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)
In ZIP code 24131, the Section 8 economics are straightforward and based on the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment, which is set at $910 for fiscal year 2024. This SAFMR is specific to this ZIP code, meaning it reflects the rental rates unique to this area.
The local market rent for a two-bedroom apartment in ZIP 24131 is currently unavailable, but this does not affect the calculation of the voucher payment. Section 8 vouchers operate under a formula where the government pays the difference between the SAFMR and 30% of the tenant's income, up to the SAFMR limit.
To break down the actual payment process, consider a tenant who qualifies for a voucher. The tenant is responsible for paying approximately 30% of their adjusted monthly income toward rent. For example, if a tenant's monthly income is $1,500, they would pay $450 ($1,500 * 0.3) toward rent. The government then covers the remaining amount up to the SAFMR of $910. In this case, the government would pay $460 ($910 - $450).
Additionally, the voucher includes an allowance for utilities. However, the exact amount of this allowance can vary based on the tenant's specific situation and needs. It is important to note that the total reimbursement from the government will not exceed the SAFMR of $910.
Given the SAFMR of $910, landlords should expect a reimbursement gap if the local market rent exceeds this amount. Conversely, if the local market rent is below $910, there might be a surplus. Since the local market rent is not available, we cannot determine the exact gap or surplus. However, if the local market rent were higher than $910, landlords would have to cover the difference out of pocket. If it were lower, landlords would receive the full market rent plus any additional funds from the government up to the $910 limit.
In summary, landlords in ZIP 24131 should anticipate receiving a reimbursement of up to $910 per month for a two-bedroom apartment under the Section 8 program. The actual payment received will depend on the tenant's income and the utility allowance, but it will never exceed the SAFMR cap.
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.