Richmond is a historical city located between the counties of Macomb and St. Clair, which lie between Metro Detroit and the Michigan state. It was founded in 1878 by combining the two neighboring communities; Ridgeway and Cooper Town.
Richmond, MI Total Area
The Detroit’s suburb on the outer-ring is known as Richmond. It is located inside Metro Detroit. According to the Census Bureau of the US, the total area of the city is 2.89 square miles (7.49 km2).
Richmond, MI Population Demographics
The population of Richmond, according to 2010 US Census, was 5,735 with 2479 residential units located at with an average 869.8 per square miles density. The population comprises 94% White Americans followed by African Americans and Native Americans. The median age of the residents is 38 years.
The economic climate in Richmond, MI
The rate of unemployment in Richmond, MI is 5.6% while the job market has seen a positive growth trend of 1.8% during the last year. The resident’s average income is $25,776 per year while the average income of a household is $47,331 per year.
Richmond, MI residential buildings
The average median household income in Richmond, MI was $50,253 in 2016 while the per capita income was $27,102. The estimated median price of a house was $156,530 in 2016 while the price of townhouses or other household units was $121,309.
Home appreciation in the area has increased by 7.6% in the last year with 29.1% total appreciation during the past 10 years. Also, 26.1% of the total population live in rental homes while 10.9% of the residential places in Richmond are still vacant.
If you are looking to buy a rental house in Richmond, MI, we can help you search the best and most affordable places that fit your needs.
The total industrial area in Richmond, MI is 338,588 square feet which offers attractive opportunities for real estate investments in the region. Currently, no area is under industrial construction. If you are looking for industrial real estate in Richmond, MI, our services can help you find the most suitable and affordable solution to fit your budget.
Office buildings in Richmond, MI have a total covered area of 163,228 square feet while an area of 7,556 square feet is under construction for offices. If you are planning to build, buy, lease or rent an office in Richmond MI, our experienced real estate professionals can help you land the best deal for your chosen location at the best rates.
Work Commute in Richmond, MI
On average one-way commute to work in Richmond, MI takes about 27 minutes, which is a minute higher than the US average of 26 minutes. A large percentage of the people (79%) drive independently to work in their car while 15% carpool with others.
Whether you are looking for a permanent residence in Richmond, MI or looking for opportunities to make investment in real estate, our professionals can help you make a profitable investment in Richmond, MI residential and commercial real estate.