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 | $1,400 |
| 1 Bedroom | $1,480 |
| 2 Bedrooms | $1,730 |
| 3 Bedrooms | $2,390 |
| 4 Bedrooms | $2,890 |
| 5 Bedrooms | $3,352 |
| 6 Bedrooms | $3,754 |
| 7 Bedrooms | $4,054 |
| 8 Bedrooms | $4,257 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,730 | $237,814 | 0.73% | D |
| 3BR | $2,390 | $295,282 | 0.81% | C |
| 4BR | $2,890 | $354,535 | 0.82% | C |
| 5BR | $3,352 | $470,720 | 0.71% | D |
U.S. Census Bureau data (2024)
The ZIP code 24019, located in Roanoke, VA, presents an interesting scenario when analyzed from a renter's perspective. The median income for households in this area stands at $77,870, which is crucial for understanding the financial landscape of potential renters.
Considering the market rate for rent, known as the ZORI (Zillow Rent Index), is set at $1,215, it becomes evident that this figure represents a significant portion of the average household's income. To put this into perspective, a household earning the median income would allocate approximately 16% of their annual income towards rent alone. This percentage is substantial but not necessarily unmanageable, especially if other expenses are kept in check.
In comparison, the Fair Market Rent (FMR) for ZIP 24019 in fiscal year 2024 is set at $1,240. This amount is slightly higher than the ZORI, indicating that the government's standard for voucher payments is in line with, if not slightly exceeding, the market rate. For households relying on Section 8 vouchers, this means they can expect a payment standard that covers the typical rental costs without straining their personal budgets further.
Given that 24.5% of the 28,585 population are renters, there is a notable segment of the community seeking housing options. However, the affordability gap between the median income and the rental rates suggests that many renters may struggle to pay market rates without assistance. This dynamic creates a competitive environment for landlords, particularly those considering whether to accept voucher tenants or focus on cash-paying residents.
The takeaway for landlords is clear: accepting Section 8 vouchers can be a strategic move to attract tenants who might otherwise be priced out of the market. While voucher payments are consistent and reliable, landlords should also consider the administrative requirements and potential delays associated with voucher processing. On the other hand, focusing on cash-paying tenants could yield higher rents but comes with the risk of reduced demand due to the affordability challenges faced by many in the area.
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.