Location: Caroline County, MD | Metro: Caroline 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 | $1,000 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $2,190 |
| 5 Bedrooms | $2,540 |
| 6 Bedrooms | $2,845 |
| 7 Bedrooms | $3,073 |
| 8 Bedrooms | $3,227 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,620 | $310,473 | 0.52% | F |
| 4BR | $2,190 | $364,154 | 0.6% | D |
U.S. Census Bureau data (2024)
The ZIP code 21639, with a population of 4,682, has a significant rental market presence, with 27.8% of residents being renters. This indicates that the area is moderately renter-heavy, suggesting a decent demand for rental properties, including those supported by Section 8 housing vouchers. However, it's not dominated by renters, which implies that competition for voucher holders might be present but not overwhelming.
The median household income in this ZIP code is $62,772. The average market rent is $1,107, which means that typical rent consumes about 21% of the local median income. This percentage is calculated by dividing the market rent ($1,107) by the annual median income ($62,772), then multiplying by 12 months. This calculation shows that rent is affordable relative to income, which can attract tenants who prefer not to spend a larger portion of their income on housing.
Comparing the market rent to the Fair Market Rent (FMR) of $1,310 for fiscal year 2026 in the metro area, we see that the actual rent in ZIP 21639 is below the FMR. This discrepancy suggests that landlords in this ZIP code have some flexibility in pricing their units without exceeding the limits set by the government for Section 8 vouchers. It also indicates that the area might be slightly less expensive than the broader metro area, potentially making it attractive to voucher holders looking for affordable options.
A landlord in ZIP 21639 should expect tenants who are likely to rely on Section 8 vouchers due to the below-FMR rent and the moderate percentage of income spent on housing. These tenants will typically have lower incomes and seek affordable housing options. Landlords should prepare for a tenant pool that values cost-effective living and may require assistance with rent payments through the voucher program. Additionally, they should anticipate a mix of tenants who either use vouchers or pay rent directly, depending on their financial situation and the availability of affordable units.
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.