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 | $1,250 |
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,130 | $425,716 | 0.5% | F |
| 4BR | $2,350 | $553,817 | 0.42% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 21102 within the Baltimore-Columbia-Towson, MD MSA reveals mixed outcomes for potential landlords and small-portfolio investors.
The rent math does work to some extent. The Fair Market Rent (FMR) for FY 2024 is set at $1460, which is slightly below the market rent of $1,484 reported by the Census ACS. This indicates that landlords can expect to charge close to the FMR and still remain competitive in the rental market. However, the difference is minimal, suggesting that there is little room for error or additional costs without negatively impacting occupancy rates.
Acquisition of properties in ZIP 21102 is moderately affordable. With a median home value of $469,167, the cost of entry into the real estate market is not prohibitive but requires a significant investment. The data on days on market (DOM) and price-cut share being N/A and 0.3%, respectively, suggests that homes are selling relatively quickly without substantial price reductions. This implies a stable market where investors can reasonably expect to recoup their investment through property appreciation and rental income.
Tenant demand is somewhat limited. The total population of 12,162 includes only a 10.6% renter share. This means that only about 1,287 individuals are likely to be seeking rental housing in this area. Given the relatively small number of potential tenants, competition among landlords could be fierce, and maintaining occupancy might require strategic management and marketing efforts.
Verdict: ZIP 21102 offers a balanced opportunity for landlords and small-portfolio investors. While the rent math is favorable, with FMR closely matching market rents, the limited tenant demand and moderate property values suggest a cautious approach. Investors should focus on efficient property management and consider targeting specific segments of the rental market to maximize returns. The stability of the local real estate market supports the idea that investments here will be secure, though not necessarily high-yielding.
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.