Location: Baltimore-Columbia-Towson, MD | Metro: Baltimore-Columbia-Towson, MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,230 |
| 1 Bedroom | $1,360 |
| 2 Bedrooms | $1,680 |
| 3 Bedrooms | $2,130 |
| 4 Bedrooms | $2,350 |
| 5 Bedrooms | $2,726 |
| 6 Bedrooms | $3,053 |
| 7 Bedrooms | $3,297 |
| 8 Bedrooms | $3,462 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 21051 in fiscal year 2024 is set at $1400. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is a subsidy provided by the U.S. Department of Housing and Urban Development (HUD) to help low-income families afford housing. It's important to note that this is not the actual rent you will receive; it's the ceiling on what can be charged.
While the local median rent for ZIP 21051 is currently listed as N/A, the FMR serves as a benchmark. Landlords participating in the Section 8 program will receive a portion of the rent directly from the tenant and the rest as a subsidy from HUD, ensuring that the total rent does not exceed $1400.
The demand for Section 8 rentals in this area is indicated by the 0.0% renter share, which means that the percentage of renters who qualify for Section 8 assistance is very low. This could suggest a competitive environment where landlords might need to offer more attractive properties or amenities to attract qualified tenants.
If you're looking to acquire a property in ZIP 21051 specifically for Section 8 rentals, the average home price is around $577,442. This is the approximate cost you would incur to purchase a property suitable for your investment. Given the FMR, it's crucial to ensure that the monthly subsidy plus the tenant's contribution covers your mortgage payments, maintenance costs, and other expenses associated with owning and managing a rental property.
Before making the final decision to enter into the Section 8 program with a rental in ZIP 21051, you should verify that the property meets all the necessary requirements for participation. These include safety and health standards set by HUD, which must be met before the property can be approved for the program. This step is critical to avoid any delays in securing the subsidy and to ensure compliance with federal regulations.
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.