Location: Baltimore-Columbia-Towson, MD | Metro: Baltimore-Columbia-Towson, MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,230 |
| 1 Bedroom | $1,360 |
| 2 Bedrooms | $1,680 |
| 3 Bedrooms | $2,130 |
| 4 Bedrooms | $2,350 |
| 5 Bedrooms | $2,726 |
| 6 Bedrooms | $3,053 |
| 7 Bedrooms | $3,297 |
| 8 Bedrooms | $3,462 |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 21628 are straightforward. For a two-bedroom apartment, the SAFMR (Small Area Fair Market Rent) is set at $1450 for fiscal year 2024. This SAFMR is specifically tailored for this ZIP code, meaning it reflects the rental rates unique to 21628.
When a tenant uses a Section 8 voucher, the payment process involves several components. First, the tenant is responsible for paying approximately 30% of their adjusted income towards rent. If we assume an average adjusted income for a household in this area, the tenant might pay around $435 towards rent, which is 30% of $1450. However, this amount can vary based on individual income levels.
Beyond the base rent, there are utility allowances to consider. These allowances are designed to cover the cost of utilities such as electricity, water, and gas. The exact amount of these allowances varies but typically ranges from $200 to $300 per month. This brings the total reimbursement to landlords closer to $1650 when including both the base rent and utility allowances.
To break it down further:
Given that the local market rent for a two-bedroom apartment is currently not available, it's important to understand the reimbursement gap or surplus that landlords might experience. If the market rent were higher than $1650, landlords would face a reimbursement gap, where they receive less than the market rate. Conversely, if the market rent is lower than $1650, landlords could see a surplus, receiving more than what they would typically charge.
In ZIP 21628, the typical reimbursement gap or surplus for a two-bedroom voucher depends on the actual market rent. Since the market rent data is not provided, landlords should be prepared for either scenario, depending on the current market conditions.
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.