Section 8 Fair Market Rent (FMR) for ZIP 24005 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 24005 represents a part of Roanoke, Virginia, which is a city with a mix of urban and suburban characteristics. The population of this area is approximately 44,005, with a significant portion renting their homes. However, specific percentages and median income figures were not available in the latest data.

The median home value in ZIP 24005 is $172,007, indicating a moderate cost of living relative to other areas in the state. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $1040, which serves as a benchmark for rental prices in subsidized housing programs such as Section 8.

Given the FMR of $1040, it's essential to compare this figure with the prevailing market rents. While exact market rent figures for ZIP 24005 were not provided, it's evident that the FMR is lower than typical home values, suggesting a potential gap between what tenants can afford and the actual market rates.

For hands-off Section 8 operators, ZIP 24005 presents a viable opportunity due to the presence of a substantial rental market and the established Section 8 program. However, for hands-on value-add buyers looking to improve properties and potentially increase rental income, the area may offer limited upside given the moderate home values and the lower FMR.

In summary, ZIP 24005 is suitable for those seeking stable, hands-off investments in a diverse urban setting. The combination of a sizeable rental market and reasonable home values makes it a practical choice for landlords and small-portfolio investors interested in Section 8 properties.

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.