Richmond city Real Estate and Livability Trends
Richmond City, Virginia, seems to be an increasingly attractive market for real estate development. A significant drop in the student-to-teacher ratio—from 32 in 2021 to 13 in 2023—may signal improved educational outcomes, which typically boost property values. Additionally, substantial declines in property crime, with larceny-theft falling from 653 in 2018 to 120 in 2022, complement this... Read more
Richmond city Market Trends
Richmond city, Virginia has experienced a significant surge in median home values, leaping from $193,700 in 2015 to $308,300 in 2022, outpacing state and national trends. This growth spells strong potential for investors and developers, possibly due to rising demand and investment. Additionally, real estate taxes have risen, moving from $3,906.33 in 2012 to $6,657.36 in 2021, suggesting a... Read more
Median Value of Occupied Housing Units in Richmond city, Virginia Over the Last 8 Years
Over the last eight years, median home values in Richmond city, Virginia have surged from $193,700 in 2015 to $308,300 in 2022. This upward trajectory outpaces both state and national trends, as Virginia saw an increase from $245,000 to $339,800, while the United States ascended from $125,500 to $179,400 during the same period. For potential investors, relocating families, or property developers, Richmond's burgeoning market suggests robust growth potential, driven perhaps by increased demand and investment in the area. This makes Richmond an interesting focal point compared to broader state and national benchmarks.
Residential Energy Tax Credit Per Tax Return in Richmond city, VA Over the Last 9 Years
Over the past nine years in Richmond, Virginia, the average residential energy tax credit per tax return has shown significant fluctuations, starting at $393.68 in 2013 and dramatically increasing to $1,583.33 by 2021. Notably, there was an impressive spike to $2,278.26 in 2018, suggesting a possible surge in residential energy investments or changes in tax policy. This data is crucial for potential investors, real estate agents, and insurance agents as it indicates an increasing trend towards energy-efficient home improvements, which could influence property values, insurance premiums, and investment returns in the area.
Average Real Estate Taxes Per Tax Return in Richmond city, VA Over the Last 10 Years
Real estate taxes in Richmond city, Virginia, have shown a notable upward trend, increasing from approximately $3,906.33 in 2012 to around $6,657.36 in 2021. This consistent rise might signal a stronger property market and potentially higher property values, factors critical for investors, real estate agents, and those interested in building property. Furthermore, those considering moving to Richmond should be aware of the increasing tax burden when calculating long-term housing costs. This also has implications for appraisers and insurance agents needing to adjust their estimates and premiums accordingly.
Percentage of Farm Returns in Richmond city, VA Over the Last 10 Years
Over the last decade, Richmond, Virginia has seen a rather consistent but very low percentage of farm tax returns, hovering around 0.10% to 0.06%. Farm tax returns indicate the filings from agricultural income, which can be a barometer for the health of rural and semi-rural economies. This data suggests limited agricultural activity or farming operations within Richmond, hinting that the city's economy may be less reliant on agriculture. Potential investors, developers, and residents might find value in knowing that opportunities here might be skewed toward more urban and diverse business endeavors rather than farming or agribusiness. Understanding this distribution can shape decisions on property investments and business developments tailored to the city's economic landscape.
Number of Mortgages by Occupancy Type in Richmond city, VA Over the Last 5 Years in Richmond city
Richmond city, Virginia has shown a varied trend in mortgage counts for different occupancy types over the past five years, with a notable dominance in principal residence mortgages peaking in 2021. Interestingly, there's been a gradual reduction in mortgages for investment properties and second residences since 2020. These changes in occupancy types could be pivotal for investors and developers assessing market demand and rental potential, while appraisers and insurance agents might need to adjust their valuation and risk models accordingly. Real estate agents might notice shifts in buyer demographics, influencing marketing strategies and sales approaches.
Economic Outlook
In Richmond, Virginia, average taxable income per tax return has increased from $61,419.14 in 2013 to $97,883.78 in 2021, marking significant spikes between 2017-2018 and 2020-2021. State and local income taxes per return also rose sharply from $9,150.76 in 2012 to $19,438.33 in 2021, hinting at rising incomes or policy changes. The average total tax liability per return jumped from $13,773.32 in 2013 to $20,809.29 in 2021, suggesting a growing economy or evolving tax policies. Despite these... Read more
Average Taxable Income per Tax Return in Richmond city, VA over the last 9 years
Over the past nine years in Richmond, Virginia, average taxable income per tax return has generally trended upward with a notable increase from $61,419.14 in 2013 to $97,883.78 in 2021. The most significant spikes were seen between 2017 and 2018 and then again between 2020 and 2021, suggesting potential factors worth examining such as economic growth or demographic shifts. This makes the area potentially lucrative for investors and real estate professionals, as rising incomes could indicate a robust market for higher-value properties. For insurance agents and appraisers, noting this trend could be crucial in adjusting policy offerings and property valuations.
Average State and Local Income Taxes Per Tax Return in Richmond city, VA Over the Last 10 Years
The average state and local income taxes per tax return in Richmond city, Virginia have shown a notable upward trend over the past decade, increasing from approximately $9,150.76 in 2012 to approximately $19,438.33 in 2021. This escalation might indicate rising incomes and/or changes in taxation rates or policies, which could be crucial for investors, prospective residents, and real estate professionals evaluating the economic health and financial landscape of the area. For insurance agents and appraisers, understanding this trend could offer insight into the evolving economic responsibilities and financial stability of local residents.
