Location: Garrett County, MD | Metro: Garrett 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 | $860 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,370 | $508,614 | 0.27% | F |
| 4BR | $1,390 | $819,087 | 0.17% | F |
| 5BR | $1,612 | $1,311,405 | 0.12% | F |
U.S. Census Bureau data (2024)
The ZIP code 21561 encompasses a small, affluent neighborhood with a population of 2,412 residents. Only 12.2% of these residents are renters, indicating a predominantly owner-occupied area. The median household income stands at $73,858, reflecting a community where financial stability is common among its inhabitants. Furthermore, the median home value in this ZIP code is notably high at $577,732, suggesting a market characterized by expensive properties and a strong demand for homeownership.
Transitioning to the economic landscape of rental housing, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $990. However, the lack of specific market rent data for ZIP 21561 makes it challenging to draw direct comparisons between the two figures. This absence highlights a potential gap in understanding the local rental market dynamics, which could be crucial for investors looking to navigate this niche area.
Given the demographic and economic context of ZIP 21561, it appears more suitable for a hands-off voucher operator rather than a hands-on value-add buyer. The low percentage of renters suggests limited opportunities for increasing rental income through property improvements or management strategies. Instead, the focus should be on leveraging the existing Section 8 voucher program to provide stable, long-term rental income with minimal operational involvement.
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.