How much is a home worth in ZIP code 23220?

The typical home in 23220 is worth $447,708, based on the Zillow Home Value Index.

Are home values rising in 23220?

Home values in 23220 are up 0.8% over the past year, and up 4.1% a year over five years.

What is the typical rent in 23220?

A typical home in 23220 rents for about $1,892 a month, a gross rental yield of 5.1%.

What is the property tax rate in 23220?

The effective property tax rate in 23220 is 1.0% — roughly $4,329 a year on a typical home.

ZIP code 23220 has a population of 34,671 and a median household income of $61,381.

HousingHandbookReference data

…

U.S. ZIP Code · VA23220

Richmond city · Richmond, VA

Typical home value

$447,708^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +0.8%
5-year / yr: +4.1%
10-year / yr: +5.3%

Relative price

vs U.S.: +57.6%
vs metro: +20.4%
vs state: +36.4%

Price history

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

The typical home in 23220 is worth $447,708 — 20.4% above the Richmond, VA median. Over the past year, values have risen 0.8%. Homes here rent for a typical $1,892 a month — a 5.1% gross rental yield. The effective property tax rate is 1.0%.

#Rent & investment

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

Monthly rent: $1,892^[2]
Gross yield: 5.1%^[2]
Cap rate: 3.0%^[2]

#Property tax

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

Effective tax rate: 1.0%^[3]
Typical annual tax: $4,329^[3]

#Climate risk

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

Overall risk: Relatively Low^[4]
Riverine flood: Relatively Moderate
Coastal flood: Very Low
Wildfire: Very Low
Drought: No Rating
Heat wave: Relatively Moderate
Hurricane: Relatively Low
Tornado: Relatively Moderate
Earthquake: Relatively Moderate
Winter weather: Relatively Low

#Who lives here

Population: 34,671^[3]
Median household income: $61,381^[3]

#Migration

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

Net migration: +620^[5]
Moved in: 12,845
Moved out: 12,225

Schools

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

Public schools: 9
Elementary: 2
Middle: 1
High: 2

Dogwood Middle
Middle · Grades 6–8 · Richmond City Public Schools
390 students
George W. Carver Elementary
Elementary · Grades PK–5 · Richmond City Public Schools
374 students
William Fox Elementary
Elementary · Grades PK–5 · Richmond City Public Schools
334 students
Open High
High · Grades 9–12 · Richmond City Public Schools
173 students
Maymont Pre-K Center
Prekindergarten · Grades PK · Richmond City Public Schools
152 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 yield5.1%

Net yield (after ~40% expenses)3.0%

Annual rent$22,708

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$2,264

Loan principal$358,166

Down payment$89,542

Total interest paid$456,821

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 ratio1.58

Monthly cost to own$2,999

Monthly rent$1,892

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: 5th percentile^[1]
Rental yield: 38th percentile^[2]
Property tax: 98th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 23220?: The typical home in 23220 is worth $447,708, based on the Zillow Home Value Index.
Are home values rising in 23220?: Home values in 23220 are up 0.8% over the past year, and up 4.1% a year over five years.
What is the typical rent in 23220?: A typical home in 23220 rents for about $1,892 a month, a gross rental yield of 5.1%.
What is the property tax rate in 23220?: The effective property tax rate in 23220 is 1.0% — roughly $4,329 a year on a typical home.
Who lives in 23220?: ZIP code 23220 has a population of 34,671 and a median household income of $61,381.

#Comparable ZIPs

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

23140 vs 23220 →
VA
Typical home
$448,272
Gross yield
—
23005 vs 23220 →
Ashland, VA
Typical home
$450,203
Gross yield
4.9%
23011
VA
Typical home
$450,612
Gross yield
—
23124
New Kent CDP, VA
Typical home
$441,523
Gross yield
—
23836
Enon CDP, VA
Typical home
$441,372
Gross yield
5.0%
23060
Glen Allen CDP, VA
Typical home
$454,611
Gross yield
4.9%

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Pit ZIP 23220 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · VA23220

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