Location: Garrett County, MD | Metro: Allegany County, MD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
U.S. Census Bureau data (2024)
The ZIP code 21539 stands out with its unique mix of demographics and housing economics. With a population of 1,975 residents, it has a rental rate of 36.4%, indicating a significant portion of the community opts for leased properties over ownership. The median income in this area is $57,708, while the median home value is notably higher at $109,397, reflecting a scenario where homeownership is relatively expensive compared to the average income.
In terms of Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 21539 is set at $910 for fiscal year 2024. This figure is slightly above the market rent, which is recorded at $874 according to the latest Census ACS data. Landlords and small-portfolio investors should note that the FMR provides a guaranteed minimum rent through the voucher program, making it a stable source of income for those who qualify. However, the difference between the FMR and the actual market rent suggests that there might be opportunities for landlords to charge slightly above the voucher amount without significantly deterring tenants.
When evaluating the overall stability of the ZIP code, the data points towards a transitional phase. The high median home value relative to median income indicates a potentially challenging environment for first-time homebuyers and renters looking for affordable options. Additionally, the slight disparity between the FMR and market rent could suggest that the housing market is adjusting to economic conditions, possibly influenced by local job markets and other regional factors.
To conclude, ZIP 21539 offers an interesting case study for real estate investment. While the Section 8 voucher program ensures a steady flow of rental income, the dynamics between median home values and median income point to a market that is evolving. Investors should closely monitor these trends to make informed decisions about their investments in this area.
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.