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 | $1,780 |
| 1 Bedroom | $1,900 |
| 2 Bedrooms | $2,340 |
| 3 Bedrooms | $2,930 |
| 4 Bedrooms | $3,250 |
| 5 Bedrooms | $3,770 |
| 6 Bedrooms | $4,222 |
| 7 Bedrooms | $4,560 |
| 8 Bedrooms | $4,788 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,340 | $235,136 | 1% | C |
| 3BR | $2,930 | $367,672 | 0.8% | D |
| 4BR | $3,250 | $469,212 | 0.69% | D |
| 5BR | $3,770 | $794,739 | 0.47% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 21208, located in Pikesville, MD, within the Baltimore-Columbia-Towson, MD MSA, reveals several key insights for landlords and small-portfolio investors.
The rent math works favorably here. The Fair Market Rent (FMR) for ZIP 21208 in fiscal year 2024 is set at $2100, slightly above the current market rent indicated by the Zillow Observed Rental Index (ZORI) at $2,060. This suggests that landlords can expect to receive rents close to or just above the market average, ensuring profitability.
Acquisition in this area is relatively affordable. With a median home value of $374,174, the cost of entry is moderate compared to other regions. Additionally, the short 15-day days-on-market (DOM) and low 0.2% price-cut share indicate a robust housing market where homes sell quickly without significant price reductions.
Tenant demand is strong in Pikesville. The population stands at 37,276, with 33.1% of residents being renters. This high renter share signals a steady pool of potential tenants, reducing vacancy risks and supporting a healthy rental market.
Verdict: ZIP 21208 presents a compelling opportunity for landlords and small-portfolio investors. The favorable rent math, affordable acquisitions, and strong tenant demand make it an attractive investment location. Landlords can confidently set rents near the FMR, knowing they align closely with market conditions. The quick sale times and low price-cut share suggest a competitive yet stable housing market, while the substantial renter population ensures a consistent flow of tenants.
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.