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 | $1,230 |
| 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: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,360 | $68,903 | 1.97% | A+ |
| 2BR | $1,680 | $76,998 | 2.18% | A+ |
| 3BR | $2,130 | $71,613 | 2.97% | A+ |
| 4BR | $2,350 | $138,732 | 1.69% | A+ |
| 5BR | $2,726 | $158,537 | 1.72% | A+ |
U.S. Census Bureau data (2024)
ZIP code 21223, located in Baltimore, MD, falls within the Baltimore-Columbia-Towson, MD Metropolitan Statistical Area (MSA). The Fair Market Rent (FMR) for 21223 in fiscal year 2024 is set at $1,520. This figure is slightly higher than the market rent of $1,465, indicating that the government's estimate for affordable housing is marginally above what the market typically charges.
The median home value in ZIP 21223 is $71,896, which is notably lower than the typical home values found in other ZIP codes within the Baltimore-Columbia-Towson MSA. This suggests that 21223 could be considered a value pocket within the broader metropolitan area, offering relatively affordable housing options compared to surrounding areas.
A significant portion of residents in 21223 are renters, with a 68.0% renter share. This high percentage of renters combined with below-average home values often indicates a strong presence of subsidized housing, such as Section 8 properties. The disparity between the FMR and market rent, along with the high renter share, points towards an environment where subsidized housing plays a critical role in the local rental market.
In comparison to the average ZIP code within the Baltimore-Columbia-Towson MSA, 21223 stands out as a value pocket due to its lower home values and higher renter share. Landlords and small-portfolio investors looking to capitalize on the demand for affordable housing might find this ZIP code particularly attractive. However, they should also be prepared for the challenges associated with managing properties in areas with a significant number of Section 8 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.