Rent vs Buy Calculator for Roanoke, VA
Updated 2026 · Local data pre-filled
Roanoke's price-to-rent ratio is 18.9 — in the neutral zone where the decision depends on your timeline and priorities. Median rent is $950/mo vs a $215,000 purchase price.
✓ Calculator below is pre-filled with Roanoke local data
How Roanoke Compares to the National Average
Understanding how Roanoke stacks up helps you calibrate your financial planning.
| Metric | Roanoke, VA | US Average | Difference |
|---|---|---|---|
| Median Home Price | $215,000 | $420,800 | -48.9% |
| Median Monthly Rent | $950 | $1,713 | -44.5% |
| Median Household Income | $55,800 | $74,580 | -25.2% |
| Property Tax Rate | 0.82% | 1.10% | -25.5% |
| Cost of Living Index | 88 | 100 | -12.0% |
Sources: U.S. Census Bureau, BLS, Zillow, NAR (2024–2025). Green = favorable for residents; red = less favorable.
Roanoke Financial Snapshot
- Population (Metro)
- 320,000
- Unemployment
- 3.6%
- Avg Commute
- 22 min
- Median Age
- 39.5
- Price-to-Rent Ratio
- 18.9x
- Annual Property Tax
- $1,763
Rent vs Buy Calculator in Other Virginia Cities
Frequently Asked Questions — Roanoke
What is the median home price in Roanoke, VA?
The median home price in Roanoke is $215,000 as of 2025–2026. This is below the national median of $420,800.
What is the average rent in Roanoke?
Median monthly rent in Roanoke is $950. That works out to $11,400/year, or 20% of the median household income — within the commonly recommended 30% of income guideline.
Is Roanoke affordable?
Roanoke's cost of living index is 88 vs. the national average of 100. With a median household income of $55,800/year and a median home price of $215,000, the price-to-income ratio is 3.9x. Roanoke remains relatively affordable compared to many US metros.
What is the property tax rate in Roanoke?
The effective property tax rate in Roanoke is 0.82% of assessed value. On the median home of $215,000, that's roughly $1,763/year ($147/month).