Location: Roanoke, VA | Metro: Roanoke, VA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,130 |
| 1 Bedroom | $1,190 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,920 |
| 4 Bedrooms | $2,320 |
| 5 Bedrooms | $2,691 |
| 6 Bedrooms | $3,014 |
| 7 Bedrooms | $3,255 |
| 8 Bedrooms | $3,418 |
The market in ZIP 24002, located in Virginia, presents a dynamic landscape that is currently evolving. The Fair Market Rent (FMR) for the area stands at $1040 for fiscal year 2024, indicating a clear benchmark for rental pricing. However, the absence of current market rent data suggests a lack of recent activity or reporting, which can be a sign of either stability or an underdeveloped data collection process.
With the median home value also marked as 'N/A', it's challenging to draw a direct comparison between the rental and homeownership markets. This gap in data could imply that the homeownership market is less active compared to the rental sector, but it could also mean that there isn't sufficient data to provide an accurate median value. The unknown percentage of price-cut share and days on market (DOM) further obscure the immediate supply-demand balance, leaving room for speculation but not definitive conclusions.
A critical piece of missing information is the percentage of renters in the market. If we were to infer based on the limited data available, the absence of a significant renter share might suggest that the area leans towards homeownership, potentially reducing long-term housing pressure. However, without concrete figures, this remains an assumption. In markets where homeownership is prevalent, the demand for rental properties tends to be lower, which could indicate a more stable housing environment.
The dynamics of ZIP 24002 are thus characterized by known rental benchmarks and a need for more comprehensive data to fully understand the interplay between supply and demand. Landlords and small-portfolio investors should keep an eye on future updates and reports to better navigate the local real estate trends.
Data Sources: FMR data from HUD (2027).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.