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Greater Richmond

Fast Facts:

  • The Greater Richmond Region was home to 947,883 people and had 411,398 housing units in 2023. Since 2010, Greater Richmond Region has added an average of 9,100 people and 4,400 housing units per year.
  • Thirty-seven percent of households were renters and 52 percent of renters had unaffordable housing costs.
  • Greater Richmond needs an estimated 4,312 units annually to meet future housing demand.
  • Greater Richmond includes the City of Richmond and Chesterfield and Henrico counties in Virginia.
Sources: Census Population and Housing Unit Estimates, Decennial Census, American Community Survey (2019-23), and the HIT survey of local jurisdictions.
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Structural Racism

Discriminatory actions and racist public policies have produced inequitable outcomes for Black, Indigenous, and people of color in the Washington region, including lower incomes and wealth, lower homeownership rates, and higher rates of housing cost burden.

Income

Average household income by race and ethnicity, 2019-23

$0$50,000$100,000$150,000$200,000$ GreaterRichmondRace and ethnicity$155,900$77,500$94,800$95,800$135,800
Asian or Pacific Islander
Black
Hispanic/Latinx
Indigenous, Other or Multiple Race
White

Note: Categories are not mutually exclusive. People identifying as Hispanic may also be represented in other bars except white.

Source: American Community Survey

Homeownership

Homeownership rate by race and ethnicity, 2019-23

020406080100Percent GreaterRichmondRace and ethnicity69%50%45%47%73%
Asian or Pacific Islander
Black
Hispanic/Latinx
Indigenous, Other or Multiple Race
White

Note: Categories are not mutually exclusive. People identifying as Hispanic may also be represented in other bars except white.

Source: American Community Survey

Homebuying

Share of mortgage originations by race and ethnicity, 2023

For first-lien owner-occupied home purchases of 1-4 unit dwellings

020406080100Percent GreaterRichmondRace and ethnicity3%17%10%13%57%
Asian or Pacific Islander
Black
Hispanic/Latinx
Indigenous or Multiple race
White

Note: Categories are mutually exclusive, borrowers identifying as Hispanic are not also represented in a race category. For mortgages with an applicant and a co-applicant, if they identify the same way they are captured in that category, otherwise if they have different identities they would be included in the Indigenous or Multiple race category.

Source: Home Mortgage Disclosure Act

Credit Denials

Ratio of denial rates for mortgages between white borrowers and borrowers of color, 2023

For first-lien owner-occupied home purchases of 1-4 unit dwellings

00.20.40.60.81Ratio GreaterRichmond0.324

Note: If White borrowers and borrowers of Color were denied mortgages at the same rate we would expect to see a ratio equal to 1. Values under 1 indicate that borrowers of Color have higher denial rates than White borrowers.

Source: Home Mortgage Disclosure Act

Rental Housing Cost Burden

Renter households paying more than 30% of their monthly income in rent, 2019-23

020406080100Percent GreaterRichmondRace and ethnicity29%57%52%51%45%
Asian or Pacific Islander
Black
Hispanic/Latinx
Indigenous, Other or Multiple Race
White

Note: Categories are not mutually exclusive. People identifying as Hispanic may also be represented in other bars except white. Households paying more than 30 percent of their monthly income in housing costs are considered to be cost burdened.

Source: American Community Survey

Owner Housing Cost Burden

Owner households paying more than 30% of their monthly income in housing costs, 2019-23

020406080100Percent GreaterRichmondRace and ethnicity17%27%21%21%16%
Asian or Pacific Islander
Black
Hispanic/Latinx
Indigenous, Other or Multiple Race
White

Note: Categories are not mutually exclusive. People identifying as Hispanic may also be represented in other bars except white. Households paying more than 30 percent of their monthly income in housing costs are considered to be cost burdened.

Source: American Community Survey

Housing Context

Understanding how household incomes relate to the supply of affordable rental and homeownership units will inform jurisdictions' efforts to meet the current and future housing needs of residents.

Household Income

Distribution of households by income level relative to the area median income, 2019-23

020406080100Percent GreaterRichmond13%11%18%20%22%17%
Below 30%
30-49.9%
50-79.9%
80-119.9%
120-199.9%
200% and above

Note: Income categories reflect HUD Income Limits by household size for 2023.

Source: American Community Survey Public Use Microdata Sample (PUMS)

Change in Household Income

Change in households by income level relative to the area median income, 2008-12 to 2019-23

05,00010,00015,00020,000Households GreaterRichmondIncome level2,8802,8205,6509,62011,71021,660
Below 30%
30-49.9%
50-79.9%
80-119.9%
120-199.9%
200% and above

Note: Incomes are in 2023 dollars. Income categories reflect HUD Income Limits by household size for 2023.

Source: American Community Survey Public Use Microdata Sample (PUMS)

Renter Housing Supply by Cost

Renter housing units by monthly housing cost, 2019-23

020406080100Percent GreaterRichmond11%29%49%7%
$0-$799
$800-$1,299
$1,300-$2,099
$2,100-$2,599
$2,600-$3,099
$3,100 and higher

Note: Rental costs include the contractual monthly rent payment plus any additional costs to the tenant for utilities and fees.

