24023

ZIPSAFMR

Roanoke City, VA

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,130	$1,190	13.2%
1 BR	$1,190	$1,190	11.9%
2 BR	$1,390	$1,240	10.2%
3 BR	$1,920	$1,610	9.8%
4 BR	$2,320	$2,150	11.4%
5 BR	$2,668	Not available	11.4%
6 BR	$3,068	Not available	11.4%
7 BR	$3,528	Not available	11.4%
8 BR	$4,058	Not available	11.4%

Purchase Price Calculator

Maximum purchase price

$122,347

Cost breakdown

+Likely effective rent$1,240

HUD FMR$1,390

Market rentUsed$1,240

Est. payment standard (93%)$1,290

-Principal and interest-$619

Loan amount$97,878

Down payment$24,469

Rate6.50%

Term30 years

-Operating costs-$421

Property taxes-$122

Insurance-$175

Utilities$0

HOA$0

Management-$124

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$20,114(82.2% ROI)

Projected value

$131,754

Return breakdown

Property appreciation+$9,407

Loan principal paid down+$3,507

Rental cash flow+$7,200

5-year hold

+$34,331(140.3% ROI)

Projected value

$138,424

Return breakdown

Property appreciation+$16,077

Loan principal paid down+$6,253

Rental cash flow+$12,000

10-year hold

+$73,168(299.0% ROI)

Projected value

$156,615

Return breakdown

Property appreciation+$34,268

Loan principal paid down+$14,901

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.93ratio

FMR$1,130

Market$1,220

vs market-$90

FMR is near market; voucher and private rents are aligned.

0.93

1 BR

1.00ratio

FMR$1,190

Market$1,190

vs market+$0

FMR is near market; voucher and private rents are aligned.

1.00

2 BR

1.12ratio

FMR$1,390

Market$1,240

vs market+$150

FMR is above market; underwrite to market rent.

1.12

3 BR

1.19ratio

FMR$1,920

Market$1,610

vs market+$310

FMR is above market; underwrite to market rent.

1.19

4 BR

1.08ratio

FMR$2,320

Market$2,150

vs market+$170

FMR is near market; voucher and private rents are aligned.

1.08

0.700.800.901.001.101.201.30aligned range

Historical

FY 2023-2027

FMR: FY2027
Market rent: last ~365 days
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 24023 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 24023 (Roanoke, VA) is $1,390 a month. That is up 15.8% from $1,200 in FY 2026. Roanoke is in the Roanoke, VA HUD Metro FMR Area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,464. Among 37 ZIP codes in Roanoke City, 24023 is tied for the 7th-highest two-bedroom rent (county range $1,220–$1,730). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 24023 is 10% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 24023
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$960	$1,130	+17.7%	$1,017–$1,243
1BR	$1,010	$1,190	+17.8%	$1,071–$1,309
2BR	$1,200	$1,390	+15.8%	$1,251–$1,529
3BR	$1,670	$1,920	+15.0%	$1,728–$2,112
4BR	$2,010	$2,320	+15.4%	$2,088–$2,552

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 24023
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,130	$1,190	$1,390	$1,920	$2,320
FY 2026	$960	$1,010	$1,200	$1,670	$2,010
FY 2025	$850	$910	$1,090	$1,530	$1,800
FY 2024	$780	$850	$1,040	$1,450	$1,680
FY 2023	$690	$760	$940	$1,290	$1,460

Two-bedroom rent in nearby Roanoke City ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 24023
24016	$1,380	−0.7%
24017	$1,460	+5.0%
24018	$1,700	+22.3%
24019	$1,730	+24.5%
24022	$1,390	0.0%
24023Current	$1,390	—
24024	$1,390	0.0%
24025	$1,390	0.0%
24026	$1,390	0.0%
24027	$1,390	0.0%
24028	$1,390	0.0%
24029	$1,390	0.0%

Questions about ZIP 24023 rents

How much will Section 8 pay for a two-bedroom in ZIP 24023?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,464, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,318 to $1,610 a month; under the ZIP-level Small Area FMR of $1,390 it would be $1,251 to $1,529. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 24023 in?

ZIP 24023 is in the Roanoke, VA HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,464.

How much did fair market rent change in ZIP 24023 for FY 2027?

The two-bedroom FMR rose 15.8%, from $1,200 in FY 2026 to $1,390 in FY 2027. Since FY 2023 it has risen 47.9%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rent Roanoke, VA fair market rent VA statewide rents What is SAFMR?Data sources