Location: Allegany 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 | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 21542 in fiscal year 2024 is set at $910. This figure represents the payment standard for landlords participating in the Section 8 program, which is the maximum amount that the Housing Choice Voucher program will pay toward a tenant's rent. It does not reflect the actual rent you can charge your tenants; it's the reimbursement limit.
Local market rents are currently N/A, making direct comparisons difficult. However, the fact that 58.8% of residents in 21542 are renters indicates strong demand for affordable housing. Landlords can leverage this high percentage of renters to ensure steady occupancy rates once they join the Section 8 program.
The cost of acquiring rental properties in this area is also N/A, but it's important to understand that the Section 8 program sets strict limits on how much rent can be charged. While the FMR might seem low compared to market rents, the guaranteed monthly income and government-backed support can provide stability and security for landlords.
Before committing to a Section 8 rental property, verify that your property meets all the necessary requirements for the program, including inspection standards and rent limits. This will ensure that you can receive the $910 reimbursement without any issues.
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.