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 | $1,530 |
| 1 Bedroom | $1,640 |
| 2 Bedrooms | $2,020 |
| 3 Bedrooms | $2,530 |
| 4 Bedrooms | $2,810 |
| 5 Bedrooms | $3,260 |
| 6 Bedrooms | $3,651 |
| 7 Bedrooms | $3,943 |
| 8 Bedrooms | $4,140 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,020 | $243,991 | 0.83% | C |
| 3BR | $2,530 | $333,737 | 0.76% | D |
| 4BR | $2,810 | $401,636 | 0.7% | D |
| 5BR | $3,260 | $456,972 | 0.71% | D |
U.S. Census Bureau data (2024)
ZIP code 21244, located in Windsor Mill, MD, is situated within the Baltimore-Columbia-Towson, MD MSA. The Fair Market Rent (FMR) for ZIP 21244 is set at $1950 for fiscal year 2024, while the actual market rent is reported at $1,552. This indicates that the FMR is higher than the current market rent, suggesting a potential subsidy-driven rental market. The median home value in ZIP 21244 is $322,119, which is notably lower than the typical home values found in other parts of the Baltimore-Columbia-Towson MSA, where the average home value tends to be higher.
The renter share in ZIP 21244 stands at 51.0%, indicating a significant portion of the population rents their homes rather than owning them. This high renter share, combined with below-average home values, points towards an area where there might be a concentration of renters who rely on housing assistance programs such as Section 8. In the context of the broader MSA, this makes ZIP 21244 a likely candidate for what could be termed a 'value pocket'—an area where properties are relatively affordable compared to the surrounding region, but where demand from subsidized renters is strong.
Landlords and small-portfolio investors should take note of these figures. The discrepancy between the FMR and market rent suggests that properties receiving Section 8 subsidies can command rents closer to the $1950 mark, potentially offering higher returns than market-rate rentals. Additionally, the below-average home values indicate that property acquisition costs in ZIP 21244 are relatively low compared to the rest of the Baltimore-Columbia-Towson MSA, making it an attractive location for those looking to invest in real estate without the high initial capital outlay required in premium sub-markets.
To summarize, ZIP 21244 appears to be a value pocket within the Baltimore-Columbia-Towson MSA, characterized by below-average home values and a high renter share. This combination makes it particularly appealing for investors interested in Section 8 properties, as it offers both affordability and strong demand from subsidized renters.
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.