When retirees think of an East Coast retirement, they may think of New York City, Boston, and Philadelphia. However, just a little farther south down the eastern seaboard, active adults can explore Richmond, Virginia. This small but mighty city packs a big punch for active adults seeking access to affordable 55+ communities, historical landmarks, and outdoor recreation.
Richmond, known as the River City for the James River that flows through its downtown, has grown in popularity as a retirement destination. With more than two centuries of history, a flourishing arts scene, and acres of parks, there’s a lot to love about the city. There are also important factors to consider, such as affordability and the climate. For those considering moving to Richmond VA, let’s explore different facets of the city as well as some age-restricted communities ideal for a Richmond retirement.
Retiring in Richmond: Pros and Cons
Pros
- More Bang for Your Buck – According to BestPlaces, Richmond is approximately 5% more affordable than the national average cost of living. Also, it’s nearly 10% more affordable than the average cost of living in Virginia.
- Rich History at Every Turn – Richmond celebrates nearly 300 years of rich history. It’s home to many unique museums, battlefields, landmarks, and historic sites.
- Global Food and Drink – With a range of award-winning restaurants and craft breweries to explore, foodies love both the local flavors and international cuisines of Richmond’s dining scene.
- Abundant Outdoor Recreation – From historic gardens to greenspaces along the James River to expansive state parks, homeowners in River City find no shortage of opportunities to spend time outside.
Cons
- Muggy Summers – Residents can expect summers in Richmond to be hot, muggy, and buggy with high humidity in the warmer months. However, many residents prefer to live in a city with a four-season climate.
- The Usual Traffic – While the downtown area is walkable, most residents rely on car transportation to reach the surrounding area. The reliance on cars may cause congestion during the busy parts of the day.
- Limited Public Transportation – For a city of its size, Richmond lacks a public transportation system that reaches all of its communities, other than a few bus lines.
- Beware of Seasonal Allergies – High seasonal pollen counts can make life in Richmond difficult for those who suffer from allergies.
Richmond Climate
Active adults searching for a retirement destination that experiences four distinct seasons should consider moving to Richmond, VA. With warm summers and cold (but not too cold) winters, residents of the River City experience the best of both worlds in terms of climate.
Average Temperatures
The colder months of the year experience average low temperatures around 30 degrees. This is a far cry from some of the more extreme low temperatures of other states to the north, meaning active adults can still experience outdoor attractions year-round. Those asking themselves “should I move to Richmond VA” should also consider that the city sees some snowfall, but only about five inches on average in the snowiest month of February.
The warmest months have an average temperature above 80 degrees and can often be fairly humid. Despite the mugginess, the weather during this time allows residents to get outside and enjoy the wealth of outdoor amenities in the area.
Outdoor Entertainment
One of the major sources of outdoor entertainment in Richmond is the James River which flows through the downtown area. This scenic waterway is surrounded on both sides by several greenways that active adults can explore when they’re not paddling or swimming in the river. Additional outdoor adventures in Richmond include hiking at the Richmond National Battlefield Park or having a picnic at Maymont, a Gilded Age mansion with gardens and greenspaces.
Richmond Taxes
Richmond’s tax environment makes the River City an affordable retirement destination for active adults. Compared to other retirement destinations on the East Coast, Richmond and the state of Virginia maintain relatively friendly tax policies for active adults.
Retirement Income Taxes
Retirees can appreciate that Virginia does not take out a tax on Social Security benefits. However, other retirement incomes are subject to the state’s income tax. The state utilizes a graduated income tax system that taxes higher incomes at higher tax rates. This means that retirement incomes such as IRAs, pensions, and 401(k)s will be taxed on a range from 2% for income up to $3,000 to 5.75 percent for all income above $17,000.
However, when the federal government taxes Social Security benefits of retirees living in Virginia, they can deduct that amount from their state taxes. Active adults residing in the Old Dominion are also exempt from estate and inheritance taxes. Richmond residents must pay a sales tax of six percent which includes both the state and city rates.
Property Taxes
Retirees thinking about moving to Richmond, VA will want to know what kind of property tax they can expect to pay on their new home. Luckily, this tax could be considered both reasonable and simple when compared to the property tax process of other cities. Homeowners pay $1.20 for every $100 of a home’s assessed market value each year. With this rate, the owner of a home assessed to be worth $300,000 would pay a property tax amount of $3,600.
Additionally, active adults living in Virginia may also qualify for tax exemptions. The state offers a $800 tax exemption for those 65+ before January 1, 2024, and another exemption worth $12,000 may be claimed if a resident was born before January 1, 1939. Other exemptions may exist for those born between 1939 and 1956, and an additional property tax exemption may be claimed through Chesterfield County if all the requirements are met.
