Section 8 Fair Market Rent (FMR) for ZIP 20687 - 2027
Location: St. Mary's County, MD | Metro: St. Mary's County, MD HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| 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 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$N/A
To determine if you should buy in ZIP code 20687 for Section 8 investments, follow these steps:
- If you want to know if the Fair Market Rent (FMR) of $1,440 for fiscal year 2024 can cover the debt service on a property valued at $356,607:
- Yes: The FMR is the maximum amount that HUD will pay for rental assistance. It is essential to compare this figure against your debt service costs. For a property priced at $356,607, calculate your monthly mortgage payment including principal, interest, taxes, and insurance. If this amount is less than or equal to $1,440, then the FMR can cover your debt service.
- No: If the calculated debt service exceeds $1,440 per month, then the FMR does not clear the debt service, making it financially unviable for Section 8 participation.
- If you wish to assess whether the market rent is above, at, or below the FMR:
- Data Not Available: The market rent information for ZIP 20687 is currently N/A. Without this data, you cannot make a direct comparison between market rents and the FMR. However, if you can find local market rent data, compare it to the FMR. If market rents are significantly higher than the FMR, landlords might face challenges finding tenants willing to pay the lower FMR rate.
- If you need to evaluate the demand for Section 8 properties based on the percentage of renters and days on market (DOM):
- It Depends: In ZIP 20687, 8.7% of residents are renters, and the DOM data is also N/A. The percentage of renters suggests limited demand for rental properties, which could be a challenge for Section 8 participation. However, without DOM data, it's unclear how quickly properties are being rented out. If the DOM is short, it indicates strong demand despite the low renter percentage.
Given the available data, landlords must carefully consider their financial situation and the potential challenges of finding tenants willing to accept the FMR rate. Additionally, the lack of market rent and DOM data requires further research into local rental trends before making an investment decision.
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.