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Data: Bureau of Labor Statistics via FRED; Chart: Axios Visuals

Beef prices have reached record highs nationwide — hitting Virginia at peak grilling season.

Why it matters: The steep price tag might squeeze grocery budgets for the next two to four years, says Patrick Montgomery, CEO and cofounder of Missouri-based KC Cattle Company.

These costs are "just the tip of the iceberg," Montgomery tells Axios.

By the numbers: Ground beef — the second-most consumed meat nationwide — averaged $6.12 a pound in June, up nearly 12% from a year ago, according to federal data released last week.

It's the first time that ground beef has been above $6 since the Consumer Price Index (CPI) data collection began in the 1980s, per the Joint Economic Committee's minority arm.

Meanwhile, Virginians are eating more beef now (59.1 pounds) than they were last year (58.9).

Zoom out: The beef supply chain is being strained by a multi-year drought and high consumer demand while farmers face higher production expenses.

Pittsylvania County cow producer Hunter Johnson told WSET the costs of expenses like pesticides and fertilizers have increased 30-35%.

And the Virginia Cooperative Commission says cattle supply is the lowest it's been since 2014.

The other side: The spike in prices for "conventional sources of beef" could be a good thing for local butcher shops like Belmont Butchery, owner Tanya Cauthen tells Axios.

"It actually makes local meat more competitive as a result because there's less of a price difference," she says.

Yes, but: Cauthen has noticed that customers are buying smaller portions and asking more about alternative or cheaper steak cuts.

Her pro tip on maintaining a family food budget: "Talk to your butcher about what you're trying to make, because they will probably have a suggestion that you would've never thought of."

What we're watching: Whether the incoming U.S. tariff on Brazil, which accounts for nearly a quarter of all U.S. beef imports, will have an impact on Richmond-area restaurants.

Go deeper: Beef prices keep going up, and there's no end in sight

Beef prices keep going up, and there's no end in sight

Why your grocery bill in Virginia might keep climbing

It's a triple threat: drought, rising demand and incoming tariffs are helping drive beef prices up.

A line chart that tracks the average price per pound of 100% ground beef from June 2019 to June 2025. Prices rose from $3.95 in December 2020 to $6.12 in June 2025. The trend shows steady increases with occasional small declines.

Beef prices have reached record highs nationwide — hitting Virginia at peak grilling season.Why it matters: The steep price tag might squeeze grocery budgets for the next two to four years, says Patrick Montgomery, CEO and cofounder of Missouri-based KC Cattle Company.

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An "I Voted" sticker is your ticket to freebies and deals this Election Day.

The big picture: It's illegal to pay or reward people to vote, but businesses skirt this by offering promotions and discounts to all.

Zoom in: Here are a few Election Day freebies and discounts we rounded up for folks in RVA.

🍦Coco + Hazel in Bon Air is giving out free drip coffee and BOGO ice cream scoops to anyone with an "I Voted" sticker. 

🪷 Lewis Ginter Botanical Garden will give half-priced admission to anyone with a sticker on Election Day. 

🚙 Rideshare giants Uber and Lyft are both giving 50% off rides to polls, up to $10, Tuesday.

To get the Uber discount, go to its "Go Vote" tile to book a ride.

🥡 Uber Eats is offering 25% off orders starting at 6pm Tuesday through 7am Wednesday (good for orders $25 or more with a $15 maximum discount).

🛴Lime Scooters is giving free rides to and from polling locations with promo code VOTE2024.

🍩 Krispy Kreme is giving out free glazed doughnuts at participating shops and will hand out "I Voted" stickers, "for those who voted early and want a fresh sticker along with their fresh doughnut."

🍓 Edible, formerly Edible Arrangements, says anyone with an "I Voted" sticker can get a free treat at participating stores (they have five in the Richmond area).

🕹️ Dave & Buster's has half-priced games on Election Day all day.

Richmond-area Election Day discounts and freebies

Illustration of a coffee mug covered in voter stickers

2024 elections

An &quot;I Voted&quot; sticker is your ticket to freebies and deals this Election Day.The big picture: It&#x27;s illegal to pay or reward people to vote, but businesses skirt this by offering promotions and discounts to all.

Election

They did it. Millennial homeowners finally outnumbered millennial renters for the first time last year — and Richmond saw the largest gains in homeownership in the country for this generation.

Driving the news: Nearly 52% of the people born from 1981 to 1996 were homeowners in 2022 and made the largest ownership gains of any generation in the last five years, per a new RentCafe report.

In Richmond, 58.3% of millennials were homeowners last year.

Why it matters: Millennials' adulthood has been marked by the economic uncertainty of the Great Recession, high student loans and a pandemic.

Plus, there was the occasional Australian billionaire turning up on television to attribute their financial woes to overspending on avocado toast.

Yes, but: Delaying moving away from home, parental help with down payments and reaping significant income increases during the pandemic — up 44% last year compared to five years earlier — helped millennials achieve the milestone, RentCafe noted in its report.

Still, the largest generation managed to cross the majority homeownership threshold amid a notoriously tight real estate market.

By the numbers: Nationwide, the number of millennial homeowners increased by 7.1 million between 2017 and 2022 to 18.2 million, a 64% increase.

Zoom in: But of the top 50 metros in the country, Richmond saw the largest gain in the number of millennial owners in the last five years —  a 234% increase between 2017 and 2022.

Millennial renters increased by 3% in the same period.

What they're saying: "[Richmond's] funky, hipster reputation and cost of living below the state and national averages were two of the main reasons that drew in millennials looking to buy a home," RentCafe wrote.

Meanwhile, Richmond Boomers and Gen Xers saw increases in renters:

The share of Boomers renting in Richmond went up by 35% over the last five years.

Gen X Richmond renters increased by 134%.

Be smart: Home prices have been on the decline, with prices falling in January for the seventh consecutive month, according to the S&P CoreLogic Case-Shiller data, Axios’ Nathan Bomey reports.

But single-family home prices in Richmond were still up 7% from a year earlier.

Go deeper: Millennial homeowners outnumber renters for the first time. 

Millennial homeowners outnumber renters for the first time

Richmond's millennials reach a homeownership milestone

Millennials

They did it. Millennial homeowners finally outnumbered millennial renters for the first time last year — and Richmond saw the largest gains in homeownership in the country for this generation.Driving the news: Nearly 52% of the people born from <a class="gtmContentClick" data-vars-link-text="1981 to 1996" data-vars-click-url="https://www.beresfordresearch.com/age-range-by-generation/" data-vars-content-id="9adc401c-bb3a-4a32-bdbc-3fbd5d5e1c52" data-vars-headline="Richmond&#x27;s millennials reach a homeownership milestone" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.beresfordresearch.com/age-range-by-generation/" target="_blank">1981 to 1996</a> were homeowners in 2022 and made the largest ownership gains of any generation in the last five years, per a new <a class="gtmContentClick" data-vars-link-text="RentCafe report" data-vars-click-url="https://www.rentcafe.com/blog/rental-market/market-snapshots/millennials-switch-renter-to-owner-majority/" data-vars-content-id="9adc401c-bb3a-4a32-bdbc-3fbd5d5e1c52" data-vars-headline="Richmond&#x27;s millennials reach a homeownership milestone" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.rentcafe.com/blog/rental-market/market-snapshots/millennials-switch-renter-to-owner-majority/" target="_blank">RentCafe report</a>.

Kelly Tyko

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