Retirees thinking about moving to Richmond, VA should investigate both the state, county, and local tax websites for more information regarding exemptions as well as consult a trusted financial professional to take advantage of available tax benefits.
Richmond Health Care
Retirees living in Richmond can reach award-winning hospitals and medical centers within minutes. The medical institutions that call the River City home offer a broad array of medical services that provide care to the specific needs of 55+ adults.
According to U.S. News and World Report, the VCU Medical Center is the top-ranked hospital in Richmond and the second-highest-rated hospital in Virginia. This esteemed institution ranks nationally in many fields, including cardiology and orthopedics. It also ranks highly in cancer care, geriatrics, and pulmonology. VCU Medical Center received gold status in chest pain from the American College of Cardiology and received a high-quality rating for patient care from the Centers for Medicare and Medicaid Services.
Additional notable medical centers include Henrico Doctors’ Hospital, which was included in Healthgrades’ 100 Best Hospitals, and Chippenham Hospital, which was certified by the American Association of Cardiovascular and Pulmonary Rehabilitation. Veterans can also visit the Central Virginia VA Health Care System, which offers a comprehensive list of services specialized to their needs.
Where to Live in Richmond
55+ Communities in Richmond, VA
Settler’s Ridge – Richmond, VA
Low $300ks – High $400ks
One of the best ways to experience Richmond as an active adult is to find a home in one of the city’s 55+ communities. One such community, Settler’s Ridge, is just seven miles south of the downtown area. Settler’s Ridge includes 166 single-family homes and attractive amenities just minutes from the heart of the city.
Townes at Notting Place – Richmond, VA
Mid $300ks – Mid $400ks
Townes at Notting Place, a 55+ community 15 minutes southwest of Richmond, allows residents to live a low-maintenance lifestyle in a neighborhood of 128 attached homes. In the surrounding area, there are several parks and golf courses, such as Providence Golf Club.
The Villas at Archer Springs – Richmond, VA
Mid $500ks – High $500ks
This community of 95 single-family homes has a tight-knit neighborhood atmosphere. The Villas at Archer Springs offers floor plans from 1,522 to 2,268 square feet with two or three bedrooms, two bathrooms, and a two-car garage. Located just west of the city, residents can reach Downtown Richmond in under 20 minutes.
Trellis Crossing – Richmond, VA
Low $400ks – High $400ks
Just 20 minutes northwest of the city, Trellis Crossing offers active adults moving to Richmond an exclusive community with only 44 attached homes. Despite its small size, Trellis Crossing features a clubhouse equipped with a fitness center, a library, and a game room.
55+ Communities Near Richmond, VA
The many neighborhoods and towns surrounding the city of Richmond also contain age-restricted communities. These options allow for a more secluded lifestyle in the scenic landscape of Eastern Virginia while still keeping residents within driving distance of the River City.
CrossRidge – Glen Allen, VA
Mid $500ks – Low $600ks
CrossRidge includes 746 single-family, attached, and condominium homes just 20 minutes north of Richmond. In addition to the wide variety of floor plans, amenities, and a busy social calendar, residents enjoy a convenient proximity to major highways and interstates.
Mosaic at West Creek – Goochland, VA
Mid $500ks – High $900ks
Another sizable community is Mosaic at West Creek in Goochland, Virginia, 25 minutes west of Richmond. The 471 homes include single-family and attached floor plans. Also, residents enjoy amenities such as eight miles of scenic walking and biking trails.
Chickahominy Falls – Glen Allen, VA
Mid $400ks – High $700ks
Referring to itself as Richmond’s only agri-community, Chickahominy Falls is a unique neighborhood that seeks to bring its residents together through a down-to-the-roots lifestyle. The community, located 20 minutes north of Richmond, features 400 single-family and attached homes, several expansive amenity centers, and a community farm where residents work together to grow fresh produce.
Kenbrook at Harpers Mill – Chesterfield, VA
High $500ks – High $500ks
Kenbrook at Harpers Mill, with 150 single-family homes, offers its residents a low-maintenance lifestyle thanks to a homeowners’ association (HOA) that takes care of all lawn care. Located 35 minutes southwest of the River City, homeowners in this community have access to many amenities, including a packed-to-the-brim clubhouse, lighted sports courts, and a resort-style outdoor pool.
Ready to Make the Move to Richmond?
Whether you’re seeking new construction homes, vibrant neighborhoods, or serene settings tailored to your lifestyle, our local real estate experts can simplify your search. Start your journey to an active and fulfilling retirement today—contact 55places.com today and make moving to Richmond a seamless experience!
