Location: Caroline County, MD | Metro: Baltimore-Columbia-Towson, MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,460 |
| 1 Bedroom | $1,470 |
| 2 Bedrooms | $1,920 |
| 3 Bedrooms | $2,360 |
| 4 Bedrooms | $3,130 |
| 5 Bedrooms | $3,631 |
| 6 Bedrooms | $4,067 |
| 7 Bedrooms | $4,392 |
| 8 Bedrooms | $4,612 |
U.S. Census Bureau data (2024)
The ZIP code 21640 is situated in a tranquil suburban neighborhood characterized by its low density and primarily residential nature. With a total population of 1,163, the area is predominantly owner-occupied, as evidenced by the relatively low rental rate of 7.6%. The median household income stands at $53,558, which is modest but sufficient for the region's lifestyle. The median home value in this ZIP code is $395,896, reflecting the area's focus on single-family homes and its appeal to families and individuals seeking a quiet living environment.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for ZIP 21640 in fiscal year 2024 is set at $1,460. This figure represents the government's benchmark for determining the maximum rent a Section 8 tenant can pay, which is crucial for landlords participating in the program. Notably, the market rent data is currently unavailable, which suggests limited competition in the rental sector and could indicate a stable demand for rental properties among those eligible for housing assistance.
Given these factors, ZIP 21640 would be well-suited for a hands-off voucher operator. The low percentage of renters and the modest median income suggest that there is a consistent need for affordable housing options, making the Section 8 program an attractive and reliable source of tenants. However, due to the scarcity of available market rent data, it also presents opportunities for a hands-on value-add buyer who can improve property conditions and potentially command higher rents above the FMR, though such strategies require careful consideration of local market dynamics and tenant preferences.
In summary, ZIP 21640 offers a stable investment opportunity for landlords interested in Section 8 tenancy, with a clear preference for hands-off management. For those willing to take on more active roles, there are potential avenues to increase property values and rental rates, contingent upon thorough local market analysis.
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.