How much is a home worth in ZIP code 23116?

The typical home in 23116 is worth $512,916, based on the Zillow Home Value Index.

Are home values rising in 23116?

Home values in 23116 are up 3.6% over the past year, and up 5.7% a year over five years.

What is the typical rent in 23116?

A typical home in 23116 rents for about $2,116 a month, a gross rental yield of 5.0%.

What is the property tax rate in 23116?

The effective property tax rate in 23116 is 0.7% — roughly $3,376 a year on a typical home.

ZIP code 23116 has a population of 34,188 and a median household income of $141,711.

HousingHandbookReference data

…

U.S. ZIP Code · VA23116

Hanover County · Richmond, VA

Typical home value

$512,916^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +3.6%
5-year / yr: +5.7%
10-year / yr: +5.2%

Relative price

vs U.S.: +80.6%
vs metro: +37.9%
vs state: +56.2%

Price history

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

The typical home in 23116 is worth $512,916 — 37.9% above the Richmond, VA median. Over the past year, values have risen 3.6%. Homes here rent for a typical $2,116 a month — a 5.0% gross rental yield. The effective property tax rate is 0.7%.

#Rent & investment

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

Monthly rent: $2,116^[2]
Gross yield: 5.0%^[2]
Cap rate: 3.0%^[2]

#Property tax

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

Effective tax rate: 0.7%^[3]
Typical annual tax: $3,376^[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: 34,188^[3]
Median household income: $141,711^[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: 12
Elementary: 6
Middle: 2
High: 2

Atlee High
High · Grades 9–12 · Hanover County Public Schools
1,509 students
Hanover High
High · Grades 9–12 · Hanover County Public Schools
1,358 students
Chickahominy Middle
Middle · Grades 6–8 · Hanover County Public Schools
1,123 students
Oak Knoll Middle
Middle · Grades 6–8 · Hanover County Public Schools
881 students
Cool Spring Elementary
Elementary · Grades PK–5 · Hanover County Public Schools
803 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 yield5.0%

Net yield (after ~40% expenses)3.0%

Annual rent$25,397

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$2,594

Loan principal$410,333

Down payment$102,583

Total interest paid$523,357

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 ratio1.56

Monthly cost to own$3,303

Monthly rent$2,116

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: 38th percentile^[1]
Rental yield: 32nd percentile^[2]
Property tax: 52nd percentile^[3]

Frequently asked

How much is a home worth in ZIP code 23116?: The typical home in 23116 is worth $512,916, based on the Zillow Home Value Index.
Are home values rising in 23116?: Home values in 23116 are up 3.6% over the past year, and up 5.7% a year over five years.
What is the typical rent in 23116?: A typical home in 23116 rents for about $2,116 a month, a gross rental yield of 5.0%.
What is the property tax rate in 23116?: The effective property tax rate in 23116 is 0.7% — roughly $3,376 a year on a typical home.
Who lives in 23116?: ZIP code 23116 has a population of 34,188 and a median household income of $141,711.

#Comparable ZIPs

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

23229 vs 23116 →
Tuckahoe CDP, VA
Typical home
$519,976
Gross yield
4.3%
23238 vs 23116 →
Tuckahoe CDP, VA
Typical home
$496,382
Gross yield
4.4%
23039
VA
Typical home
$530,485
Gross yield
—
23233
Short Pump CDP, VA
Typical home
$537,417
Gross yield
4.3%
23102
VA
Typical home
$545,042
Gross yield
—
23139
Powhatan CDP, VA
Typical home
$479,960
Gross yield
4.0%

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Pit ZIP 23116 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · VA23116

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