Location: Hagerstown, MD | Metro: Hagerstown, MD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
U.S. Census Bureau data (2024)
The ZIP code 21711 is located in a suburban neighborhood characterized by its low population density, with only 929 residents. This area stands out due to its extremely low rental rate, at 0.0%, indicating that nearly all residents own their homes. The median household income here is strong at $91,250, reflecting a middle-class community with stable financial footing. The median home value in 21711 is notably high at $343,767, suggesting a market where property values are robust and likely to appreciate over time.
From an investment perspective, the Fair Market Rent (FMR) for 21711 is set at $1,020 for the fiscal year 2024. However, the absence of market rent data makes it challenging to assess the typical rental rates in the area. Given the scarcity of rental properties, any landlord operating in this ZIP code would need to be prepared for a niche market. The high median home value suggests that if rental units were available, they would likely command higher rents due to the overall desirability and cost of living in the area.
For a Section 8 investor, 21711 presents a mixed landscape. The ZIP code's characteristics make it less suitable for a hands-off voucher operator due to the limited number of rental units and the potential challenges in finding eligible tenants. Instead, this area might appeal more to a hands-on value-add buyer who can take advantage of the strong underlying property values and potentially develop rental units that cater to the local demand and income levels. Such an investor could focus on creating high-quality, affordable housing options that meet the needs of both the local community and the Section 8 program requirements.
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.