Location: St. Mary's County, MD | Metro: St. Mary's County, MD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,330 |
| 1 Bedroom | $1,640 |
| 2 Bedrooms | $1,790 |
| 3 Bedrooms | $2,250 |
| 4 Bedrooms | $2,860 |
| 5 Bedrooms | $3,318 |
| 6 Bedrooms | $3,716 |
| 7 Bedrooms | $4,013 |
| 8 Bedrooms | $4,214 |
U.S. Census Bureau data (2024)
The ZIP code 20606 presents an interesting scenario for both renters and landlords. With a median income of $88,262, households in this area have a relatively strong financial standing. However, the market rate for rent is listed as N/A, which makes it difficult to assess the overall affordability without specific figures. Despite this, we can still analyze the situation based on the available data.
The Fair Market Rent (FMR) for ZIP 20606 in fiscal year 2024 is set at $1760. This figure represents the maximum amount that housing authorities will pay on behalf of tenants who receive rental assistance through vouchers. Given the median income, a household could potentially afford a higher market rate than the FMR, but the exact extent depends on the actual market rate.
With only 15.3% of the population renting and a total population of 291, the number of potential renters is quite limited. This means that landlords face a smaller pool of tenants, increasing competition among those who do rent properties. The affordability gap, therefore, becomes a significant factor in attracting and retaining tenants.
Landlords considering their strategy between accepting vouchers versus cash-paying tenants should weigh the benefits and drawbacks carefully. While vouchers provide a guaranteed source of income, albeit at a fixed rate of $1760, cash-paying tenants might offer higher rents if the market rate exceeds the FMR. However, the limited number of renters suggests that landlords may need to be flexible to accommodate different payment methods.
The takeaway for landlords is to consider diversifying their tenant mix to include both voucher recipients and cash-paying tenants. This approach helps ensure a steady stream of income while also taking advantage of potentially higher market rates. Landlords should also be prepared to compete with other property owners by offering attractive amenities and maintaining high-quality living spaces.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.