COST OF LIVING
COST OF LIVING
Maymont estate and park
With the cost of living below the national average, Richmond, Virginia, is an ideal location for your employees to call home.
AFFORDABLE COST OF LIVING
There's a reason why we've seen an influx of new residents from the Washington, D.C. region – Richmond, Virginia, provides workers a high quality of life at a regional cost of living 3.1 percentage points below the national average and considerably lower than other top business locations.
VARIED AND REASONABLE HOUSING MARKET
Whether you’re looking for a quiet single-family home with lush trees, a modern apartment in bustling downtown, or a townhouse in a vibrant mixed-use community, Richmond offers it all. Regardless of whether you rent or purchase a home, Richmond offers significant savings over many other top cities.
HOUSING FOR ALL RICHMONDERS
Richmond believes affordable housing for all residents is fundamental to our cities' health and economic success. To help ensure everyone finds a place to call home, the City recently provided $10 million in American Rescue Plan grants to build 1,000 new affordable housing units and has approved a considerable number of dedicated affordable housing units in new redevelopment projects like the Diamond District.
Home Purchase Price (2022 Average)
Source: Zillow.com, Zillow Home Value Index; City of Richmond Department of Economic Development Analysis
Monthly Rent (2022 Average)
Source: Zillow.com, Zillow Observed Rent Index; City of Richmond Department of Economic Development Analysis
Want to learn more about Richmond? Reach out to Richmond Economic Development.
DIRECTOR OF ECONOMIC DEVELOPMENT
SENIOR DEPUTY DIRECTOR
BUSINESS INVESTMENT & JOB CREATION
BUSINESS RETENTION & EXPANSION