RICHMOND HOUSING MARKET
Statistics April
Andre Jackson Not so long ago, Richmond Virginia was heralded as one of the hottest markets in the united states. Subsequently, housing prices in the area have persisted to increase, only growing at a very steady rate for nearly four years, up approximately 3 percent annually since 2010. This trend could be attributed to the regions’ steady job growth.
OVERVIEW OF THE RICHMOND MARKET
Richmond is one of the largest
and oldest cities in Virginia. The city has a population of about 228,783 people and 107 constituent neighborhoods. Richmond is the fifth largest community in Virginia. The city has neither predominantly blue-collar nor white collar, but instead, it has a mix workforce of both. But generally, Richmond city is a city of professionals, service providers and sales and office workers. Most of the people who live in Richmond work in administrative support, sales job and management occupations. You will also note that there is a good-sized population of young, 72 l
single, educated and upwardlymobile career starters in Richmond. Most people consider Richmond as the place to live without being in a really big city, with so many opportunities for friendship and fun. For transportation, a lot of people take the bus for their daily commute. Given the size of the city and the population, the number of people using public transportation is quite high. For many people in Richmond, this fills their need for low-cost transportation. People in Richmond are fairly educated, relative to the national average among all the cities (21.84%): 38.49% of adults in Richmond have a bachelor’s
degree or even an advanced degree. When it comes to the economy, the per capita income for Richmond residents in 2010 was $31,635 which is upper middle income relative to Virginia and the nation. This equates to an annual income $126,540 for a family of four. Nonetheless, Richmond contains a mix of very wealthy and poor people. Richmond is also known for its ethnic diversity. The residents of Richmond describe themselves as belonging to a variety of racial and ethnic groups. The greatest number of Richmond residents report their race to be Black,
