Richmond at a Glance
The capital of Virginia and a crucible of culture, Richmond is a fun, historic city on the banks of the James River. English settlers arrived in Richmond in 1607, but it wasn’t until 1737 that the city was officially founded. Given this long history, the River City has played an important role in many major events, from the Revolutionary War to the Civil Rights Movement, but none more so than the Civil War, when Richmond served as the capital of the Confederacy.
As the fourth-largest city in the state, 230,000 people now call Richmond home, but that number is growing by the minute. New residents are flocking to this hilly, Southern metropolis for the mild climate, diverse job market and distinctive neighborhoods, where you’ll find great restaurants, museums and gorgeous city parks.
Longstanding institutions like the University of Richmond, Virginia Union University and Virginia Commonwealth University have bolstered both the city’s standing and its stability since the early 1800s, infusing the capital with a youthful energy and invigorating its workforce. Richmond’s unemployment levels are low, and its job market is strong. And although Richmond’s tobacco industry is still smoldering hot, the city’s corporate portfolio — which includes eight Fortune 500s — now includes food, financial and retail giants, as well.
Richmond is less than two hours from Virginia Beach and even closer to Chesapeake Bay, and this near-coastal city is made for the outdoorsy. Serious paddlers will find class IV whitewater rapids on the James, but you’ll also find pools lazy enough to loll about in with nothing but your swimsuit when the temperatures tick up in the summertime. All year round, you’ll find woodland pathways to hike and bike, like the Virginia Capital Trail, which runs all the way to the old state capital in Jamestown.
If you are looking for a mid-size city near the East Coast with oodles of amenities and a relatively affordable cost of living, consider moving to Richmond, Virginia! Learn more below about Richmond’s economy and housing market, popular neighborhoods, attractions and places to eat, and what to do once you’ve settled into your new place.
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Why the River City Should Be Your Next Move
Affordable Living
Compared to coastal cities in Virginia’s Hampton Roads area, Richmond has an edge on real estate prices. The median home value in the capital is just $308,300, compared to $339,500 in Chesapeake and $343,700 in Virginia Beach, the largest city in the state. Richmond renters will also save on their coastal counterparts. At $1,227/month, the median gross rent in Richmond falls just below the national average, saving capital residents $200 or more a month.
But, when you factor in Richmond’s median household income, the picture looks far less rosy. Richmond households bring home only $59,606/year, according to the U.S. Census. Compare that with the $87,544 average in Virginia Beach and the $92,703 average in Chesapeake. This helps explain why only 43.2% of Richmond residents own their own homes — that’s more than 20 points below the national or state averages — and why 19.5% of residents live below the poverty line.
To make ends meet, a single adult with no children living in Richmond would need to earn $23.60/hour, according to MIT’s Living Wage calculator. Annual earnings from these wages would cover the estimated costs of food ($4,401), housing ($15,995), transportation ($10,011) and Internet/mobile services ($1,525), along with medical and other expenses. Two working adults living with three children in Richmond would each need to earn $31.34/hour to cover the family’s $15,771 in food expenses, $23,604 in housing costs, $16,773 for transportation, $2,104 in Internet/mobile services and a whopping $31,280 in childcare costs, in addition to other common household expenses.
A Diverse Economy
Over the past 12 months, Richmond’s workforce has expanded by 2.6%, adding jobs in every sector except financial activities and leisure & hospitality, whose losses were minimal. As a result, the unemployment rate in the city has still been low, sitting at 3.1% in June of 2024.
Trade, transportation and utilities and professional and business services remain the two largest sectors in the nonfarm, civilian workforce, each employing more than 125,000 people. The government, not surprisingly, also has a strong showing in the capital, and roughly 115,000 individuals are employed in this sector. Education and healthcare is the area’s fourth-largest industry, with 109,000 employees. As an indication of the diverse job market, leisure and hospitality; financial activities; and mining, logging and construction all have a strong showing, as well.
