,600 |
| Wage: General manager | $122,080 |
| Wage: Customer service | $42,730 |
| Wage: Warehouse worker | $36,380 |
| Wage: Heavy truck driver | $56,860 |
| Wage: Electrician | $62,900 |
| Wage: Retail salesperson | $34,240 |
| Cost of living index | 96 |
| Groceries index | 99 |
| Utilities | $165/mo |
| Transit pass | $0/mo |
| Gas price | $3.15/gal |
| Healthcare index | 99 |
| Childcare (per child) | $1,300/mo |
| Median household income | $62,000 |
| Unemployment rate | 3.5% |
| Population | 229k |
| Crime index | 50/100 |
| School rating | 5.5/10 |
| Walkability | 51/100 |
| Disaster risk | 78/100 |
| Avg. commute | 23 min |
| Sunny days / year | 211 days |
| July high | 90°F |
| January low | 29°F |
| Annual snowfall | 9 in |
| Home price YoY | +1.8% |
| Home price MoM | -0.1% |
| Rent YoY | +3.0% |
| Rent MoM | +0.2% |
| Employment (jobs) YoY | +1.1% |
| Building permits YoY | +5.6% |
| Ocean coast | 94 mi |
| Big lake | 75 mi |
| Mountains | 84 mi |
| Major airport | 8 mi |
| Ski resort | 83 mi |
Popular comparisons
Nearby
- East Highland Park, VA · 15k
- Laurel, VA · 19k
- Bon Air, VA · 17k
- Mechanicsville, VA · 39k
- Tuckahoe, VA · 49k
Similar size
- Norfolk, VA · 234k
- Arlington, VA · 236k
- Chesapeake, VA · 253k
- Newport News, VA · 184k
- Alexandria, VA · 157k
Real listings in Richmond
LoopNet ↗Crexi ↗CommercialCafe ↗
Links open third-party listing searches. WhereToHQ has no paid relationship with these sites.
- Is Richmond a good place to run a business?
- Virginia's corporate income tax rate is 6%; average weekly wages in the surrounding labor market run $1,680/wk; commercial electricity averages 8.7¢/kWh. Weigh these against your own priorities in the business comparison tool.
- What is the cost of living in Richmond, VA?
- Richmond indexes at 96 for day-to-day costs against a national baseline of 100, with a typical two-bedroom renting for $1,650/mo and a median home value of $360,000.
- How much does a house cost in Richmond?
- The median home value in Richmond is $360,000 (compiled estimate; individual listings vary).
- How much is rent in Richmond?
- A two-bedroom in Richmond rents for about $1,650/mo.