Location: Roanoke, VA | Metro: Roanoke, VA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $990 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,680 |
| 4 Bedrooms | $2,040 |
| 5 Bedrooms | $2,366 |
| 6 Bedrooms | $2,650 |
| 7 Bedrooms | $2,862 |
| 8 Bedrooms | $3,005 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,220 | $218,928 | 0.56% | F |
| 3BR | $1,680 | $298,541 | 0.56% | F |
| 4BR | $2,040 | $371,315 | 0.55% | F |
| 5BR | $2,366 | $480,210 | 0.49% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 24015, located in Roanoke, VA, does not work favorably for landlords. The Fair Market Rent (FMR) set at $970 for the fiscal year 2024 is significantly lower than the market rent, which stands at $1,398. This discrepancy suggests that landlords may struggle to cover costs and maintain profitability if they adhere strictly to the FMR guidelines.
Acquisition in this area is relatively affordable. With a median home value of $301,656, potential investors can purchase properties without breaking the bank. Additionally, the days on market (DOM) average of 13 days indicates that homes are selling quickly, suggesting a robust local real estate market. The low price-cut share of 0.3% further supports the idea that homes are selling close to their asking price, making it an attractive environment for investment.
Tenant demand is strong in ZIP 24015. The population of 15,865 residents includes a substantial renter share of 36.2%. This sizable portion of renters provides a consistent pool of potential tenants for landlords and small-portfolio investors.
In conclusion, while the rent math in ZIP 24015 does not align well with the higher market rents, the affordability of property acquisition and the presence of a large tenant base make it a viable option for real estate investment. Investors should consider setting rents closer to the market rate of $1,398 to ensure profitability, despite the FMR being set at $970. The quick turnover of properties and the significant number of renters indicate a healthy rental market that can support such strategies.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.