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 24038 in Virginia for fiscal year 2024, indicating the maximum amount Section 8 participants can be charged for a two-bedroom unit. Despite the N/A values for market rent, median home value, renter share, median income, days on market (DOM), and price-cut share, it's clear that the rental market in this area is heavily reliant on government subsidies. The absence of typical market indicators suggests limited private sector competition, making Section 8 vouchers a critical component for securing tenants. Landlords in ZIP 24038 should focus on maintaining properties at a standard that meets or exceeds HUD requirements to ensure eligibility and avoid any disqualification. Additionally, understanding the local housing authority's payment standards and processing times is essential for managing cash flow effectively. Given the reliance on Section 8 vouchers and the lack of competitive private rents, landlords and small-portfolio investors should consider this program as a stable source of income. However, the long-term sustainability and profitability will depend on the property's condition, location, and the landlord's ability to manage the complexities associated with subsidized housing. The one-line Section 8 verdict for ZIP 24038 is: A viable option for landlords seeking stable occupancy, with a focus on compliance and property maintenance.
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.