Location: Roanoke, VA | Metro: Blacksburg-Christiansburg-Radford, VA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $970 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,660 | $362,215 | 0.46% | F |
U.S. Census Bureau data (2024)
A landlord considering investing in ZIP 24070 for Section 8 properties must evaluate several factors. The first step is to determine if the Fair Market Rent (FMR) of $1090 for the fiscal year 2024 can cover the debt service on a property valued at $348,519. To make this assessment, calculate the monthly mortgage payment including principal, interest, taxes, and insurance. If the FMR does not clear these costs, the answer is a definitive No.
If the FMR does cover debt service, the next question is whether the market rent is above, at, or below the FMR. In ZIP 24070, the market rent is listed as N/A, which means there is insufficient data to make an accurate comparison. This ambiguity leads to a cautious It Depends, as landlords need to research further to understand local rental dynamics.
The third factor is demand. ZIP 24070 has 0.0% of renters participating in the Section 8 program, and the days on market (DOM) for rentals is also N/A. With zero percent participation, there is no existing demand from Section 8 tenants. However, the lack of DOM data makes it impossible to assess how quickly properties might be rented out to other tenants. Thus, the demand analysis also results in a It Depends response.
To summarize:
A landlord should proceed with caution and gather additional local insights before making a final decision on purchasing in ZIP 24070 for Section 8 investment purposes.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
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.