Roanoke, VA
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
moderate
Price to income
3.50×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Virginia
- 3.86×-0.36
- vs U.S.
- 3.43×
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
22.3%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Virginia
- 22.9%-0.6
- vs U.S.
- 23.3%-1.0
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
deal-by-deal
Cap rate proxy
4.14%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Virginia
- 3.96%+0.18
- vs U.S.
- 4.35%
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
shrinking
Net migration
-0.14%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Virginia
- -0.06%
- vs U.S.
- 0.03%
Benchmark
IRS net migration ÷ population
tight
Permit pipeline
1.84
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs Virginia
- 5.90
- vs U.S.
- 3.52
Benchmark
Census BPS permits TTM ÷ population × 1,000
healthy
Unemployment
3.3%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Virginia
- 3.3%=
- vs U.S.
- 3.9%-0.6
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+60.9%
homeValues.yearOverYear
+6.1%
Median home value
$236,300
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $1,053 | $12,636 | 18.7% |
| 2 BR | $1,254 | $15,048 | 22.3% |
| 3 BR | $1,743 | $20,916 | 31.0% |
Labor market direction
Unemployment
3.3%
Median household income
$67,447
What's being built
Total TTM
579
+2.8% YoY
Single-family
555
2–4 unit
10
5+ unit
14
All 6 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Roanoke city | 99,213 | $180,500 | $52,671 | 116 | +41.5% |
| Roanoke County | 96,653 | $267,300 | $82,931 | 160 | |
| Franklin County | 54,838 | $222,800 | $68,348 | 141 | +1.4% |
| Botetourt County | 33,734 | $268,900 | $80,467 | 130 | +46.1% |
| Salem city | 25,372 | $244,800 | $66,716 | 14 | |
| Craig County | 4,898 | $210,500 | $67,778 | 18 |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Roanoke | 314,708 | $67,447 | 3.50× | 4.14% | +60.9% | 1.84 | 3.3% |
| Evansville, IN-KY | 313,961 | $67,671 | — | — | +46.5% | — | 2.6% |
| Clarksville, TN-KY | 322,949 | $66,210 | — | — | +61.4% | — | 3.7% |
| South Bend-Mishawaka, IN-MI | 323,992 | $65,385 | — | — | +58.4% | — | 3.2% |
| Rockford, IL | 338,050 | $66,571 | — | — | +67.4% | — | 6.2% |
| Utica-Rome, NY | 291,348 | $68,830 | — | — | +58.7% | — | 4.0% |
Where people are moving in from
Net migration
-445
-0.14% of population
| Origin county | Tax returns |
|---|---|
| Roanoke city, VA | 1,785 |
| Roanoke County, VA | 1,651 |
| Salem city, VA | 585 |
| Bedford County, VA | 504 |
| Botetourt County, VA | 411 |
| Franklin County, VA | 307 |
Who lives in Roanoke
- Median age
- 43
- Bachelor's+
- 30.6%
- Owner-occupancy
- 68.7%
- Vacancy rate
- 12.1%
- Rent burdened (30%+)
- 40.2%
- Median household income
- $67,447
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.