ZIP Code · VA

ZIP 23116

Part of Mechanicsville, VA

Pop. 34,188·Hanover County·71st most expensive ZIP in Virginia

Median rent (all units)

$2,165/mo

Year-over-Year

Stable

Month-over-Month

-0.6%

vs US Median

+$233

Reported rents

Falling (Monthly)

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Most AffordableMost Expensive

ZIP 23116 · $2,165

More expensive than 69% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,920

1 BR

$2,000

2 BR

$2,200

3 BR

$2,750

4 BR+

$3,390

Research median

$2,200/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

What a typical income covers

30% of the median household income ($141,711) is $3,543 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($3,390).

Cheaper nearby

ZIP 23227, 7 miles away, rents for 27% less ($1,585/mo), about $7,000 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 23116. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$25,980/yr

At $2,165/mo median

Location

CityMechanicsville

StateVA

CountyHanover County

Rent Market Meter

Balanced Market

Renter's MarketBalancedLandlord's Market

Rents are roughly steady, with neither renters nor landlords holding a strong edge right now.

Based on rent-price momentum (+0.0% YoY, -0.6% MoM), not inventory.

Demographics

Who lives here

ZIP 23116 (Mechanicsville, VA) is majority owner-occupied, has a large share of families with children, has a median income above the national average, 53.8% of residents hold a bachelor's degree or higher.

Population

34,188

Median income

$141,711

Median age

41.7

Renters

9.2%

Age distribution

25.4%

14.8%

28.9%

15.2%

15.7%

Under 1825.4%

18–3414.8%

35–5428.9%

55–6415.2%

65+15.7%

Gender

51.5%

48.5%

Male51.5%

Female48.5%

Race & ethnicity

82.4%

White82.4%

Black7%

Hispanic2.9%

Asian3.8%

Other3.8%

Education (25+)

18%

24.4%

53.8%

No HS diploma3.7%

HS diploma18%

Some college24.4%

Bachelor's+53.8%

Housing tenure

90.8%

Owner90.8%

Renter9.2%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 23116 in Mechanicsville, VA has changed in 5 years

Income

$124,063 → $141,711

up 14.2%

Population

32,855 → 34,188

up 4.1%

Renter share

11.3% → 9.2%

-2.1 pts

Bachelor's+

50.2% → 53.8%

+3.6 pts

Median household income rose from $124,063 to $141,711 between 2021 and 2024, a 14.2% shift. The population has grown by 4.1% since 2021, moving from about 32,855 residents to roughly 34,188. Renters now make up 9.2% of households, compared with 11.3% five years ago. College-educated residents now make up 53.8% of adults here, versus 50.2% in 2021.

Community

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Local insights

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About renting in ZIP 23116

Last updated: October 17, 2026

ZIP code 23116 covers Mechanicsville, VA. The median rent here is $2,165/mo as of October 2026. A 1-bedroom rents for a median of $2,000/mo. A 2-bedroom rents for a median of $2,200/mo.

At 18% of local median household income ($141,711/yr), ZIP 23116 ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 23116?

To keep rent at or below 30% of gross income, you would need to earn at least $87,000/year (about $42/hour full-time) to afford the median rent of $2,165/mo in ZIP 23116. The local median household income is $141,711/yr, so the typical household meets that bar.