Location: Garrett County, MD | Metro: Garrett County, MD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
U.S. Census Bureau data (2024)
The real estate market in ZIP 21538 presents a unique scenario for landlords and small-portfolio investors. With a median home value of $81,743, the area stands out for its affordability, which is a significant draw for potential buyers and renters alike. The fact that the percentage of listings reduced and the median days on market (DOM) are not available points to a stable market where neither sellers nor buyers are under extreme pressure to adjust their offers or accept terms quickly.
This stability, combined with the low median home value, suggests that landlords have a strong pricing power over the next 12-24 months. Tenants are likely to be sensitive to price increases due to the area's overall affordability, but the demand for rental properties is expected to remain robust given the limited supply of affordable homes.
On the rental side, the Fair Market Rent (FMR) for ZIP 21538 is projected at $970 for the fiscal year 2026, while the current market rent is around $773 according to the Census ACS. This gap indicates an opportunity for landlords to gradually increase rents, aligning with the FMR trajectory without risking tenant turnover. However, it is crucial to implement such increases thoughtfully, considering the economic circumstances of tenants and the local rental market dynamics.
For long-term investors, the appreciation thesis is somewhat mixed. While the low median home value might imply future growth potential, the lack of recent reductions in listing prices and the stable DOM suggest a market that is unlikely to experience rapid appreciation. Instead, investors should expect modest, steady growth in property values, driven primarily by inflation and gradual improvements in the local economy. This setup supports a strategy focused on cash flow from rentals rather than quick capital gains.
To summarize, ZIP 21538 offers a balanced environment where landlords can maintain competitive pricing power and potentially benefit from increasing rents toward the FMR. Long-term investors should focus on sustainable income generation from rental properties, expecting moderate appreciation in property values over time.
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.