Location: Dorchester County, MD | Metro: Dorchester County, MD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,260 |
| 1 Bedroom | $1,260 |
| 2 Bedrooms | $1,520 |
| 3 Bedrooms | $2,110 |
| 4 Bedrooms | $2,540 |
| 5 Bedrooms | $2,946 |
| 6 Bedrooms | $3,300 |
| 7 Bedrooms | $3,564 |
| 8 Bedrooms | $3,742 |
U.S. Census Bureau data (2024)
ZIP code 21677, located in Woolford, Maryland, has a population of 436, with 29.7% being renters. The median household income in this area is $76,250. Although the specific market rent is not directly available, we can infer that it is likely below the Fair Market Rent (FMR) of $1,680, which is set for the metro area for FY 2026.
This ZIP code is not heavily dominated by homeowners; instead, it has a significant number of renters, indicating potential demand for rental properties. However, the percentage of renters is relatively low compared to other areas with higher concentrations of rental units.
To understand how much of the local income goes towards rent, we must compare the FMR to the median household income. At $1,680 per month, the typical rent would consume approximately 27.3% of the median household income. This suggests that while rent is a substantial portion of income, it is still manageable for most residents.
A landlord in ZIP 21677 should anticipate tenants who are likely to be dependent on Section 8 vouchers due to the relatively high cost of rent compared to the median income. The tenant profile will include individuals and families seeking affordable housing solutions. Given the limited data, it is advisable to stay within the FMR guidelines to attract and retain tenants eligible for Section 8 assistance.
In summary, ZIP 21677 is a mixed area with a notable presence of renters, making it suitable for landlords looking to cater to those needing affordable housing options. The expected tenants will rely on Section 8 vouchers, so maintaining rents at or below the FMR of $1,680 is crucial for success in this market.
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.