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 HUD Fair Market Rent (FMR) for ZIP code 24028 in Roanoke, Virginia, for fiscal year 2024 is set at $1040. This figure represents the maximum amount that voucher holders can pay toward their monthly rent under the Section 8 program. However, due to the lack of available market rent data for this area, it's challenging to provide a direct comparison between the HUD FMR and the actual market rents. Based on the existing data, voucher tenants will likely cashflow at the FMR rate in this ZIP code, meaning they can afford their rent without significant financial strain.
To further analyze the investment potential, consider the median home value in ZIP 24028. Unfortunately, the specific median home value is not provided, which makes deriving an exact rent-to-price ratio impossible. However, the absence of this data does not necessarily indicate poor investment potential; it often signifies a rental-heavy market where homeownership is less prevalent. In such scenarios, the demand for rental properties tends to be higher, supporting the viability of Section 8 investments.
The days on market (DOM) and price-cut share data are also unavailable, but these metrics would typically help gauge the local real estate market's health and activity levels. If the DOM were high and the price-cut share substantial, it could suggest a buyer's market with slower sales and potentially lower property values. Conversely, low DOM and minimal price cuts might indicate a seller's market with strong demand for housing, which could benefit both renters and buyers.
In summary, while specific market rent and home value data are lacking, the established HUD FMR of $1040 suggests that Section 8 tenants can cashflow comfortably in this area. The strongest investor angle here is likely cashflow, given the program's fixed payment structure and the apparent alignment with local rental rates. This makes ZIP 24028 a solid choice for those looking to generate steady rental income through Section 8 participation.
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.