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: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,680 | $494,314 | 0.54% | F |
| 4BR | $2,980 | $657,309 | 0.45% | F |
U.S. Census Bureau data (2024)
The ZIP code 21087 stands out due to its unique demographic and economic characteristics. With a population of 5,537 residents, it has a low rental rate of only 6.6%, indicating that most of the residents are homeowners. The median income in this area is relatively high at $129,188, which suggests a financially stable community. Additionally, the median home value is substantial, sitting at $550,545, reflecting the overall wealth of the neighborhood.
When it comes to Section 8 vouchers, the financial metrics paint an interesting picture. The Fair Market Rent (FMR) for ZIP 21087 in fiscal year 2024 is set at $1920, whereas the average market rent, according to the Census American Community Survey, is $721. This significant gap between the FMR and the actual market rent means that landlords who accept Section 8 vouchers can potentially charge well above the typical market rate, making it an attractive option for those looking to maximize their rental income.
The data signature for ZIP 21087 reads as "stable." The high median income and home values indicate a community with established residents who are likely to remain in the area. Furthermore, the low percentage of renters suggests a preference for homeownership, which aligns with the overall stability of the housing market in this ZIP code. Landlords and small-portfolio investors should take note of these factors when considering whether to participate in the Section 8 program within this ZIP code.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.