Section 8 Fair Market Rent (FMR) for ZIP 21132 - 2027

Location: Baltimore-Columbia-Towson, MD | Metro: Baltimore-Columbia-Towson, MD MSA

Investment Score for ZIP 21132

N/A

Monthly Rent (2BR)

$1,690

Median Price (2BR)

$N/A

1% Rule

Annual Yield

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,270
1 Bedroom	$1,360
2 Bedrooms	$1,690
3 Bedrooms	$2,140
4 Bedrooms	$2,350
5 Bedrooms	$2,726
6 Bedrooms	$3,053
7 Bedrooms	$3,297
8 Bedrooms	$3,462

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
3BR	$2,140	$483,967	0.44%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

3,160

Median Household Income

$132,288

Housing Units

1,180

Renter Percentage

1.9%

Occupancy Rate

90.8%

Renter Occupied

To determine if a landlord should buy in ZIP code 21132 for Section 8 purposes, follow this decision tree:

Does the Fair Market Rent (FMR) of $1620 cover the debt service on a property valued at $543,490?
- If the annual debt service is less than $19,440 (which is $1620 multiplied by 12), then yes, the FMR can cover the debt service.
- If the annual debt service exceeds $19,440, then no, the FMR cannot cover the debt service, making it unwise to purchase for Section 8 without additional income sources.
Is the market rent above, at, or below the FMR?
- The data indicates that the market rent is N/A, meaning there's insufficient information to compare against the FMR. Therefore, it depends. Landlords must research local rental rates to make an informed decision.
Are the 1.9% of renters combined with N/A-day Days On Market (DOM) sufficient to meet demand?
- The 1.9% figure suggests a low percentage of potential renters, which could indicate limited demand. However, with the DOM being N/A, it's unclear how long properties typically stay on the market. Thus, it depends. Landlords should look into the vacancy rates and trends in the area to gauge the actual demand.

In conclusion, purchasing a property in ZIP code 21132 for Section 8 use hinges on the answers to these questions. The FMR will only support debt service if the costs are low enough. Market rent needs to be researched to understand its relation to the FMR. Lastly, demand analysis requires a deeper dive into local rental market conditions beyond the provided data.

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.