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 analysis for Section 8 properties in ZIP code 24009 is based on the disparity between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2024, the FMR for ZIP 24009 is set at $1040. However, the market rent data is currently unavailable, which complicates a direct comparison. To proceed with the analysis, we must consider the implications of the FMR figure alone.
In the absence of specific market rent data, it's important to understand that the FMR represents the maximum amount that the government will pay for rental housing through the Section 8 program. This means that landlords accepting Section 8 vouchers can expect to receive up to $1040 per month for eligible units. The unknown market rent suggests that landlords might be renting their properties above or below this rate, depending on the local demand and property conditions.
Given that the exact percentage of renters in Unknown, Virginia, the median home value, and the median income are also not provided, we cannot fully contextualize the financial landscape of the area. Nonetheless, the FMR serves as a benchmark for evaluating the potential yield of Section 8 properties. If the market rent is higher than the FMR, landlords could face a shortfall in revenue when they choose to accept Section 8 vouchers. Conversely, if the market rent is lower than the FMR, accepting vouchers would be a yield play, as it guarantees a certain level of income regardless of the local economic conditions.
To summarize, the core of the Section 8 thesis in ZIP 24009 is the fixed payment of $1040 per month for eligible units. This figure stands in contrast to the unspecified market rent, creating an uncertainty around the financial benefits or drawbacks of participating in the program. Landlords and small-portfolio investors should carefully consider their property's market position and the broader economic context of Unknown, Virginia, before making decisions about accepting Section 8 vouchers.
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.