Cave Spring: Housing & Real Estate
Homes in Cave Spring carry a median value of $325,800 (estimated market value runs 24% higher at $405,063), with median rent $1,285 (about the same as Roanoke County median $1,224; 1.2× below Virginia median $1,579). Homeownership rate: 69.5%. That's 1.1× higher than the Roanoke County median ($286,000); 1.2× below the Virginia median ($383,700). Market is warm. Vacancy rate 7.9%. New construction makes up 6.6% of stock. A municipal building code is in effect.
- 3.7× annual income — home value vs. household income (vs Virginia 4.1×).
- 21.1 years to break even renting at the median (vs Virginia 19y).
- 4-BR rent is 2.1× a studio — rent gradient by unit size.
Home Values & Rent
Median home value $325,800 — 0.9× the Virginia median ($382,500). Median rent $1,285/month. homeownership rate 69.5% — above the U.S. share of ~65%.
| Affordability · Home Price To Income | 3.7× |
|---|---|
| Affordability · Home Affordability | moderate |
| Affordability · Rent Pct Income | 16.8% |
| Affordability · Rent Affordability | affordable |
| Affordability · Pct Severely Rent Burdened | 29.4% |
| Affordability · Poverty Rate | 5.9% |
| Affordability · Property Tax Pct Income | 3.0% |
| Fair Market Rent · Studio rent | $1,004 (vs Virginia $1,492) |
| Fair Market Rent · One-bedroom rent | $1,053 (vs Virginia $1,512) |
| Fair Market Rent · Two-bedroom rent | $1,254 (vs Virginia $1,713) |
| Fair Market Rent · Three-bedroom rent | $1,743 (vs Virginia $2,376) |
| Fair Market Rent · Four-bedroom rent | $2,104 (vs Virginia $2,797) |
| Fair Market Rent · HUD FMR area | Roanoke, VA HUD Metro FMR Area |
| Fair Market Rent · Fiscal year | FY2026 |
| Home Value Estimate | $405,063 |
| Median Home Value | $325,800 (vs Virginia $382,500) |
| Median Rent | $1,285 (vs Virginia $1,714) |
Sources: HUD FMR FY2026 · Census ACS 5-Year 2023, B25077 · Census ACS 5-Year 2023 · Refreshed 2026-04-12
Tenure & Occupancy
Owner-occupied vs renter-occupied housing units, plus vacancy rates.
| Housing Market · Market temperature | warm |
|---|---|
| Housing Market · Vacancy rate | 7.9% |
| Housing Market · New construction (% of stock) | 6.6% |
| Housing Market · Price Appreciation 2Yr | 9.8% |
Utilities
Electricity, water, and broadband infrastructure serving residents. Broadband percentages reflect the share of premises that can subscribe to service at the listed speed (FCC Form 477).
Systems (2)
| Broadband · % of premises with 25/3 Mbps broadband | 100.0% (at Virginia median) |
|---|---|
| Broadband · % of premises with 100/20 Mbps broadband | 100.0% (at Virginia median) |
| Broadband · % of premises with 250/25 Mbps broadband | 100.0% (at Virginia median) |
| Broadband · % of premises with 1 Gbps / 100 Mbps broadband | 75.9% (vs Virginia 49.4%) |
| Broadband · Broadband-capable premises | 13,781 |
| Electricity · Electricity rate (¢/kWh) | 14.41¢/kWh |
| Electricity · Customers | 3654481 |
| Electricity · Revenue Millions | $6,524 |
| Electricity · Year | 2024 |
| Mobile Broadband · 3G mobile coverage | 0.000000000 |
| Mobile Broadband · 4G mobile coverage | 1.000000000 (at Virginia median) |
| Mobile Broadband · 5G mobile coverage | 1.000000000 (at Virginia median) |
| Mobile Home Parks Detail · County total | 4 |
Sources: FCC BDC Jun 2025 · EIA Annual Retail Sales 2023 · FCC BDC Mobile 2024 · HIFLD / IRS BMF · Refreshed 2026-04-12
Other
| Homeownership Rate | 69.5% (vs Virginia 64.4%) |
|---|---|
| Median Year Built | 1977 |
Sources: Census ACS 5-Year 2023 · Refreshed 2026-04-12