Section 8 Fair Market Rent (FMR) for ZIP 21146 - 2027

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

Investment Score for ZIP 21146

Monthly Rent (2BR)

$2,290

Median Price (2BR)

$449,159

1% Rule

0.51%

Annual Yield

6.12%

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	$1,740
1 Bedroom	$1,850
2 Bedrooms	$2,290
3 Bedrooms	$2,860
4 Bedrooms	$3,180
5 Bedrooms	$3,689
6 Bedrooms	$4,132
7 Bedrooms	$4,463
8 Bedrooms	$4,686

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
2BR	$2,290	$449,159	0.51%	F
3BR	$2,860	$636,309	0.45%	F
4BR	$3,180	$791,157	0.4%	F
5BR	$3,689	$966,279	0.38%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

28,591

Median Household Income

$172,122

Housing Units

10,315

Renter Percentage

10.6%

Occupancy Rate

95.8%

Renter Occupied

1,052

Severna Park, MD, located in ZIP code 21146, is a desirable suburban area known for its excellent schools, proximity to Annapolis, and access to major highways leading to Baltimore and Washington D.C. This affluent community presents a stable rental market for landlords and small-portfolio investors.

The Fair Market Rent (FMR) for a two-bedroom apartment in Severna Park for fiscal year 2024 is set at $2,670.
The market rent, as indicated by the Zillow Observed Rent Index (ZORI), for a similar unit is currently $3,175, reflecting a slightly higher demand than the government-set FMR.
The median home value in Severna Park is $743,645, positioning it as a high-value residential area.
Renters make up 10.6% of the housing market, indicating a significant owner-occupied presence but also highlighting a niche for rental properties.
The days on market (DOM) for rental listings is only 11 days, suggesting strong tenant interest and quick turnover for available units.
The median household income is robust at $172,122, which supports a healthy rental market where tenants can afford higher rents.

Given these data points, Severna Park offers a solid investment opportunity for those looking to enter the rental market. The gap between the FMR and market rent indicates potential for above-average returns, while the low DOM suggests that rental properties will be occupied promptly. The high median income supports tenants' ability to pay competitive rents, making Severna Park a reliable choice for landlords and investors seeking steady cash flow and property appreciation.

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.