Richmond city, Virginia Income Statistics
Richmond city Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of a county's residents based on income levels, employment rates, and income inequality metrics.
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C
Richmond city Below average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Richmond city | 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 city is about 31% lower than in Virginia. Income has been growing faster in Richmond city (5.8%/yr) than in Virginia (4.3%/yr).
About 13% of adults in Richmond city 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 city, Virginia grew by 69.7% from 2009 to 2024, reaching $64,702 in 2024. That's an average of about 5.8% per year.
Richmond city has stayed well below the U.S. median household income in every year from 2009 to 2024 and has never reached it. The gap has narrowed from 25% in 2009 to 20% in 2024, the closest it has been.
Income Distribution in Richmond city
How incomes are spread across brackets, compared with the U.S. Pick a range to count who falls in it.
Households by income, 2024
Income range calculator
About 32,397 households (31.1% of all households) have an income of $100,000 or more.
Across the U.S.: 40.2% of all households.
In 2024, 27.7% of households in Richmond city had an income under $35,000 and 18.1% had $150,000 or more. Across the U.S., those shares were 21.6% and 22.8%.
Compared with the U.S., Richmond city has a larger share of households earning under $10,000 (7.3% vs 5.1%) and a smaller share earning $100,000 to $149,999 (12.9% vs 17.4%).
| Household income | Households | Share | U.S. share |
|---|---|---|---|
| Under $10,000 | 7,662 | 7.3% | 5.1% |
| $10,000 to $14,999 | 5,186 | 5.0% | 3.5% |
| $15,000 to $24,999 | 8,211 | 7.9% | 6.4% |
| $25,000 to $34,999 | 7,836 | 7.5% | 6.7% |
| $35,000 to $49,999 | 12,563 | 12.0% | 10.1% |
| $50,000 to $74,999 | 17,729 | 17.0% | 15.5% |
| $75,000 to $99,999 | 12,726 | 12.2% | 12.6% |
| $100,000 to $149,999 | 13,498 | 12.9% | 17.4% |
| $150,000 to $199,999 | 8,002 | 7.7% | 9.5% |
| $200,000 or more | 10,897 | 10.4% | 13.2% |
Shares are of all 104,310 households, one per occupied home whatever its size. Households with zero or negative income are counted in the lowest bracket. Source: ACS 5-year estimates ending 2024 (table B19001).
Residents 15+ by personal income, 2024
Income range calculator
About 25,099 residents (12.9% of residents aged 15 and over) have a personal income of $100,000 or more.
Across the U.S.: 13.9% of residents aged 15 and over.
That is 14.2% of residents who have any income.
In 2024, 9.5% of Richmond city residents aged 15 and over reported no personal income, 31.2% had some income but less than $25,000, and 21.3% had $75,000 or more. Across the U.S., those shares were 12.8%, 28.7% and 22.0%.
Compared with the U.S., Richmond city has a larger share of residents earning $1 to $9,999 (12.5% vs 11.2%) and a smaller share with no personal income (9.5% vs 12.8%).
| Personal income | Residents | Share | U.S. share |
|---|---|---|---|
| No income | 18,423 | 9.5% | 12.8% |
| $1 to $9,999 | 24,253 | 12.5% | 11.2% |
| $10,000 to $14,999 | 15,668 | 8.0% | 7.0% |
| $15,000 to $24,999 | 20,929 | 10.7% | 10.5% |
| $25,000 to $34,999 | 18,733 | 9.6% | 9.5% |
| $35,000 to $49,999 | 25,738 | 13.2% | 12.6% |
| $50,000 to $74,999 | 29,605 | 15.2% | 14.3% |
| $75,000 to $99,999 | 16,342 | 8.4% | 8.2% |
| $100,000 or more | 25,099 | 12.9% | 13.9% |
Shares are of the 194,789 residents aged 15 and over, the only people the Census Bureau asks about income, and include those who reported none. A share of the whole population would count children as people without income, while a share of earners alone would hide the 9.5% with no income; the calculator adds that second share whenever your range leaves out people with no income. Source: ACS 5-year estimates ending 2024 (table B19325).
Income Inequality and the Gender Pay Gap in Richmond city
| Metric | Richmond city | 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 city, 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 city, 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 city, 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 city widened by 1.8 points while Virginia's narrowed by 3.2 points.
Employment
| Metric | Richmond city | 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 city, Virginia.
The average commute time in Richmond city is 18 minutes, shorter than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Richmond city, Virginia has fallen from 10.9% to 5.7% in 2024. Over that period the rate peaked at 11.2% in 2013.
Richmond city has stayed above the U.S. unemployment rate in every year from 2011 to 2024 and has never dropped below it. It came closest in 2021, at 0.4 points higher. The gap has narrowed from 2.2 points in 2011 to 0.5 points in 2024.
Richmond city, VA Wealth Compared With Nearby Counties
Richmond city, VA is the 3rd largest of the 4 counties compared here, 229,341 residents against a local median of 335,485. Richmond city, VA's unemployment, at 5.7%, runs 47% above the 3.9% typical of the counties around it. That is the weaker end of the local range on this measure.
Income growth tells the same story from another angle: 5.8%/yr against a local median of 4.2%/yr, 37% above it. The picture is mixed rather than uniform: income growth runs ahead of the neighbourhood while unemployment runs behind it, so Richmond city, VA is trading one against the other rather than simply out-performing what surrounds it. The counties themselves spread 1.9% on unemployment, so Richmond city, VA sits at one end of an already wide local range rather than apart from it. Richmond city, VA has the 4th lowest unemployment of the 4 areas compared here.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| Richmond city, VA | 229,341 | $64,702 #4/4 | 5.8%/yr #1/4 | 5.7% #4/4 | 0.536 #4/4 |
| Henrico County, VA | 335,485 | $89,133 | 4.2%/yr | 3.9% | 0.524 |
| Chesterfield County, VA | 377,744 | $102,256 | 4.2%/yr | 4.6% | 0.522 |
| Hanover County, VA | 112,800 | $113,167 | 4.2%/yr | 2.7% | 0.514 |
Conclusion
Considering all these factors, Richmond city, 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 city, Virginia.
How Rich Is Richmond city, Virginia?
Richmond city 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 city, Virginia?
Between 2009 and 2024, the median household income in Richmond city, 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 city in 2023?
In 2023, the median household income in Richmond city, 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 city in 2020?
In 2020, the median household income in Richmond city, Virginia was $51,300. By 2024 it had risen 26% to $64,702.
Is it hard to find a job in Richmond city, Virginia?
Unemployment in Richmond city, 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 city, Virginia?
The Gini coefficient in Richmond city 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 city, Virginia?
Since 2009, the income gap between men and women in Richmond city, 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.
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