Minimum-wage jobs fall short of rent affordability in Richmond

RICHMOND, Va. (WRIC) -- A new study shows that Richmond workers can't afford rent alone -- even with two minimum-wage jobs.

A new Zoocasa study of 50 cities -- one from every U.S. state -- shows how those who earn minimum wage fall short of being able to afford a median-priced one-bedroom apartment.

Richmond's current minimum wage is $12.41 an hour, but renters can only afford 45% of the median one-bedroom rent in the city, according to the analysis.

The minimum wage rate in Virginia will increase at the start of next year, in accordance with state law.

The Virginia Department of Labor and Industry announced in the summer that the minimum wage will increase to $12.77 starting Jan. 1, 2026 -- a 36-cent increase from the current minimum wage of $12.41.

Two workers earning minimum wage can't afford to cover the cost of an apartment, leaving affordable housing struggles rising.

Assuming rent is split evenly between two minimum wage workers, each spending no more than 30% of their income on housing, per the analysis.

In 1990, the income required to rent an apartment was only $4.80 more than the minimum wage. That gap is $24 per hour as of 2025.

For the full report, click here.