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 |
1040 is the Fair Market Rent (FMR) for ZIP code 24024 in Virginia for fiscal year 2024. This figure represents the maximum amount a landlord can charge for a rental property under the Section 8 program. Although the specific market rent, median home value, and median income data for this area are currently unavailable, the FMR provides a reliable benchmark for pricing rental units. The renter share percentage is also not available, but it's crucial for understanding the demand for rental properties in the area. With the FMR set at $1040, landlords should ensure their properties meet the quality standards required to participate in the Section 8 program. The Days on Market (DOM) data being unavailable suggests that rental listings may either sell quickly or have limited availability, making it important for landlords to maintain competitive pricing and conditions. Similarly, the lack of data on the price-cut share indicates that landlords might need to be flexible with their prices to attract tenants. Given the clear FMR figure and the absence of other critical data points, landlords and small-portfolio investors must rely on the $1040 FMR as their primary guide for setting rents and preparing properties for the Section 8 market.
Verdict: ZIP 24024 offers a defined opportunity with an FMR of $1040, though additional local market research is advised due to the lack of comprehensive data.
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.