ZIP Code · VA

ZIP 24016

Part of Roanoke, VA

Pop. 10,521·Roanoke City·192nd most expensive ZIP in Virginia

Median rent (all units)

$1,102/mo

Year-over-Year

+1.4%

Month-over-Month

+0.3%

vs US Median

-$830

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 24016 · $1,102

More affordable than 95% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$940

1 BR

$990

2 BR

$1,180

3 BR

$1,640

4 BR+

$1,980

Research median

$1,180/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Compared with the peak

Rent in ZIP 24016 is 0.6% below its high of $1,109 in June 2026, at $1,102 as of September 2026.

Past year vs. the rest of Virginia

Rent in ZIP 24016 changed +1.4% over the year to September 2026. Across the 169 Virginia ZIP codes Zillow tracks, the typical change was +3.4%.

Recent direction

Rent rose in 7 of the last 12 months.

What a typical income covers

30% of the median household income ($46,512) is $1,163 a month. That covers HUD's Fair Market Rent for up to a 1-bedroom ($990); a 2-bedroom is $1,180.

Rank in Roanoke

1st cheapest of 8 ZIP codes in Roanoke.

From Zillow's monthly rent index (ZORI) for ZIP 24016. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$13,224/yr

At $1,102/mo median

Location

CityRoanoke

StateVA

CountyRoanoke City

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (1.4% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+1.4% YoY, +0.3% MoM), not inventory.

Demographics

Who lives here

ZIP 24016 (Roanoke, VA) is majority renter-occupied, has a large share of families with children, has a median income below the national average, 28.4% of residents hold a bachelor's degree or higher.

Population

10,521

Median income

$46,512

Median age

32.7

Renters

78.7%

Age distribution

26.2%

27.2%

23.7%

13.4%

Under 1826.2%

18–3427.2%

35–5423.7%

55–649.4%

65+13.4%

Gender

46.6%

53.4%

Male46.6%

Female53.4%

Race & ethnicity

43.9%

45%

White43.9%

Black45%

Hispanic4.3%

Asian3.3%

Other3.4%

Education (25+)

27.8%

31.9%

28.4%

No HS diploma12%

HS diploma27.8%

Some college31.9%

Bachelor's+28.4%

Housing tenure

21.3%

78.7%

Owner21.3%

Renter78.7%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2023 vs 2026

How ZIP 24016 in Roanoke, VA has changed in 5 years

Rent

$953 → $1,102

up 15.6%

Income

$34,621 → $46,512

up 34.3%

Population

9,428 → 10,521

up 11.6%

Renter share

78.5% → 78.7%

+0.2 pts

Bachelor's+

26.2% → 28.4%

+2.2 pts

Median age

33.9 → 32.7

-1.2 yrs

Rent in ZIP 24016 in Roanoke, VA has increased 15.6% since 2023, going from about $953 per month to roughly $1,102 today. Median household income grew from $34,621 to $46,512 between 2021 and 2024, a 34.3% shift. Income growth outran rent by about 18.7 percentage points, easing the affordability math somewhat compared with 2021. Headcount in the area went from 9,428 to 10,521 between 2021 and 2024, a 11.6% change. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 26.2% to 28.4%. Taken together, the five-year picture in ZIP 24016 in Roanoke, VA reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.

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About renting in ZIP 24016

Last updated: October 17, 2026

ZIP code 24016 covers Roanoke, VA. The median rent here is $1,102/mo as of October 2026. A 1-bedroom rents for a median of $990/mo. A 2-bedroom rents for a median of $1,180/mo.

At 28% of local median household income ($46,512/yr), ZIP 24016 ranks as affordable compared to the national benchmark of 30%. Rents have increased 1.4% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 24016?

To keep rent at or below 30% of gross income, you would need to earn at least $44,000/year (about $21/hour full-time) to afford the median rent of $1,102/mo in ZIP 24016. The local median household income is $46,512/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 24016?

Rent in ZIP 24016 has risen 1.4% over the past year as of September 2026. It sits 0.6% below its high of $1,109 in June 2026.

How does ZIP 24016 compare to other ZIPs in Virginia?

ZIP 24016 is one of the more affordable among Virginia ZIP codes for rent, ranking #192 of 194 at $1,102/mo. Over the year to September 2026, rent in ZIP 24016 changed +1.4%, against a typical +3.4% across the 169 Virginia ZIP codes Zillow tracks.