Location: Baltimore-Columbia-Towson, MD | Metro: Baltimore-Columbia-Towson, MD MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,180 |
| 1 Bedroom | $2,320 |
| 2 Bedrooms | $2,870 |
| 3 Bedrooms | $3,590 |
| 4 Bedrooms | $3,990 |
| 5 Bedrooms | $4,628 |
| 6 Bedrooms | $5,183 |
| 7 Bedrooms | $5,598 |
| 8 Bedrooms | $5,878 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,870 | $343,326 | 0.84% | C |
| 3BR | $3,590 | $415,922 | 0.86% | C |
| 4BR | $3,990 | $538,601 | 0.74% | D |
U.S. Census Bureau data (2024)
ZIP code 20764, located in Shady Side, MD within the Baltimore-Columbia-Towson, MD MSA, presents a unique profile compared to the broader metropolitan area. The Fair Market Rent (FMR) for the zip code is set at $2,840 for fiscal year 2024, which is notably higher than the average market rent of $2,490. This indicates that the zip code is likely to be more attractive for Section 8 tenants, who receive rental assistance based on the FMR.
The median home value in ZIP 20764 stands at $423,885, which is slightly above the typical home values found in the Baltimore-Columbia-Towson, MD MSA. However, the 15.6% renter share in this zip code is lower than the average renter share in the larger metro area, suggesting a smaller proportion of residents are renters. This lower renter share combined with a below-average market rent but a higher FMR could imply that the zip code is not heavily reliant on market-rate rentals and instead offers a mix of owner-occupied homes and subsidized housing options.
Given the specific figures, ZIP 20764 appears to be a mid-tier neighborhood within the Baltimore-Columbia-Towson, MD MSA. It is neither the most expensive nor the least expensive, offering a balance between rental costs and home values. The higher FMR relative to market rents suggests it might attract Section 8 tenants due to the availability of affordable rental units at rates closer to the FMR. However, the relatively low renter share and higher home values indicate that it is not a value pocket where many low-income renters reside. Instead, it represents a segment of the market that is moderately priced and suitable for both owner-occupiers and a mix of subsidized and non-subsidized renters.
A divergence worth noting is the high FMR compared to the market rent, which can create opportunities for landlords who are willing to participate in the Section 8 program. The combination of a slightly elevated home value and a below-average market rent, alongside a higher FMR, can make this zip code an interesting investment for those looking to capitalize on government-assisted housing programs while maintaining a presence in a moderately priced area.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.