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 |
The Fair Market Rent (FMR) for ZIP code 24023 in Unknown, VA, for fiscal year 2024 is set at $1040. This figure represents the maximum amount that a landlord can charge a tenant who participates in the Section 8 housing choice voucher program. It's important to note that this is not the actual rent you will receive; it is the payment standard used by the Housing Authority to determine the subsidy amount.
To put this into context, the local median rent in ZIP 24023 is currently N/A. While we don't have exact figures, the N/A% of the population renting indicates a strong demand for rental properties. This means that if your property meets the criteria, there is a good chance of finding tenants through the Section 8 program.
When acquiring a new rental property, the average cost in this area is N/A. The FMR of $1040 can help you calculate whether the potential income from a Section 8 tenant would cover your expenses, including mortgage payments, maintenance, and other costs associated with owning a rental property.
Before proceeding with a Section 8 rental, ensure that your property passes the Housing Quality Standards (HQS) inspection. This is a mandatory requirement that checks for safety, habitability, and basic structural integrity. The inspection ensures that your property meets the necessary standards for tenancy under the Section 8 program.
In summary, with an FMR of $1040, you can expect a reliable source of income for your rental property in ZIP 24023. The high percentage of renters in the area suggests a robust market for Section 8 tenants. However, the key step to verify is that your property complies with the HQS standards, which is essential for participation in the program.
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.