Downtown Richmond Demographics and Market Data | Venture Richmond

The Many Faces That Make Up Downtown Richmond, VA

Downtown's growth has helped drive city-wide population growth

Downtown Richmond's growth signals a dynamic and vibrant downtown, one that not only has a working population in the daytime but also activity throughout the day and nighttime. It maintains a unique identity and leverages its popularity among young adults to be one of the fastest growing downtowns over the past two decades.*

Downtown Richmond, VA Demographics

Population*

  • 21,600 total residential population of Richmond, VA in 2022
  • 120% growth puts Richmond in the top echelons of downtown residential growth among its peers (2000-2022)
  • 6th ranked in population growth of all IDA study downtowns (2000-2022)
  • 9.4% of the city’s total population (residential numbers include students who live off-campus downtown but exclude anyone living in group quarters such as dorms)
  • 3.2 square miles downtown absorbed 22% of all of the city’s population growth from 2010-2020

Age*

  • 66% ages 18-34
  • 15% ages 50+

Diversity* (according to American Community Survey ACS data)

  • 52% White
  • 30% Black
  • 6% Asian and Pacific Islander
  • 4% Hispanic or Latino

* Source: “The Value of Downtowns: Comparisons, A COMPARATIVE ANALYSIS OF DOWNTOWN RICHMOND, VIRGINIA, A 2022 IDA STUDY;” International Downtown Association, 2022

Downtown Richmond, VA Market Data

Income*

  • 14% high-income households (over $100k)
  • 41% middle-income households ($40K -$100K)
  • $46,489 median household income
  • 21% lower-income households ($20K - $40K)

Education*

  • 66% of downtown’s residents over 25 yrs. old have a post-secondary degree education

Employment/Jobs*

  • 76,650 downtown workers
  • 50% of all citywide employment
  • 9% growth in employment from 2002-2019

Commute*

  • 6% transit ridership for their commute
  • 17% walking for their commute
  • 67% driving for their commute

*Source: “The Value of Downtowns: Comparisons, A COMPARATIVE ANALYSIS OF DOWNTOWN RICHMOND, VIRGINIA, A 2022 IDA STUDY;” International Downtown Association, 2022