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 | $1,750 |
| 1 Bedroom | $1,870 |
| 2 Bedrooms | $2,310 |
| 3 Bedrooms | $2,890 |
| 4 Bedrooms | $3,210 |
| 5 Bedrooms | $3,724 |
| 6 Bedrooms | $4,171 |
| 7 Bedrooms | $4,505 |
| 8 Bedrooms | $4,730 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,890 | $456,821 | 0.63% | D |
| 4BR | $3,210 | $640,579 | 0.5% | F |
U.S. Census Bureau data (2024)
The ZIP code 21028 presents an interesting scenario for both renters and landlords. The median income here is $137,586, which is relatively high. However, when compared to the market rate rent of $2,080 per month (as reported by the Census ACS), it becomes evident that even with a high median income, the cost of housing can be a significant burden.
The Family Monthly Income (FMI) standard for voucher payments in this ZIP code for fiscal year 2024 is set at $2,260. This figure represents the Fair Market Rent (FMR) and is higher than the current market rate, indicating that voucher holders might have more purchasing power in the rental market.
With only 14.8% of the 3,103 population being renters, the competition among landlords is likely to be fierce. The limited number of renters means that landlords must carefully consider their pricing strategies to attract tenants. If the rent is too high, it could deter potential tenants who are looking for affordable options. Conversely, if the rent is too low, landlords might miss out on maximizing their income.
The affordability gap in 21028 suggests that landlords should be aware of the financial constraints faced by many households. Offering rents slightly below the FMR can make a property more attractive to cash-paying tenants who might find the market rate challenging. However, accepting voucher payments can also be a viable strategy, given that the FMR is higher than the current market rate, potentially offering a better return on investment.
The takeaway for landlords is clear: understanding the local economic context is crucial. By setting competitive rents and considering both voucher and cash-paying tenants, landlords can effectively navigate the market in 21028. Offering flexible payment options and maintaining reasonable rates will help landlords secure long-term tenancy and maximize their rental income.
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.