ZIP Code · VA

ZIP 23294

Part of Henrico, VA

Pop. 20,216·Henrico County·148th most expensive ZIP in Virginia

Median rent (all units)

$1,653/mo

Year-over-Year

+0.1%

Month-over-Month

Stable

vs US Median

-$279

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 23294 · $1,653

More affordable than 62% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,328

1 BR

$1,382

2 BR

$1,521

3 BR

$1,907

4 BR+

$2,347

Research median

$1,521/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

Cheapest month to sign

January. Asking rents in ZIP 23294 usually run 0.8% below trend in January and 1% above it in July, about $30 a month apart at today's median. Based on 5 years of data.

Compared with the peak

Rent in ZIP 23294 is 0.7% below its high of $1,665 in June 2026, at $1,653 as of September 2026.

Past year vs. the rest of Virginia

Rent in ZIP 23294 changed +0.1% over the year to September 2026. Across the 169 Virginia ZIP codes Zillow tracks, the typical change was +3.4%.

What a typical income covers

30% of the median household income ($64,164) is $1,604 a month. That is less than HUD's Fair Market Rent for a studio ($1,720).

Rank in Henrico

3rd cheapest of 7 ZIP codes in Henrico.

From Zillow's monthly rent index (ZORI) for ZIP 23294. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$19,836/yr

At $1,653/mo median

Location

CityHenrico

StateVA

CountyHenrico 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 (+0.1% YoY, +0.0% MoM), not inventory.

Demographics

Who lives here

ZIP 23294 (Henrico, VA) is majority renter-occupied, skews toward younger working-age adults, has a median income below the national average, 36.9% of residents hold a bachelor's degree or higher.

Population

20,216

Median income

$64,164

Median age

32.3

Renters

64.3%

Age distribution

23.8%

32.9%

23.1%

Under 1823.8%

18–3432.9%

35–5423.1%

55–649.7%

65+10.4%

Gender

48.8%

51.2%

Male48.8%

Female51.2%

Race & ethnicity

49.4%

19%

15.1%

White49.4%

Black19%

Hispanic11.6%

Asian15.1%

Other4.9%

Education (25+)

29.9%

26.4%

36.9%

No HS diploma6.9%

HS diploma29.9%

Some college26.4%

Bachelor's+36.9%

Housing tenure

35.7%

64.3%

Owner35.7%

Renter64.3%

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

2021 vs 2026

How ZIP 23294 in Henrico, VA has changed in 5 years

Rent

$1,298 → $1,653

up 27.3%

Income

$64,103 → $64,164

up 0.1%

Population

19,203 → 20,216

up 5.3%

Renter share

63.9% → 64.3%

+0.4 pts

Bachelor's+

44.4% → 36.9%

-7.5 pts

Across the past five years, the going rent in ZIP 23294 in Henrico, VA has shifted from $1,298 to $1,653, up 27.3% since 2021. Median household income climbed from $64,103 to $64,164 between 2021 and 2024, a 0.1% shift. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show ZIP 23294 in Henrico, VA adding about 1,013 residents over the five-year window, up 5.3% on net. Bachelor's-degree-or-higher attainment moved from 44.4% to 36.9% across the same window. Taken together, the five-year picture in ZIP 23294 in Henrico, VA reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.

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About renting in ZIP 23294

Last updated: October 17, 2026

ZIP code 23294 covers Henrico, VA. The median rent here is $1,653/mo as of October 2026. A 1-bedroom rents for a median of $1,382/mo. A 2-bedroom rents for a median of $1,521/mo.

At 31% of local median household income ($64,164/yr), ZIP 23294 ranks as moderate compared to the national benchmark of 30%. Rents have increased 0.1% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 23294?

To keep rent at or below 30% of gross income, you would need to earn at least $66,000/year (about $32/hour full-time) to afford the median rent of $1,653/mo in ZIP 23294. The local median household income is $64,164/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 23294?

Rent in ZIP 23294 has been roughly flat over the past year as of September 2026, a +0.1% change. It sits 0.7% below its high of $1,665 in June 2026.

When is the cheapest time to rent in ZIP 23294?

Asking rents in ZIP 23294 are usually lowest in January, about 0.8% below their yearly trend, and highest in July, about 1% above it. At today's median that is a gap of roughly $30 a month. This pattern comes from 5 years of Zillow rent data.

How does ZIP 23294 compare to other ZIPs in Virginia?

ZIP 23294 is one of the more affordable among Virginia ZIP codes for rent, ranking #148 of 194 at $1,653/mo. Over the year to September 2026, rent in ZIP 23294 changed +0.1%, against a typical +3.4% across the 169 Virginia ZIP codes Zillow tracks.