Location: Roanoke, VA | Metro: Roanoke, 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 | $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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,390 | $248,410 | 0.56% | F |
| 3BR | $1,920 | $360,615 | 0.53% | F |
| 4BR | $2,320 | $479,459 | 0.48% | F |
| 5BR | $2,691 | $609,705 | 0.44% | F |
U.S. Census Bureau data (2024)
ZIP code 24175, located in Troutville, VA, is part of Botetourt County and stands out due to its unique demographic and economic characteristics. With a total population of 8,128 residents, only 14.6% rent their homes, indicating a strong preference for homeownership. The median income in the area is $82,314, which is relatively high compared to national averages. Additionally, the median home value is $331,973, reflecting the stability and desirability of the housing market.
The Section 8 voucher program plays a crucial role in the rental market dynamics of ZIP 24175. The Fair Market Rent (FMR) for the area, set at $1,040 for fiscal year 2024, is slightly below the current market rate of $1,075, as reported by the Census Bureau's American Community Survey (ACS). This suggests that landlords participating in the Section 8 program can expect a slight reduction in rental income compared to market rates. However, the program provides a guaranteed income source and reduced vacancy risk, which can be advantageous for long-term financial planning.
Analyzing the data signature of ZIP 24175, it reads as stable. The low percentage of renters combined with a high median income and median home value indicates a community where most residents can afford to own their homes. The modest gap between the FMR and the market rate also implies a balanced rental market, where the Section 8 program can coexist without significant disruption to the overall housing economy. For landlords and small-portfolio investors, this ZIP code presents an opportunity to serve a niche market while maintaining financial stability through government-backed rental payments.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.