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 | $1,510 |
| 1 Bedroom | $1,620 |
| 2 Bedrooms | $1,990 |
| 3 Bedrooms | $2,500 |
| 4 Bedrooms | $2,770 |
| 5 Bedrooms | $3,213 |
| 6 Bedrooms | $3,599 |
| 7 Bedrooms | $3,887 |
| 8 Bedrooms | $4,081 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,500 | $603,125 | 0.41% | F |
| 4BR | $2,770 | $789,786 | 0.35% | F |
| 5BR | $3,213 | $1,007,021 | 0.32% | F |
U.S. Census Bureau data (2024)
The ZIP code 21111 stands out due to its unique demographic and economic characteristics. With a population of 4,714 residents, only 4.5% rent their homes, indicating a strong preference for homeownership. The median income in this area is $136,304, reflecting a relatively affluent community. However, the median home value of $723,440 suggests that despite high incomes, housing costs are significantly higher, making it challenging for renters to find affordable options.
Moving into the specifics of Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 21111 is set at $2,300 for fiscal year 2024. This is notably higher than the average market rent of $1,359 based on Census American Community Survey (ACS) data. This discrepancy highlights an opportunity for landlords who can offer properties at or near the FMR level, as they will likely attract tenants with vouchers. However, it also indicates that many existing rental units may be priced below the FMR, potentially limiting the number of eligible Section 8 tenants.
Given the data, ZIP 21111 presents a stable environment. High median incomes coupled with a strong homeownership rate suggest a consistent economic base. The significant difference between the FMR and market rents points towards a balanced ecosystem where landlords can benefit from the Section 8 program without facing the typical challenges of low-income areas. For small-portfolio investors looking to diversify their holdings, this ZIP code offers a secure investment option with potential for steady returns.
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.