Section 8 Fair Market Rent (FMR) for ZIP 24077 - 2027

Location: Roanoke, VA | Metro: Roanoke, VA HUD Metro FMR Area

Investment Score for ZIP 24077

Monthly Rent (2BR)

$1,680

Median Price (2BR)

$178,542

1% Rule

0.94%

Annual Yield

11.29%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,360
1 Bedroom	$1,440
2 Bedrooms	$1,680
3 Bedrooms	$2,320
4 Bedrooms	$2,810
5 Bedrooms	$3,260
6 Bedrooms	$3,651
7 Bedrooms	$3,943
8 Bedrooms	$4,140

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,680	$178,542	0.94%	C
3BR	$2,320	$372,867	0.62%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

943

Median Household Income

$88,194

Housing Units

465

Renter Percentage

33.8%

Occupancy Rate

77.6%

Renter Occupied

122

Troutville, VA, located in the heart of Troutville, is a residential community that offers a blend of rural charm and suburban convenience. This area is particularly relevant for real estate investors interested in the Section 8 housing market, given its specific demographic and economic characteristics.

The Fair Market Rent (FMR) for ZIP 24077 for fiscal year 2024 is set at $1210, providing a benchmark for rental properties seeking to participate in the Section 8 program.
The median home value in Troutville stands at $265,400, indicating a moderate property investment climate.
Renters make up 33.8% of the population, suggesting a significant portion of the market relies on rental housing.
The median income for residents is $88,194, which is above the national average and could support higher rent payments beyond the FMR.
Despite the lack of specific data points for market rent and days on market (DOM), the overall economic health of the area suggests stability and potential growth in rental demand.

In summary, Troutville presents a balanced opportunity for landlords and small-portfolio investors. With a solid median income supporting the local economy and a notable percentage of renters, there is a strong foundation for rental properties. The FMR figure provides a clear guideline for pricing Section 8 units, while the median home value indicates a reasonable investment cost. Although exact market rent and DOM figures are not available, the existing data points to a stable and potentially lucrative market for those willing to invest in this area.

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.