Location: Allegany County, MD | Metro: Allegany County, MD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
Cumberland, MD (ZIP 21505) is a small-sized community with diverse demographics. It has a total population of 6,505 residents, with a median age of 38.1 years. The neighborhood is characterized by a working-class earning profile, with a median household income of $36,505.
The median home value in Cumberland, MD is $164,637, making it an affordable housing market. However, the median rent stands at $1,014, which is significantly higher than the Fair Market Rent (FMR) of $940 for the fiscal year 2024. This suggests that the rental market is more expensive than the federally subsidized rate.
The area is suitable for both hands-off voucher operators and hands-on value-add buyers. With a median rent exceeding the FMR, voucher operators can find properties where the rent is close to or slightly above the subsidy limit, ensuring a steady stream of tenants. On the other hand, value-add buyers can leverage the relatively low home values to purchase properties and improve them, potentially increasing their rental value and attracting higher-paying tenants.
In summary, Cumberland, MD offers a balanced opportunity for investors interested in the Section 8 program. The combination of affordable home values and a slightly above-average rental market provides a stable investment environment for both passive and active investors.
Data Sources: FMR data from HUD (2027).
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.