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Richmond's a bit of a hot ticket right now. It's a charming, historic city that's constantly on the up. We'll see how long the growth spurt lasts, but over the last few years positive changes have accompanied an upbeat trajectory. As an example, the city currently has approx 20,000 new units (in the multifamily market) in the pipeline, 1/3 of which are under construction.
...Whereas no metropolitan area in the region is posting the kind of breakout employment growth that markets such as Dallas and Atlanta are enjoying, there are bright spots in the Mid-Atlantic region, particularly for office jobs.
“The bulk of these high-paying jobs are in the D.C. and Richmond markets, which posted gains of 2.5 percent and 5 percent year-over-year, respectively,” Nordby says. “Both D.C. and Richmond have benefited from strong population growth by millennials.”
Richmond has been adding millennials at nearly double the U.S. pace since 2010. “Some people find Richmond’s success in attracting millennials surprising, but a close examination of the city explains a lot,” says CoStar Richmond market analyst Max Peker. “Housing costs are very affordable, there is a sizable local university base, and the entertainment scene is vibrant. Companies such as Amazon, Capital One, Nestlé, Facebook, and CoStar Group have established footholds in the Richmond and D.C. markets.”
I appreciate the median income, etc. stats people refer to, but NYS is still a more expensive state to live in than Virginia generally. And as much as I love Upstate, I don't really miss the weather between mid October and April. As an aside, if I were making a comparison for RVA and a city in NYS, I'd first look to Buffalo and Rochester. They just make more sense. Not that Albany isn't chill. It's underappreciated, but it's not quite like those others.
Richmond's a bit of a hot ticket right now. It's a charming, historic city that's constantly on the up. We'll see how long the growth spurt lasts, but over the last few years positive changes have accompanied an upbeat trajectory. As an example, the city currently has approx 20,000 new units (in the multifamily market) in the pipeline, 1/3 of which are under construction.
I appreciate the median income, etc. stats people refer to, but NYS is still a more expensive state to live in than Virginia generally. And as much as I love Upstate, I don't really miss the weather between mid October and April. As an aside, if I were making a comparison for RVA and a city in NYS, I'd first look to Buffalo and Rochester. They just make more sense. Not that Albany isn't chill. It's underappreciated, but it's not quite like those others.
I wouldn’t look at cost of living in terms of state, as it varies within NYS and NYC is the big reason for the state cost of living. Albany’s(the metro) has a COL around/just below the national average, while having economic figures like I mentioned above national figures. So, pay is a part of the cost component.
This is why I mentioned the core cities in the Albany area, because the multi core metro splits up the “scene” and all I mentioned was what the core cities amount to when together. All have seen their share of development as well. https://theurbanphoenix.com/2017/12/...ectadytourism/
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