Location: Garrett County, MD | Metro: Garrett County, MD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $980 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
U.S. Census Bureau data (2024)
ZIP code 21520, located in Garrett County, MD, serves as an ideal cash-flow anchor within a Section 8 portfolio strategy. The Federal Market Rent (FMR) for the area is set at $1,160 for fiscal year 2026, which is significantly higher than the average market rent of $693. This creates a positive spread that benefits landlords participating in the Section 8 program.
The high FMR compared to the local market rent means that landlords can expect steady, government-backed rental income that exceeds what they might receive from traditional market tenants. This is particularly advantageous given the median home value in the area stands at $314,820, indicating a relatively stable housing market but also suggesting that renting remains a cost-effective option for many residents.
Garrett County's ZIP 21520 does not present itself as an appreciation play due to the lack of significant growth potential in property values. The price-cut share and days on market (DOM) are both listed as N/A, implying that there isn't enough recent data to suggest rapid increases in property values or quick sales cycles.
While the area has a renter share of 19.2%, and the median income is $59,852, these factors alone do not make it a primary diversifier in a Section 8 portfolio. However, the combination of a favorable rent-to-income ratio and the stability of the housing market supports its role as a reliable cash-flow anchor.
In conclusion, ZIP 21520 is best suited as a cash-flow anchor in a Section 8 portfolio strategy, thanks to the substantial difference between the FMR and market rent. Landlords should focus on the guaranteed income stream and the security of having a tenant whose rent is subsidized, ensuring consistent payments regardless of market fluctuations.
Data Sources: FMR data from HUD (2027). 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.