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)
12.5% of the residents in ZIP code 20624 are renters, indicating a moderate demand for rental properties. In this area, the Fair Market Rent (FMR) for Section 8, as of fiscal year 2024, is set at $1610. This figure is notably higher than the $1,299 average market rent reported by the Census Bureau's American Community Survey (ACS), suggesting that Section 8 vouchers can provide a significant boost to rental income. The median home value in the region stands at $478,569, which places it above many comparable markets, making it an attractive location for homeownership but also implying higher costs for property acquisition.
$104,545 is the median income for the area, providing context for the economic status of potential tenants and buyers. While the exact days on market (DOM) and percentage of price-cut shares are not available, the gap between the FMR and the market rent indicates that landlords might find it challenging to attract non-subsidized tenants at the lower market rates. However, the higher FMR aligns well with the economic profile of the area, ensuring that Section 8 tenants can afford the rents without straining their budgets.
The disparity between the FMR and the market rent, alongside the median income levels, suggests that Section 8 properties in ZIP 20624 could be particularly lucrative for landlords willing to participate in the program. Given the moderate renter share and the economic conditions, it is reasonable to conclude that there is a stable demand for subsidized housing units. For small-portfolio investors looking to enter or expand in this market, Section 8 properties offer a reliable income stream, protected against market fluctuations.
1610 - Section 8 properties in 20624 are a solid investment choice.
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.