Location: Hagerstown, MD | Metro: Hagerstown, MD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,670 |
| 1 Bedroom | $1,760 |
| 2 Bedrooms | $2,040 |
| 3 Bedrooms | $2,640 |
| 4 Bedrooms | $3,060 |
| 5 Bedrooms | $3,550 |
| 6 Bedrooms | $3,976 |
| 7 Bedrooms | $4,294 |
| 8 Bedrooms | $4,509 |
U.S. Census Bureau data (2024)
0.0% of the housing units in ZIP code 21715 are occupied by renters, indicating a predominantly owner-occupied market. This statistic is crucial for landlords considering investment in the area, as it suggests lower demand for rental properties. $1230 is the Fair Market Rent (FMR) for the zip code for fiscal year 2024, which represents the maximum amount landlords can charge for Section 8 subsidized housing. Despite the lack of specific data on market rent, median home value, median income, days on market (DOM), and price-cut share, the low renter share implies that rental properties might struggle to find tenants without the support of government programs like Section 8. The absence of significant competition from other rental properties could mean steady occupancy rates for those who qualify under Section 8 guidelines. However, the reliance on government subsidies means that landlords must adhere to HUD regulations and inspections, which can be stringent. The $1230 FMR provides a clear benchmark for pricing, ensuring that rents are neither too high nor too low compared to what the government considers fair. Given the owner-occupied nature of the market and the limited data available, landlords should focus on maintaining properties at a level that meets or exceeds the expectations set by the FMR to attract and retain Section 8 tenants. In conclusion, while the overall rental market in ZIP 21715 appears thin, Section 8 properties priced at $1230 FMR can offer a stable investment opportunity.
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.