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Richmond city, VA

ZIP 23220 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Working ClassLow Snow AreaRemote Work Hub

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 23220

Median Home Value
$468,900
Median Rent
$1,234
Affordability Snapshot
$129,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$3,012/mo PITI).

26%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

8.3x
Home Price-to-Income Ratio

Well above the 3-5x guideline — challenging for first-time buyers.

31.7 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 23220 in Richmond city, VA, a household would need roughly $129,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $3,012. That is about 128% above the local median household income ($56,681), so the median earner would likely stretch or need a larger down payment. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Diverse housing tenure.

Heating Fuel
Housing Metrics
Owner Occupied
32.8%-50% vs US avg
x
Vacancy Rate
8.5%-17% vs US avg
x
Broadband Access
84.2%-3% vs US avg
x
4+ Bedrooms
1.6%-89% vs US avg
x
Built Pre-1939
6.9%-46% vs US avg
x
Built Post-2014
1.2%-82% vs US avg
x
Rent Burden >30%
33.0%-34% vs US avg
x
Mortgage-Free
28.9%-24% vs US avg
x
$468,900
Home Value
$1,234
Rent
1946
Year Built
2019
Moved In

Residents have lived here since ~2019 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached22.7%
  • 1-unit attached16.8%
  • 2-9 units28.0%
  • 10+ units32.2%
  • Mobile home & other0.3%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$468,900
Median rent$1,234
Owner-occupied32.8%
Vacant8.5%
Price-to-income8.3x
Est. income to buy$129,000