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)
Roanoke City County ZIP code 24012 stands out with a population of 28,235 residents, where 47.2% are renters. The median income here is $52,973, and the median home value is $229,530. These figures paint a picture of a moderately priced area with a significant rental market.
The economic dynamics of the rental market in ZIP 24012 are particularly interesting when considering Section 8 vouchers. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $1,060, while the market rent, measured by ZORI (Zillow's Rent Index), is $1,447. This discrepancy means that landlords can expect a subsidy gap of $387 per unit if they choose to accept Section 8 tenants. Given the median income, it's clear that the local economy supports a mix of affordable and slightly above average housing options.
The data signature for ZIP 24012 reads as stable. With a steady rental rate and a reasonable median income, the area shows signs of consistent demand for both subsidized and market-rate rentals. Landlords and small-portfolio investors should find the environment predictable, with a reliable tenant pool supported by Section 8 subsidies. However, they must also be prepared to bridge the difference between the FMR and market rates to remain competitive in the local rental market.
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.