Location: Hagerstown, MD | 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 | $790 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,720 |
| 5 Bedrooms | $1,995 |
| 6 Bedrooms | $2,234 |
| 7 Bedrooms | $2,413 |
| 8 Bedrooms | $2,534 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,530 | $361,289 | 0.42% | F |
| 4BR | $1,720 | $458,338 | 0.38% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 21722 is set at $1180 for fiscal year 2024. This figure represents the payment standard for Section 8 housing vouchers in your area, meaning it's the maximum amount that the government will pay toward a tenant's rent. It's important to note that this does not represent the actual rent you can charge; it's simply the upper limit for government reimbursement.
In comparison, the average rent in ZIP 21722, according to the latest Census American Community Survey (ACS), is $932. This suggests that the FMR is higher than the typical market rate, which could be beneficial if you're looking to attract tenants with vouchers. The difference between the FMR and the average rent indicates a potential opportunity to cover operational costs and make a profit while still being competitive in the local market.
The 17.1% of households that are renters in ZIP 21722 shows there is a steady demand for rental properties, including those that accept Section 8 vouchers. Given this percentage, you can expect a consistent pool of potential tenants who might benefit from the voucher program.
If you're considering acquiring a property in this ZIP code, the median home value of $370,128 is a key factor. This figure helps you understand the typical price range for homes, which is crucial when evaluating whether the potential income from a Section 8 rental justifies the purchase price.
Before committing to a Section 8 rental, it's essential to verify that the property meets the Housing Quality Standards (HQS). These standards ensure that the rental unit is safe, decent, and sanitary. While the exact criteria can vary, they generally include requirements related to structural integrity, heating, plumbing, and electrical systems. Ensuring your property complies with these standards will prevent delays and ensure a smooth process for accepting tenants with vouchers.
To summarize, the FMR of $1180 in ZIP 21722 is higher than the average rent of $932, indicating a good potential for covering costs and making a profit. With 17.1% of households renting, there is a solid demand for rental units. The median home value of $370,128 gives you an idea of the investment required. Before proceeding, check that your property meets HQS to avoid complications.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.