23224, Richmond, VA

The 23224 zip code of Richmond, VA has a median home value of $212,000 and a median home equity of $119,000. This is significantly higher than the national median home value of $177,500 and the national median home equity of $106,800. The 23224 zip code also has a significantly higher rate of homeownership than the national rate of 63%. In fact, nearly two-thirds (64%) of households in the 23224 zip code own their homes outright. This high homeownership rate is likely due to the strong economy and low unemployment rates in Richmond.

Another contributing factor to high home values in the 23224 zip code is its low population density. There are only 2,812 people per square mile in this zip code, which is much lower than the national population density of 547 people per square mile. This low population density allows for more land to be used for housing and consequently higher home values.

Despite these factors, there are some areas where homes in the 23224 zip code are not as expensive as they are elsewhere in Richmond. For example, homes near public transportation or schools may be cheaper than those located further away from these amenities. Additionally, some older homes located in this zip code may have lower prices than newer construction because they lack features such as basements or garages that newer homes typically come with.