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 |
ZIP code 24022 is situated within the Roanoke, VA HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 24022 is set at $1040 for fiscal year 2024. This figure provides insight into the rental cost environment for landlords and investors in this area.
To understand how ZIP 24022 compares to other areas within the Roanoke, VA HUD Metro FMR Area, we need to look at the broader context. The FMR of $1040 in ZIP 24022 is a specific benchmark that can be used to gauge affordability and market positioning. However, the lack of data on market rent, home values, and renter share makes it challenging to draw definitive conclusions about its classification as a value pocket, mid-tier neighborhood, or premium sub-market.
In the absence of detailed market rent and home value data, the FMR serves as a proxy for rental costs. If the FMR is significantly lower than the market rent in other ZIP codes within the Roanoke, VA HUD Metro FMR Area, it could indicate that 24022 is a value pocket where rents are generally more affordable. Conversely, if the FMR aligns closely with or exceeds the market rents of surrounding areas, it might suggest that 24022 is either a mid-tier neighborhood or a premium sub-market, depending on additional factors such as location desirability and amenities.
The renter share being listed as N/A also complicates the analysis. A high renter share in conjunction with lower home values compared to the metro average would typically signal a favorable position for Section 8 properties, as it suggests a higher concentration of renters who rely on government assistance. Since this data point is missing, we cannot confirm if ZIP 24022 fits this profile.
To make a more informed assessment, one would need to gather additional data on market rent and home values for ZIP 24022 and compare them to the overall Roanoke, VA HUD Metro FMR Area. This comparison would reveal whether 24022 stands out as an area with particularly low costs or if it aligns more closely with the average or above-average metrics of the region.
Based on the available information, ZIP 24022 appears to have a defined rental cost structure with its FMR set at $1040. To determine its exact market position within the Roanoke, VA HUD Metro FMR Area, further investigation into market rents and home values is necessary. Landlords and small-portfolio investors should consider these factors when evaluating the potential of ZIP 24022 as part of their investment strategy.
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.