James River rapids at Belle Isle with the Richmond skyline behind

Section 1 · The case

Why people move to Richmond, in numbers.

Verified 2026-11-07 · Miles Agee, Real Estate Advisor

The short answer

Richmond costs less than most East Coast metros. The Bureau of Economic Analysis puts prices in the Richmond metro 2.1% below the U.S. average for 2024. About 1,389,338 people live in the metro as of July 2025, and 6 Fortune 500 companies on the 2025 list are based in the region.

Most guides quote a cost-of-living number nobody can trace. Here is the one the federal government publishes.

What $100 buys here, next to the cities you're comparing

The Bureau of Economic Analysis prices the same basket of goods and services in every metro. The U.S. average is 100. Under 100 means your money goes further. Housing has its own index, because rent and home prices swing the most.

Regional Price Parities, 2024 (U.S. = 100)
MetroAll itemsHousing
Richmond97.85899.136
Washington, DC108.884151.134
Raleigh98.157103.476
Charlotte97.34897.635
Nashville96.338104.626

Source: U.S. Bureau of Economic Analysis, Regional Price Parities by MSA, released 2026-02-19.

Read the housing column if you're coming from DC. The same home costs about half as much here on that index. Read the all-items column if you're coming from Charlotte or Nashville. Richmond lands in the same range, so the move is about fit, not savings.

Where the jobs are

6 companies on the 2025 Fortune 500 are based in the Richmond region:

  • Performance Food Group, #80
  • CarMax, #151
  • Altria, #209
  • Markel, #251
  • Dominion Energy, #264
  • Owens & Minor, #395

The biggest single employers are larger still. The Greater Richmond Partnership counts about 14,000 people at Capital One in Goochland County, 13,500 at VCU Health, and 11,200 at HCA Virginia (Greater Richmond Partnership estimates, February 2026).

Questions people ask

Is Richmond, VA cheaper than Washington, DC?

Yes. On the federal Regional Price Parities for 2024, Richmond scores 97.858 for all items and DC scores 108.884. The gap is widest in housing: 99.136 in Richmond against 151.134 in the DC metro.

How many people live in the Richmond metro?

About 1,389,338 as of July 1, 2025, from the Census Bureau's Vintage 2025 estimates for the Richmond metropolitan area.

What Fortune 500 companies are in Richmond?

Performance Food Group, CarMax, Altria, Markel, Dominion Energy, and Owens & Minor, on the 2025 Fortune 500 list. Capital One is a major employer here, but its headquarters is in McLean.

Is Richmond's cost of living below the national average?

Slightly. The Bureau of Economic Analysis puts the Richmond metro 2.1% below the U.S. average in 2024.

Sources

  1. U.S. Bureau of Economic Analysis · checked 2026-11-07
  2. U.S. Census Bureau · checked 2026-11-07
  3. Fortune 500 · checked 2026-11-07
  4. Fortune 500 · checked 2026-11-07
  5. Fortune 500 · checked 2026-11-07
  6. Fortune 500 · checked 2026-11-07
  7. Fortune 500 · checked 2026-11-07
  8. Fortune 500 · checked 2026-11-07
  9. Fortune 500 · checked 2026-11-07
  10. Greater Richmond Partnership (secondary source) · checked 2026-11-07

Photo: AI-enhanced from a photo by Morgan Riley, CC BY 3.0.

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General information, not legal, tax, or lending advice. Every figure is linked to its source and was checked on the date shown; rates change, so confirm with the locality before you rely on one. Schools: verify with the school division. Miles Agee is a Real Estate Advisor licensed in Virginia (Lic # 0225249973), on the OneSouth Realty team at Samson Properties. MAMS does not steer clients by race, color, religion, sex, familial status, national origin, disability, or any other protected class.