Location: Washington-Arlington-Alexandria, DC | Metro: Hagerstown, MD HUD Metro FMR Area
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 | $1,050 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,360 |
| 3 Bedrooms | $1,770 |
| 4 Bedrooms | $2,020 |
| 5 Bedrooms | $2,343 |
| 6 Bedrooms | $2,624 |
| 7 Bedrooms | $2,834 |
| 8 Bedrooms | $2,976 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,770 | $296,933 | 0.6% | F |
U.S. Census Bureau data (2024)
The ZIP code 21719, located within the Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area, serves as a solid cash-flow anchor for a Section 8 portfolio strategy. The Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $1360, while the current market rent stands at $1460. This indicates that there is a $100 spread between the FMR and the market rent, which is favorable for landlords participating in the Section 8 program.
The median home value in ZIP 21719 is $281,824, reflecting a stable housing market. However, the primary focus for Section 8 landlords should be on rental properties. With a 14.4% renter share, the area has a notable portion of residents who prefer renting over owning, making it a good location for rental investments.
The median income of $65,809 suggests that many residents qualify for the Section 8 program, ensuring a steady stream of potential tenants. Given these factors, landlords can expect reliable cash flow from properties in this ZIP code due to the consistent demand for affordable housing and the government's support through the Section 8 voucher system.
A cash-flow anchor property is essential for any real estate portfolio, providing a predictable and stable source of income. In ZIP 21719, the $100 spread between the FMR and the market rent means that landlords can charge slightly above the subsidized rate without losing tenants to other areas. This allows for better financial planning and reduces the risk of vacancy.
While appreciation plays and diversifiers have their place in an investment strategy, ZIP 21719 excels as a cash-flow anchor. Landlords and small-portfolio investors can leverage this stability to build a foundation for their Section 8 investments, ensuring that they meet their financial goals consistently.
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.