Location: Roanoke, VA | Metro: Roanoke, VA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,900 |
| 5 Bedrooms | $2,204 |
| 6 Bedrooms | $2,468 |
| 7 Bedrooms | $2,665 |
| 8 Bedrooms | $2,798 |
U.S. Census Bureau data (2024)
The market in ZIP 24127 presents a dynamic environment that reflects both current trends and underlying housing pressures. With a Fair Market Rent (FMR) set at $910 for the fiscal year 2024, landlords and investors can gauge the government's benchmark for rental affordability. However, the actual market rent, as reported by the Census ACS, stands at $713. This suggests that while the FMR acts as a regulatory guideline, the prevailing market conditions might be somewhat less favorable for high-end rentals.
The median home value in ZIP 24127 is $215,241, which is a critical figure for understanding the overall cost of homeownership in the area. While the percentage of price-cut share and days on market (DOM) are currently unavailable, the disparity between the FMR and market rent indicates that there could be a situation where supply slightly outpaces demand, allowing tenants to negotiate lower rents.
A noteworthy aspect of the ZIP code is the 18.4% renter share, which is a significant indicator of long-term housing pressure. In areas with a higher proportion of renters, there is often greater competition for rental properties, leading to sustained pressure on rental prices. This figure implies that nearly one-fifth of the households in ZIP 24127 are renters, suggesting a steady demand for rental units that could translate into consistent occupancy rates for landlords.
The interplay between these figures—FMR, market rent, median home value, and renter share—paints a picture of a market that is moving towards a balance between supply and demand, albeit with a slight tilt towards supply. Landlords should be aware of the regulatory benchmarks but also consider the actual market conditions when setting rents. The relatively high renter share underscores the importance of maintaining competitive rental offerings to meet the needs of this segment of the population.
Data Sources: FMR data from HUD (2027). 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.