Average Total Tax Liability Per Tax Return in Richmond city, VA Over the Last 10 Years
In Richmond city, Virginia, the average total tax liability per tax return has generally increased over the last decade, showing a notable jump in recent years. From a low of $13,773.32 in 2013, the liability climbed to $20,809.29 in 2021. This upward trend matters for potential investors and property developers because it could indicate a growing economy or changes in local tax policy, which may impact property values and overall investment feasibility in the area. Real estate agents and insurance agents should note these changes as they can influence client decisions and risk assessments.
Cost of Living in Richmond city
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,620 | $1,729 | $1,718 | $1,683 | $1,643 |
| 1 adult 4 children | $1,620 | $1,412 | $1,312 | $1,683 | $1,770 |
| 2 adults 3 children | $1,620 | $1,413 | $1,491 | $1,683 | $1,380 |
| 1 adult 3 children | $1,620 | $1,153 | $1,085 | $1,683 | $1,494 |
| 2 adults 2 children | $1,253 | $1,156 | $1,265 | $1,486 | $1,073 |
| 1 adult 2 children | $1,253 | $864 | $859 | $1,486 | $1,103 |
| 2 adults 1 child | $1,253 | $914 | $1,038 | $846 | $966 |
| 1 adult 1 child | $1,253 | $590 | $632 | $846 | $848 |
| 2 adults | $1,110 | $734 | $812 | $0 | $764 |
| 1 adult | $1,085 | $400 | $406 | $0 | $672 |
Safety trends & Data
Richmond, Virginia has likely become a more appealing destination for real estate investment and new residents, with substantial declines in property crime over the past five years. Larceny-theft numbers plummeted from 653 in 2018 to 120 in 2022, while burglary incidents fell from 100 to 24, and motor vehicle thefts dropped from 104 to just 5. This overall improvement in property security suggests a safer community, which could attract more property developers and... Read more
Property Crime Trends in Richmond city, VA Over the Last 5 Years
Richmond, Virginia has seen significant declines in property crime over the past five years. Larceny-theft, which had the highest numbers in 2018 at 653, reduced dramatically to 120 in 2022. Burglary incidents dropped from 100 in 2018 to just 24 by 2022. Similarly, motor vehicle thefts saw a marked decrease from 104 in 2018 to 5 in 2022. Fraud and vandalism also show a downward trend, suggesting an overall improvement in property security. This could potentially make the area more attractive to investors, property developers, and new residents looking for a safer community.
Demographics
Richmond, Virginia's adult population exhibits a higher proportion of women compared to men. Educationally, the city leans towards a robustly educated populace with significant portions having some college education or higher degrees, though there is still a notable percentage without a high school diploma. The age distribution suggests a relatively youthful demographic, particularly those aged 25 to 34 years, which could imply a vibrant, potentially dynamic workforce. Racially, the population... Read more
Race Distribution in Richmond city, Virginia (2022)
Educational Attainment in Richmond city, Virginia (2022)
Age Distribution in Richmond city, Virginia
Citizen Population in Richmond city, Virginia (2022)
Political Trends & Data
Richmond City, Virginia, showed a strong Democratic preference in the 2020 election, with Democrats capturing about 83% of the vote and Republicans only 15%. This dominance might indicate not only a stable Democratic voter base but could also influence local policies and investment trends. The near absence of third-party voters, under 2%, adds to the picture of a predominantly two-party political landscape, potentially providing some predictability for market analysts and... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Richmond City in Virginia leaned heavily Democratic in the 2020 U.S. Presidential Election, with Democrats potentially capturing around 83% of the vote. Republicans trailed significantly, garnering nearly 15%, while Libertarians and other minor parties collectively made up less than 2%. This distribution could suggest a strong Democratic presence and potentially stable voter base in the area.
14.93% of voters voted for the Republican party in the 2020 Presidential Election
82.91% of voters voted for the Democrat party in the 2020 Presidential Election
1.52% of voters voted for the Livertarian party in the 2020 Presidential Election
0.64% of voters voted for the Other party in the 2020 Presidential Election
School Data
Richmond City, Virginia has seen its student-to-teacher ratio fluctuate significantly over the past decade, peaking at 32 students per teacher in 2021 but dropping to around 13 by 2023, which is below the national average of 14. These shifts could influence real estate investment and development, as lower ratios generally suggest better educational outcomes and potentially higher property values. Recent improvements in this metric could be a strong selling point for real estate agents, and... Read more
Student-to-teacher ratio in Richmond City, Virginia over the last 10 years
The student-to-teacher ratio in Richmond City, Virginia has fluctuated significantly over the past decade, peaking at 32 students per teacher in 2021 before dropping to around 13 by 2023, below the national average of 14. These variations could impact those considering investments or development in the area, as lower student-to-teacher ratios generally suggest better educational outcomes, which might translate to higher property values and a more educated workforce. For real estate agents and appraisers, the recent improvements in the ratio could be a selling point, while insurance agents might find shifting ratios indicative of evolving community dynamics.
