News

While residential migration slowed and housing markets struggled throughout the country in the past decade, Downtown Roanoke’s residential surge attracted attention of a national urban think tank. Results of the study by the Fordham Institute were published by The Atlantic Cities and show the 24011 zip code (covering much of Downtown Roanoke) had the fourth highest level of gentrification between 2000 to 2010. 

This led us to wonder – how else has Downtown Roanoke changed since 2000?  

From 2000 to 2009, a single census tract (Tract 11) covered much of Downtown Roanoke.  Blocks were added to the Tract 11 in 2010 so that data from 2010 and later is not strictly comparable to earlier in the decade.  But some general trends can be determined by comparing Census 2000 data to five-year averages from the Census American Community Survey for 2005 to 2009.

Median household income increased an overwhelming 217 percent from 2000 to the average of the five year period between 2005 and 2009.  Median family income increased by 47 percent. The number of housing units is up 61 percent.  Meanwhile, reflecting the increasing value of real estate in the downtown market, median rents are up 135 percent. 

Yes, Downtown Roanoke has changed dramatically in less than 10 years. Residential growth has contributed to greater vibrancy and it is an increasingly more attractive for retail, dining, and entertainment than ever before. With the number of residential projects in the development pipeline, we’re likely to see continued growth and prosperity for Downtown Roanoke.