Source: American Community Survey Public Use Microdata Sample (PUMS)

Change in Renter Housing Supply by Cost

Change in renter housing units by monthly housing cost, 2008-12 to 2019-23

-10,000-5,00005,00010,00015,00020,00025,000Change in Units GreaterRichmondRent level-4,080-13,72030,2906,1301,1401,850
$0-$799
$800-$1,299
$1,300-$2,099
$2,100-$2,599
$2,600-$3,099
$3,100 and higher

Note: Costs are in 2023 dollars. Rental costs include the contractual monthly rent payment plus any additional costs to the tenant for utilities and fees.

Source: American Community Survey Public Use Microdata Sample (PUMS)

Housing Cost Burden

Renter households paying more than 30% of their monthly income in rent, 2019-23

020406080100Percent GreaterRichmond52%

Note: Households paying more than 30 percent of their monthly income in housing costs are considered to be cost burdened.

Source: American Community Survey

Deeply Affordable Units

Estimated number of public housing units and vouchers relative to renter households with incomes below 30% of area median, 2019-23

020406080100Per 100 households GreaterRichmond30

Note: Estimated number of units and vouchers is for 2024. Vouchers include federally-funded Housing Choice Vouchers and locally-funded vouchers where information was available. Income is for 2019-23 and based on the 2023 HUD Income Limits by family size.

Source: American Community Survey Public Use Microdata Sample (PUMS); HUD Picture of Subsidized Households 2024; and HUD HCVP Power BI Dashboard

Need for Accessible Units

Number of households with one or more people with a disability by income level relative to the area median, 2019-23

05,00010,00015,00020,000Households GreaterRichmondIncome level15,1109,68010,6408,7408,6404,460
Below 30%
30-49.9%
50-79.9%
80-119.9%
120-199.9%
200% and above

Note: Income categories reflect HUD Income Limits by household size for 2023. People will a disability includes those with cognitive disabilities, physical or self-care disabilities, ambulatory disabilities, independent living difficulties, vision disabilities, or hearing disabilities.

Source: American Community Survey Public Use Microdata Sample (PUMS)

Homeowner Housing Supply by Cost

Owner housing units by monthly housing cost for a first-time homebuyer, 2019-23

020406080100Percent GreaterRichmond12%26%15%13%8%26%
$0-$1,299
$1,300-$2,099
$2,100-$2,599
$2,600-$3,099
$3,100-$3,599
$3,600 and higher

Note: Costs for owner housing were calculated as the monthly payment for a 30-year fixed rate mortgage for 90 percent of the market value to the unit, along with estimates of other monthly costs including mortgage insurance, taxes, utilities, and fees.

Source: American Community Survey Public Use Microdata Sample (PUMS)

Affordable Homebuying

Share of mortgage originations to households with moderate incomes and below, 2023

For first-lien owner-occupied home purchases of 1-4 unit dwellings

020406080100Percent GreaterRichmond32%27%
0-80% of area median
80-120% of area median income

Source: Home Mortgage Disclosure Act

Potential Homebuyers

Number of potential homebuyers with low or moderate incomes by race and ethnicity, 2019-23

For renter households with a head of household age 45 years or younger and incomes between 50-120% of AMI

05,00010,00015,00020,000Households GreaterRichmondRace and ethnicity1,00013,9004,0001,70014,300
Asian or Pacific Islander
Black
Hispanic/Latinx
Indigenous, Other or Multiple Race
White

Note: Categories are mutually exclusive, borrowers identifying as Hispanic are not also represented in a race category. Income categories reflect HUD Income Limits by household size for 2023. Renter households with a head of household under age 22 were excluded.

Source: American Community Survey Public Use Microdata Sample (PUMS)

Participating Jurisdictions

Local jurisdictions in the Greater Richmond region did not submit housing production, preservation, and rental affordability survey data for 2023.

Chesterfield County
  • Population: 383,876
  • Housing units: 148,930
  • Percent of Households that rent: 23%
  • Percent of renters with unaffordable housing costs: 52%
  • Average growth per year: 5,100 people | 2,000 housing units
Henrico County
  • Population: 334,760
  • Housing units: 146,792
  • Percent of Households that rent: 35%
  • Percent of renters with unaffordable housing costs: 52%
  • Average growth per year: 2,100 people | 1,100 housing units
The City of Richmond
  • Population: 229,247
  • Housing units: 115,676
  • Percent of Households that rent: 57%
  • Percent of renters with unaffordable housing costs: 53%
  • Average growth per year: 1,900 people | 1,300 housing units

2024 Housing Outcomes

010020030040050060070080090010000-29.9% AMI30-49.9% AMI50-79.9% AMI
  • Right of First Refusal
  • Preservation Inventory - Subsidized
  • Preservation Inventory - Unsubsidized
  • Rental Assistance Demonstration
  • Energy Efficiency Upgrades for Homeowners
  • Energy Efficiency Upgrades of Affordable Housing