Drilling down, Richmond’s economy is bolstered by eight Fortune 500 companies from a wide range of industries, including automotive retailer CarMax, grocery wholesaler Performance Food Group and insurance powerhouses like Markel & Genworth Financial. Tobacco is still a major player in this Southern city, and Altria employs more than half its corporate workforce in the Richmond region, around 3,850 individuals. The city is also a regional finance and banking center, where the Fifth District Federal Reserve is located and financial giants like Capital One and Truist have corporate offices.
The capital is also a hotbed for higher education, healthcare and life sciences. Virginia State University, Randolph-Macon College, the University of Richmond, Virginia Union University, and Virginia Commonwealth University and VCU Health create an impressive research and academic base in the city. VCU is also part of the VA Bio+Tech Park, home to more than 70 state, federal and private institutions and laboratories. Learn more about emerging industries in Richmond.
Notable Neighborhoods
Richmond has no shortage of interesting and vibrant neighborhoods, and the city’s deep history is evident almost everywhere you look. From cultural attractions in the Capitol District and downtown to charming residential neighborhoods like Westhampton, you’ll fall in love with this beautiful, inviting city.
If you work at VCU or want to get in on that youthful, college vibe, the Fan District is where it’s at. This artsy area between downtown and the Museum District is filled with charming Victorians, both standalone single-families and attached, brick townhomes. You can walk to get your favorite pick-me-up from Lamplighter Coffee, whether that’s an elegant Espresso Tonic or a Turbo Coke — an icy, full-sugar cola with two shots of espresso — for those days when you’re not fooling around. After work, a glass of wine and the Shrimp Fra Diavolo from Bacchus will hit the spot, but we could eat the coconut risotto cakes at Kuba-Kuba’s all day long.
On the other side of Broad Street, you’ll find a more sports-centric scene in Scott’s Addition. See the Richmond Flying Squirrels take on bitter MiLB rivals like the Hartford Goats and the Harrisburg Senators at The Diamond. Or climb the walls at Peak Experiences, an awesome rock-climbing gym. Afterward, reward yourself in the most respectable fashion — at one of the district’s brewpubs. The Veil promises potent, aromatic pints like the 9% ABV Wildferrari and the easy-drinking Broz Day Off. Eating is also good in Scott’s Addition. Southern food-seekers will love Lunch. Supper!, where you can get an over-the-top BBQ Sundae, blackened shrimp & grits and a Rik-Fil-A, a chicken-sausage breakfast sammie that bears little resemblance to Truitt Cathy’s original chicken sandwich, but its eggy, cheesy, bacon-y, chipotle-aioli-y deliciousness is still all we want to eat after a long week.
If you’re hanging with history nerds, Church Hill’s reputation will precede itself. This is the hood where Patrick Henry delivered his impassioned speech to fight the British, demanding no less than liberty or death. But beyond the hallowed halls of St. John’s Church, lies a walkable neighborhood with historic rowhouses just steps from downtown. Grab some sandwiches from Union Market and bike down to Libby Hill Park for a picnic with a view. Church Hill’s other major historic site is Richmond National Battlefield Park, where you can learn not just about the Confederate soldiers but lesser-known figures like Mary Jane Richards, a Black woman who secretly worked as a Union spy.
A Historic Treasure
Richmond’s rich history is a major draw for residents and visitors alike. As one of the oldest major cities in the United States, Richmond has played a critical role in American history from the Revolutionary War to the Civil War.
Many cities have serious bragging rights when it comes to their state capitol buildings, but the Virginia State Capitol eclipses them all with its claim to fame — it was designed by Thomas Jefferson himself. The nation’s third president’s obsession with the classical style is evident in the U.S. Capitol building, as well, and who doesn’t love the symmetry and order of a handsome row of ionic columns? You can tour this “temple to democracy” as well as the grounds, which include statues like the Washington Monument in Capitol Square, which was unveiled in 1858, as well as newcomers like Mantle, a spiral-shaped earthwork, created by Mohawk artist Alan Michelson, which pays tribute to the state’s Native American nations.
