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ZIP Code · VA

ZIP 23294

Part of Henrico, VA
Pop. 20,216·Henrico County·160th most expensive ZIP in Virginia
Median rent (all units)
$1,615/mo
Year-over-Year
+0.9%
Month-over-Month
-1.8%
vs US Median
-$350
Falling (Monthly)
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Most AffordableMost Expensive
ZIP 23294 · $1,615
More affordable than 65% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,297
1 BR
$1,350
2 BR
$1,486
3 BR
$1,863
4 BR+
$2,293
Research median
$1,486/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: July 20, 2026

Annual cost
$19,380/yr
At $1,615/mo median
Location
StateVA
CountyHenrico County
Rent Market Meter
Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are softening (up only 0.9% YoY), so renters have negotiating leverage.
Based on rent-price momentum (+0.9% YoY, -1.8% 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
$1,280 → $1,615
up 26.2%
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 $1,280 to $1,615, up 26.2% 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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Local insights

Tips for renters in ZIP 23294

About renting in ZIP 23294

Last updated: July 20, 2026

ZIP code 23294 covers Henrico, VA. The median rent here is $1,615/mo as of July 2026. A 1-bedroom rents for a median of $1,350/mo. A 2-bedroom rents for a median of $1,486/mo.

At 30% of local median household income ($64,164/yr), ZIP 23294 ranks as moderate compared to the national benchmark of 30%. Rents have increased 0.9% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 23294?

As of July 20, 2026, the median monthly rent in ZIP 23294 (Henrico, VA) is $1,615. This is based on aggregated data from public sources and community submissions.

How does ZIP 23294 rent compare to the US average?

ZIP 23294's median rent of $1,615/mo is $350 (18%) below the US national median of $1,965/mo.

How does ZIP 23294 compare to other ZIPs in Virginia?

ZIP 23294 is among the more affordable ZIP codes in Virginia, ranking #160 out of 198 ZIPs at $1,615/mo.

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 $65,000/year (~$31/hour full-time) to afford the median rent of $1,615/mo in ZIP 23294. The local median household income is $64,164/yr, meaning the typical household falls short of that threshold.

Is rent going up or down in ZIP 23294?

Rent in ZIP 23294 has increased 0.9% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 23294 an affordable place to rent?

ZIP 23294 is considered moderate for renters. At $1,615/mo, rent takes approximately 30% of the local median household income ($64,164/yr). The standard benchmark is 30%. ZIP 23294 slightly exceeds that threshold, so budgeting carefully matters here.

What percentage of ZIP 23294 residents rent vs. own?

According to Census data, approximately 64.3% of ZIP 23294 households are renters, while 35.7% are owner-occupied. With a majority renter population, ZIP 23294 has a strong rental market.

How does ZIP 23294 compare to the rest of Henrico?

ZIP 23294 is more affordable than Henrico overall. At $1,615/mo, it's $167 below the Henrico citywide median of $1,782/mo.

When was rent data for ZIP 23294 last updated?

Rent data for ZIP 23294 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
30%
MODERATE

At $1,615/mo, rent takes ~30% of ZIP 23294's median household income ($64,164/yr). The standard benchmark is 30%.

ZIP 23294 30%Benchmark 30%
State income tax2–5.75%
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Schools nearby

Public schools near ZIP 23294 (Henrico, VA)

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