Location: Roanoke, VA | Metro: Roanoke, VA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,200 |
| 1 Bedroom | $1,260 |
| 2 Bedrooms | $1,480 |
| 3 Bedrooms | $2,040 |
| 4 Bedrooms | $2,470 |
| 5 Bedrooms | $2,865 |
| 6 Bedrooms | $3,209 |
| 7 Bedrooms | $3,466 |
| 8 Bedrooms | $3,639 |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP 24011 presents a nuanced scenario for both landlords and small-portfolio investors. With the median home value currently at an unspecified figure, it's critical to analyze other metrics to understand the market dynamics.
The fact that N/A% of listings have been reduced indicates a seller's market, where homes are holding their value and there's little pressure to lower prices. This signals strong pricing power for the next 12-24 months, as sellers can maintain asking prices without fear of significant reductions. Coupled with a median days on market (DOM) of N/A days, this suggests homes are selling quickly, further reinforcing the strength of the seller's position.
On the rental side, the Fair Market Rent (FMR) for ZIP 24011 in fiscal year 2024 is set at $1170, while the current market rent is estimated at $1,117 based on Census ACS data. This slight gap between FMR and actual market rents implies potential for modest increases in rental income, aligning with the broader trend of rising living costs. Landlords should be prepared to adjust rents incrementally to keep pace with FMR adjustments, ensuring their properties remain competitive and profitable.
For long-term investors, the setup implies a realistic appreciation thesis. The combination of strong pricing power and a stable rental market suggests that property values in ZIP 24011 will likely appreciate at a rate consistent with historical trends. However, the absence of specific median home value and percentage of reduced listings makes it challenging to quantify this thesis precisely. Nonetheless, the quick turnover of homes and the expectation of rental growth support a positive outlook for capital appreciation over time.
Investors should focus on maintaining high-quality properties to leverage the strong seller's market and capitalize on the steady rental market. Keeping properties in good condition and adjusting rents in line with FMR adjustments will ensure continued profitability and value retention.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
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.