North of the Capitol in Jackson Ward, you’ll find Jefferson Davis’ one-time residence, the White House of the Confederacy. Stately and austere on the outside, and garishly maximalist on the inside, one has to wonder how anyone living or working in the house managed to see or think straight, much less maneuver around with the vertigo-inducing patterns covering everything from carpet to curtains.
Just around the corner, the Valentine Museum highlights Richmond’s own history and culture. This early 19th-century brick building belonged to the museum’s founder, one Mann S. Valentine III, who made a fortune selling the unappetizing-sounding but wildly popular Meat Juice. Think of him as the original bone broth purveyor. He created the concoction to revive his ailing wife, Ann, and the preparation miraculously restored her health, leaving Ann and Mann to live happily ever after.
Further west, the Maggie L. Walker National Historic Site will introduce you to one of Richmond’s most remarkable residents of all time. Walker was born near the end of the Civil War, but despite the inauspicious timing of her birth, she managed to accomplish great things in her community, founding both a newspaper and a bank — the first African American woman in the country to do so. Walker came by her ingenuities honestly — her mother was a Union spy — and she was active in civic groups all her life. The Black History Museum — just a few blocks away — is also must-see.
Near the Downtown riverfront area, you’ll find several other history museums of note, including the Virginia Holocaust Museum, the Edgar Allen Poe Museum and the American Civil War Museum, which explores well-known topics, like Sherman’s March to the Sea, but also lesser-known events and individuals, tackling the complexities and gruesomeness of this battle for the soul of the nation.
Abundant Outdoor Recreation
Forget the museums, the restaurants, and the historic architecture — Richmond’s outdoor scene is worth moving to Richmond for alone. The city is awash in gorgeous, public greenspaces, like Bryan Park, which has hiking trails, ponds, soccer fields and a disc golf course as well as an incredible, 17-acre azalea garden. Richmond’s Parks & Rec department has created fun bingo cards to chart what you see, like sassafras trees and bumblebees.
And you’re likely to spy even more species in Byrd Park, one of Richmond residents’ favorite spots to relax. Take a pedal boat out on picturesque Fountain Lake or play a quick match of tennis at midday with your work-from-home friends or challenge yourself to complete all the exercises on the 1-mile vita course. We got stumped early by the pull-up bars, but we’re sure you’ll fare better.
If you’re looking for a real outdoor adventure, you needn’t venture far. The James River Park System has scenic trails for hiking, biking and horseback riding along with great spots to get in the water, too. The river is rocky and rugged, beckoning intrepid paddlers into the rapids and fly fishers, swimmers and even snorkelers into the more placid waters off the low banks.
Climbers will also understand why Outside magazine lauded Richmond as the nation’s best river town. The natural boulders on the Buttermilk Trail are popular with beginners and seasoned climbers alike, with easy climbs all around the Shark Boulder and more challenging and dangerous routes around the Whale Boulder and the Biker Boulders. Urban climbers will really dig scaling the Manchester Climbing Wall — a structure created by the ruins of old railroad trestles and now outfitted for lead climbing, rappelling and top rope climbing.
Want to get out of the city for the weekend on a cycling crusade? Bike the Virginia Capital Trail, which will take you 52 miles from Richmond to Jamestown, the old state capital. Extra points on that bingo card if you bike in period attire.
When you just want a place to relax, Richmond’s Lewis Ginter Botanical Garden is one of the most spectacular sights in the whole city. This 50-acre oasis is anchored by a domed conservatory — itself a rare beauty — but a walk through the grounds will take you on an astonishing journey through Victorian gardens, cherry tree-lined lakes, a Japanese tea house and a children’s garden. The conservatory’s tropical oasis is currently under expansion but will eventually have its own butterfly house…just as soon as the caterpillar phase of construction is completed.
Ready to Move to Richmond? Let Mayflower Get You There
If you’ve decided that Richmond is your next hometown, let Mayflower’s trusted long-distance movers help you relocate. We can move your family from anywhere in the country. Follow these tips on researching movers.
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