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These days, finding an affordable place to live in the Roanoke area can be challenging. Home prices in Roanoke are now at a median cost of $241,349, lower than the Virginia average of $443,089.
The average cost of rent is $1,107/mo in Roanoke, primarily driven by the current value of real estate in the Roanoke area. In Roanoke, 41.42% of households rent, and 42.16% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Roanoke is $5,519 per month. Households that rent pay about 20.05% of their income on rent here. Roanoke’s most expensive areas are in the southern regions, while the cheapest areas are in the northern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Hollins, VA: equally priced homes
- Cave Spring, VA: higher priced homes
- Vinton, VA: equally priced homes
- Salem, VA: higher priced homes
- Cloverdale, VA: higher priced homes
- Laymantown, VA: higher priced homes
- Mason Cove, VA: less expensive homes
- Wabun, VA: higher priced homes
- Glenvar, VA: higher priced homes
- Blue Ridge, VA: equally priced homes
Cities with Similar Populations
- Layton, UT: higher priced homes
- Las Cruces, NM: equally priced homes
- Laveen, AZ: higher priced homes
- Largo, FL: higher priced homes
- Lehigh Acres, FL: higher priced homes
- Lexington, KY: higher priced homes
- Lees Summit, MO: higher priced homes
- Leander, TX: higher priced homes
- Lansing, MI: less expensive homes
- High Point, NC: less expensive homes
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