Location: Garrett County, MD | Metro: Allegany County, MD
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 | $930 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,100 | $139,393 | 0.79% | D |
| 3BR | $1,490 | $189,927 | 0.78% | D |
| 4BR | $1,570 | $238,412 | 0.66% | D |
U.S. Census Bureau data (2024)
The rent math in ZIP 21532, encompassing Frostburg, MD, and the Garrett County, MD metro area, does not favor landlords. The Fair Market Rent (FMR) for the zip code in fiscal year 2024 is set at $970, while the market rent, according to the Census ACS, is lower at $916. This discrepancy means that landlords aiming for FMR levels will struggle to find tenants willing to pay the higher rate.
Acquisition in this area is relatively affordable. The median home value stands at $175,267, which is a reasonable investment for small-portfolio investors. However, the lack of data on days on market (DOM) and the low 0.2% price-cut share suggest that homes are selling quickly without significant discounts. This indicates a stable but not overly competitive market for acquiring properties.
Tenant demand is present but limited. With a total population of 13,647, the renter share is 36.3%, translating to approximately 4,943 renters. This figure is substantial enough to support rental properties but may not provide the scale needed for larger portfolios or significant growth.
In summary, ZIP 21532 offers a mixed outlook for landlords and small-portfolio investors. While the acquisition cost is manageable at $175,267, the mismatch between the FMR and market rent rates poses a challenge. Tenant demand is adequate but not abundant, given the relatively small population and the proportion of renters. Investors should carefully consider these factors before committing to the area, as the potential for profit is constrained by the lower market rents compared to FMRs.
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.