Richmond, Virginia Income Statistics
Richmond Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
-
C
Richmond Below average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Richmond | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $64,702 | $93,527 | $80,455 |
| Median Personal Income | $56,776 | $68,139 | $60,758 |
| Average Yearly Income Growth | 5.8% | 4.3% | 4.8% |
| Six-Figure Earners | 12.9% | 18.3% | 13.9% |
| $200k+ Households | 10.4% | 17.7% | 13.2% |
The median household income in Richmond is about 31% lower than in Virginia. Income has been growing faster in Richmond (5.8%/yr) than in Virginia (4.3%/yr).
About 13% of adults in Richmond earn six figures ($100,000 or more) a year, lower than the Virginia average of 18%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Richmond, Virginia grew by 69.7% from 2009 to 2024, reaching $64,702 in 2024. That's an average of about 5.8% per year.
Income Inequality and the Gender Pay Gap in Richmond
| Metric | Richmond | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.536 | 0.544 | 0.552 |
| Male Median Income | $63,999 | $78,585 | $69,667 |
| Female Median Income | $57,992 | $62,626 | $56,850 |
| Gender Pay Gap | 9.4% | 20.3% | 18.4% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Richmond, it is 0.536, lower than Virginia's 0.544, so income is more evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 10% more than women's income in Richmond, Virginia. Over a 35-year career, a 10% wage gap accumulates to roughly $210,245 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Richmond, Virginia has widened from about 8% to 9% in 2024. Over that period the gap was widest at 13% in 2011, and was narrowest at 5% in 2019. In dollar terms, the gap has widened by $3,117 since 2009.
Against the trend: the pay gap in Richmond widened by 1.8 points while Virginia's narrowed by 3.2 points.
Employment
| Metric | Richmond | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.7% | 4.1% | 5.2% |
| Working from Home | 19.5% | 18.3% | 15.0% |
| Commute time (minutes) | 18 | 23 | 22 |
Approximately 7,517 people are unemployed in Richmond, Virginia.
The average commute time in Richmond is 18 minutes, shorter than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Richmond, Virginia has fallen from 10.9% to 5.7% in 2024. Over that period the rate peaked at 11.2% in 2013.
Conclusion
Considering all these factors, Richmond, Virginia has an overall wealth index grade of C, making it somewhat worse than Virginia, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Richmond, Virginia.
How Rich Is Richmond, Virginia?
Richmond has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $64,702, about 31% lower than the Virginia average of $93,527.
How has median household income changed in Richmond, Virginia?
Between 2009 and 2024, the median household income in Richmond, Virginia rose 70%, from $38,126 to $64,702. Over the same years, income here outpaced Virginia as a whole: +70% against +55%.
What was the median household income in Richmond in 2023?
In 2023, the median household income in Richmond, Virginia was $62,139, up 4% from $59,692 in 2022. The Virginia median that year was $91,420.
What was the median household income in Richmond in 2020?
In 2020, the median household income in Richmond, Virginia was $51,300. By 2024 it had risen 26% to $64,702.
Is it hard to find a job in Richmond, Virginia?
Unemployment in Richmond, Virginia is 5.7%, well above the Virginia rate of 4.1%, so job seekers may face more competition than elsewhere.
What is the Gini coefficient in Richmond, Virginia?
The Gini coefficient in Richmond is 0.536. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Richmond, Virginia?
Since 2009, the income gap between men and women in Richmond, Virginia has widened from about 8% to 9% in 2024. Over that period the gap was widest at 13% in 2011, and was narrowest at 5% in 2019. In dollar terms, the gap has widened by $3,117 since 2009.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →