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 | $1,630 |
| 1 Bedroom | $1,730 |
| 2 Bedrooms | $2,140 |
| 3 Bedrooms | $2,680 |
| 4 Bedrooms | $2,980 |
| 5 Bedrooms | $3,457 |
| 6 Bedrooms | $3,872 |
| 7 Bedrooms | $4,182 |
| 8 Bedrooms | $4,391 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,140 | $276,112 | 0.78% | D |
| 3BR | $2,680 | $390,244 | 0.69% | D |
| 4BR | $2,980 | $626,474 | 0.48% | F |
| 5BR | $3,457 | $793,899 | 0.44% | F |
U.S. Census Bureau data (2024)
ZIP 21015, located in Bel Air, MD, within the Baltimore-Columbia-Towson, MD MSA, serves best as an appreciation play in a Section 8 portfolio strategy. The median fair market rent (FMR) for ZIP 21015 in fiscal year 2024 is set at $2100, which is below the actual market rent of $2,421. This spread indicates that there's potential for rental income to rise closer to market rates over time.
The median home value in ZIP 21015 is $482,290, reflecting a relatively stable housing market. However, the key factor supporting an appreciation play is the low 0.2% price-cut share and a modest 17 days on the market (DOM), suggesting that property values are unlikely to decrease significantly and can potentially appreciate as demand for rental properties in the area grows.
Additionally, the ZIP code has a 10.9% renter share, indicating that while a majority of residents own their homes, there is still a notable portion of renters. With a median income of $137,281, residents have the financial capacity to afford higher rents, which can lead to increased rental income as the market adjusts.
To summarize, ZIP 21015 offers a strong foundation for appreciation due to its stable housing market, low price-cut share, short DOM, and residents' ability to pay higher rents. Landlords and small-portfolio investors should consider this area for long-term growth in their Section 8 portfolios.
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.