ZIP Code · VA

ZIP 23231

Part of Henrico, VA

Pop. 38,544·Henrico County·145th most expensive ZIP in Virginia

Median rent (all units)

$1,673/mo

Year-over-Year

-0.3%

Month-over-Month

-1.1%

vs US Median

-$259

Reported rents

Falling (Monthly)

Be the first to discuss 23231 rents ↓

Most AffordableMost Expensive

ZIP 23231 · $1,673

More affordable than 60% of US ZIP codes · National median $1,932/mo

Rent check

Is your rent fair?

Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$1,340

1 BR

$1,400

2 BR

$1,540

3 BR

$1,950

4 BR+

$2,410

Research median

$1,540/mo

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

Rent trends

12-month history

Loading…

Last updated: October 17, 2026

From the history

What the numbers show

Compared with the peak

Rent in ZIP 23231 is 1.2% below its high of $1,694 in May 2026, at $1,673 as of September 2026.

Past year vs. the rest of Virginia

Rent in ZIP 23231 changed -0.3% over the year to September 2026. Across the 169 Virginia ZIP codes Zillow tracks, the typical change was +3.4%.

Recent direction

Rent rose in 6 of the last 12 months.

What a typical income covers

30% of the median household income ($76,505) is $1,913 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,540); a 3-bedroom is $1,950.

Rank in Henrico

4th cheapest of 7 ZIP codes in Henrico.

Cheaper nearby

ZIP 23223, 9 miles away, rents for 12% less ($1,469/mo), about $2,400 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 23231. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$20,076/yr

At $1,673/mo median

Location

CityHenrico

StateVA

CountyHenrico County

Rent Market Meter

Renter's Market

Renter's MarketBalancedLandlord's Market

Rents are softening (down 0.3% YoY), so renters have negotiating leverage.

Based on rent-price momentum (-0.3% YoY, -1.1% MoM), not inventory.

Demographics

Who lives here

ZIP 23231 (Henrico, VA) is majority owner-occupied, 28.3% of residents hold a bachelor's degree or higher.

Population

38,544

Median income

$76,505

Median age

42.8

Renters

33%

Age distribution

17%

23.6%

25.2%

16.8%

17.4%

Under 1817%

18–3423.6%

35–5425.2%

55–6416.8%

65+17.4%

Gender

45.9%

54.1%

Male45.9%

Female54.1%

Race & ethnicity

31.9%

60.4%

White31.9%

Black60.4%

Hispanic3.8%

Asian0.8%

Other3.1%

Education (25+)

31%

33%

28.3%

No HS diploma7.7%

HS diploma31%

Some college33%

Bachelor's+28.3%

Housing tenure

67%

33%

Owner67%

Renter33%

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

2022 vs 2026

How ZIP 23231 in Henrico, VA has changed in 5 years

Rent

$1,381 → $1,673

up 21.1%

Income

$61,983 → $76,505

up 23.4%

Population

36,674 → 38,544

up 5.1%

Renter share

31.4% → 33%

+1.6 pts

Bachelor's+

24.4% → 28.3%

+3.9 pts

Since 2022, the typical rent in ZIP 23231 in Henrico, VA has climbed from $1,381 to $1,673, a 21.1% change over five years. Census figures show median household income at $76,505 today, compared with $61,983 five years earlier. The population has grown by 5.1% since 2021, moving from about 36,674 residents to roughly 38,544. Renters now make up 33% of households, compared with 31.4% five years ago. College-educated residents now make up 28.3% of adults here, versus 24.4% in 2021. The combined trend lines point to a market that has changed measurably from where it stood in early 2022.

Community

Discussions about ZIP 23231

No discussions yet. Start the conversation.

Local insights

Tips for renters in ZIP 23231

About renting in ZIP 23231

Last updated: October 17, 2026

ZIP code 23231 covers Henrico, VA. The median rent here is $1,673/mo as of October 2026. A 1-bedroom rents for a median of $1,400/mo. A 2-bedroom rents for a median of $1,540/mo.

At 26% of local median household income ($76,505/yr), ZIP 23231 ranks as affordable compared to the national benchmark of 30%. Rents have decreased 0.3% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 23231?

To keep rent at or below 30% of gross income, you would need to earn at least $67,000/year (about $32/hour full-time) to afford the median rent of $1,673/mo in ZIP 23231. The local median household income is $76,505/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 23231?

Rent in ZIP 23231 has been roughly flat over the past year as of September 2026, a -0.3% change. It sits 1.2% below its high of $1,694 in May 2026.

How does ZIP 23231 compare to other ZIPs in Virginia?

ZIP 23231 is one of the more affordable among Virginia ZIP codes for rent, ranking #145 of 194 at $1,673/mo. Over the year to September 2026, rent in ZIP 23231 changed -0.3%, against a typical +3.4% across the 169 Virginia ZIP codes Zillow tracks.