Location: St. Mary's County, MD | Metro: St. Mary's County, MD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,260 |
| 1 Bedroom | $1,510 |
| 2 Bedrooms | $1,650 |
| 3 Bedrooms | $2,040 |
| 4 Bedrooms | $2,610 |
| 5 Bedrooms | $3,028 |
| 6 Bedrooms | $3,391 |
| 7 Bedrooms | $3,662 |
| 8 Bedrooms | $3,845 |
U.S. Census Bureau data (2024)
The ZIP code 20609 presents a unique snapshot of the rental market dynamics, particularly within the context of Section 8 properties. With a Fair Market Rent (FMR) set at $1760 for fiscal year 2024, it's clear that the government recognizes a need to provide affordable rental options within this area. However, the absence of current market rent data suggests either limited availability or a less active segment of the private rental market compared to what might be expected.
The median home value of $429,174 indicates a relatively stable residential real estate market. This figure serves as a benchmark for property values but doesn't directly reflect the rental market conditions. The 11.1% renter share highlights a smaller proportion of renters relative to homeowners, which could imply a market where homeownership is more prevalent or desirable. This lower renter share might also suggest that there's a long-term pressure on housing, as fewer residents are opting into the rental market, possibly due to the availability of affordable homeownership opportunities or a preference for owning rather than renting.
The lack of data on price-cut shares and days on market (DOM) makes it challenging to definitively state whether supply outpaces demand or vice versa. However, the combination of a defined FMR and the missing market rent data points towards a rental market that is heavily influenced by subsidized housing programs. Landlords and small-portfolio investors should consider the reliance on such programs when evaluating the potential stability and profitability of their investments in ZIP 20609.
In conclusion, ZIP 20609 operates under a framework where government subsidies play a significant role, particularly in the rental sector. The dynamics of the market suggest a balance between affordability and desirability, with a strong emphasis on homeownership. For investors, understanding these factors is crucial in navigating the local real estate landscape effectively.
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.