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 | $970 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $2,120 |
| 5 Bedrooms | $2,459 |
| 6 Bedrooms | $2,754 |
| 7 Bedrooms | $2,974 |
| 8 Bedrooms | $3,123 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,570 | $355,894 | 0.44% | F |
| 4BR | $2,120 | $416,936 | 0.51% | F |
U.S. Census Bureau data (2024)
The market in ZIP code 21660 presents a dynamic environment where the balance between supply and demand is critical for landlords and small-portfolio investors. The Fair Market Rent (FMR) for the area, set at $1,250 for fiscal year 2026, indicates the government's benchmark for affordable rental housing. This figure is notably higher than the current market rent, which stands at $945 according to the Census American Community Survey (ACS). This discrepancy suggests that while there is a recognized need for more affordable units, the existing supply is currently priced below the FMR, potentially indicating a slight surplus of available rental properties.
The median home value in 21660 is $365,531, reflecting the overall property values in the area. With a 22.9% renter share, it becomes evident that a significant portion of the population opts for renting rather than purchasing homes. This high percentage of renters can imply ongoing long-term housing pressure, as a large segment of the population is likely to remain in the rental market due to affordability concerns or lifestyle choices. Such conditions often result in steady demand for rental properties, making 21660 an attractive location for landlords and investors looking to capitalize on consistent tenant interest.
While specific data on price-cut shares and days on market (DOM) are not available, the fact that the current market rent is lower than the FMR can be interpreted as landlords adjusting their prices to align with what tenants can afford, thus maintaining occupancy rates. This adjustment is a common strategy in areas with a high renter share, ensuring that rental properties remain competitive and attractive to potential tenants.
In summary, the dynamics of ZIP 21660 suggest a market where rental demand is sustained by a substantial renter population, but with rents currently below the government-set FMR, there might be a slight overhang in supply. Landlords and investors should monitor these trends closely, as they indicate both opportunities and challenges in managing rental properties effectively in this area.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.