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Greater Richmond rises to the top 10 metro areas for millennials
July 2, 2025
Greater Richmond shines as a top 10 destination for young professionals, earning a spot among Commercial Cafe’s “Top U.S. Metros Where Millennials Can Put Down Roots & Thrive in 2025.”
According to a recent Commercial Cafe article, Richmond jumped significantly from 15th to 7th place. The region saw nearly an 11 percent increase in its millennial population (ages from 27 to 42 years old) in the last five years, which is one of the fastest climbs in the top 20 metros.
The study used datasets from the 2023 IPUMS USA, the Bureau of Economic Analysis and the U.S. Bureau of Labor Statistics that included population trends, income, cost of living, employment, health coverage and education attainment. The analysis included over 103 U.S. metropolitan areas with populations of more than 500,000 to determine where millennials are finding the best balance of opportunity and livability.
The study also pointed out that the South is leading the way for millennial-friendly metros. Eight of the top 20 millennial-friendly regions are in the South, with Richmond ranking in 5th place.
The study highlights how millennials have been drawn to the Richmond Region due to desirable neighborhoods, a diverse job market and low housing costs.
Booming Vibey and Hip Neighborhoods
Richmond has grown drastically in recent years as a vibrant region with economic expansion immersed in rich arts and culture. Scott’s Addition, once a major industrial hub, has rapidly transformed into a popular, apartment-dense neighborhood attracting a growing number of younger residents.
In addition, the region is home to several colleges, including Virginia Commonwealth University and the University of Richmond, with adjacent historic neighborhoods such as the Fan and Museum District, where a mix of gen-z’ers and millennials live.
A Diverse Job Market
Greater Richmond is home to many industries such as law, health care, biotech and finance. Industry leaders such as Amazon, the LEGO Group and CoStar Group have brought thousands of job opportunities to the region in recent years, generating a positive ripple effect throughout the local economy.
The analysis also cited Greater Richmond’s unemployment rate at 2.7 percent, which ties fourth lowest in the study.
Housing Affordability
According to Commercial Café’s article, the average millennial household income in Richmond is $117,300, signaling a well-balanced mix of stability and affordability. According to the Council for Community and Economic Research’s 2024 Cost of Living Index (C2ER), Richmond is 6 percent below the national average.
Despite national cost of living increases, Richmond housing costs remain lower than any other major U.S. cities. The local housing index decreased by more than 10 percent since 2023, which also makes costs 17 percent more affordable than the national average.
Learn more about living in Greater Richmond.
- Topics:
- Quality of Life
- Rankings
