How much is a home worth in ZIP code 23005?

The typical home in 23005 is worth $450,203, based on the Zillow Home Value Index.

Are home values rising in 23005?

Home values in 23005 are up 3.7% over the past year, and up 5.2% a year over five years.

What is the typical rent in 23005?

A typical home in 23005 rents for about $1,845 a month, a gross rental yield of 4.9%.

What is the property tax rate in 23005?

The effective property tax rate in 23005 is 0.6% — roughly $2,890 a year on a typical home.

ZIP code 23005 has a population of 19,987 and a median household income of $89,335.

HousingHandbookReference data

…

U.S. ZIP Code · VA23005

Hanover County · Richmond, VA

Typical home value

$450,203^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +3.7%
5-year / yr: +5.2%
10-year / yr: +5.3%

Relative price

vs U.S.: +58.5%
vs metro: +21.0%
vs state: +37.1%

Price history

Zillow Home Value Index — monthly, smoothed and seasonally adjusted.

The typical home in 23005 is worth $450,203 — 21.0% above the Richmond, VA median. Over the past year, values have risen 3.7%. Homes here rent for a typical $1,845 a month — a 4.9% gross rental yield. The effective property tax rate is 0.6%.

#Rent & investment

Typical asking rent, and the returns it implies at the current home value.

Monthly rent: $1,845^[2]
Gross yield: 4.9%^[2]
Cap rate: 3.0%^[2]

#Property tax

Effective rate — total real estate taxes paid relative to total home value.

Effective tax rate: 0.6%^[3]
Typical annual tax: $2,890^[3]

#Climate risk

FEMA National Risk Index ratings for Hanover County. "Not Applicable" means the hazard does not threaten the county.

Overall risk: Relatively Low^[4]
Riverine flood: Relatively Low
Coastal flood: Very Low
Wildfire: Very Low
Drought: Relatively High
Heat wave: Relatively Low
Hurricane: Relatively Low
Tornado: Relatively Low
Earthquake: Relatively Low
Winter weather: Relatively Low

#Who lives here

Population: 19,987^[3]
Median household income: $89,335^[3]

#Migration

Household moves in and out of Hanover County over a year, from IRS tax-return data.

Net migration: +226^[5]
Moved in: 3,411
Moved out: 3,185

Schools

Open public schools in this ZIP, from the NCES Common Core of Data.

Public schools: 5
Elementary: 3
Middle: 1
High: 1

Patrick Henry High
High · Grades 9–12 · Hanover County Public Schools
1,330 students
Liberty Middle
Middle · Grades 6–8 · Hanover County Public Schools
917 students
Elmont Elementary
Elementary · Grades PK–5 · Hanover County Public Schools
371 students
Henry Clay Elementary
Elementary · Grades PK–2 · Hanover County Public Schools
359 students
John M. Gandy Elementary
Elementary · Grades 3–5 · Hanover County Public Schools
307 students

Run the numbers

Interactive calculators pre-filled with this ZIP's typical home value, rent, and property-tax rate. Edit any field to recompute.

Home value$Monthly rent$

Gross yield4.9%

Net yield (after ~40% expenses)3.0%

Annual rent$22,144

Gross and net yield are estimates based on the inputs and the selected expense ratio. Actual income and expenses will vary by property and market. Not investment advice.

Home price$Down payment%Interest rate%Loan termyears

Monthly payment$2,276

Loan principal$360,163

Down payment$90,041

Total interest paid$459,368

Estimated monthly payments include principal and interest only. Actual costs will include property tax, insurance, possibly PMI, and HOA fees not modeled here. Loan terms shown are estimates; consult a licensed lender for current rates and qualification.

Home price$Monthly rent$Down payment%Mortgage rate%Property tax rate% / yrMaintenance% / yrRule of thumb: 1% of home value per year.

Own : rent ratio1.57

Monthly cost to own$2,892

Monthly rent$1,845

Renting is meaningfully cheaper month-to-month.

This calculator projects multi-year scenarios based on assumptions about appreciation, rent growth, and investment returns — none of which are guaranteed. Actual outcomes depend on variables this tool cannot know. Not financial or real estate advice.

#Metro ranking

Where this ZIP sits among others in its metro area.

Appreciation: 15th percentile^[1]
Rental yield: 30th percentile^[2]
Property tax: 45th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 23005?: The typical home in 23005 is worth $450,203, based on the Zillow Home Value Index.
Are home values rising in 23005?: Home values in 23005 are up 3.7% over the past year, and up 5.2% a year over five years.
What is the typical rent in 23005?: A typical home in 23005 rents for about $1,845 a month, a gross rental yield of 4.9%.
What is the property tax rate in 23005?: The effective property tax rate in 23005 is 0.6% — roughly $2,890 a year on a typical home.
Who lives in 23005?: ZIP code 23005 has a population of 19,987 and a median household income of $89,335.

#Comparable ZIPs

Same metro, nearest typical home value. Each card shows the comparable ZIP's headline numbers so you can scan at a glance.

23011 vs 23005 →
VA
Typical home
$450,612
Gross yield
—
23140 vs 23005 →
VA
Typical home
$448,272
Gross yield
—
23220
Richmond, VA
Typical home
$447,708
Gross yield
5.1%
23060
Glen Allen CDP, VA
Typical home
$454,611
Gross yield
4.9%
23124
New Kent CDP, VA
Typical home
$441,523
Gross yield
—
23836
Enon CDP, VA
Typical home
$441,372
Gross yield
5.0%

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#Jump to section

U.S. ZIP Code · VA23005

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