Location: Hagerstown, MD | Metro: Hagerstown, MD HUD Metro FMR Area
| 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 |
U.S. Census Bureau data (2024)
The median income in ZIP code 21767 stands at $57,940, which provides a baseline for understanding the financial capacity of local households. The market rate for rent, according to Census ACS data, is $819 per month. This figure represents a significant portion of the average household's monthly income, making it challenging for residents to afford market-rate housing without financial strain.
Comparatively, the Fair Market Rent (FMR) set by HUD for ZIP 21767 in fiscal year 2024 is $960, which is higher than the current market rate but still lower than the median income. However, the difference between the market rate ($819) and the FMR ($960) indicates a potential gap where households might struggle to find affordable housing options on their own, leading them to rely on voucher programs to bridge the affordability divide.
With 42.1% of the 1,031 population being renters, there is a notable demand for rental properties. Yet, the affordability gap suggests that competition among landlords could be fierce, especially for those who do not accept vouchers. Households earning below the median income will likely seek subsidized housing options to manage their rent payments effectively.
For landlords considering their strategy, accepting vouchers becomes a critical factor in attracting tenants. While the voucher payment standard of $960 may seem lower than some market rates, it ensures a steady stream of income and reduces the risk of vacancies. Landlords who focus solely on cash-paying tenants might face challenges in filling units due to the high cost of living relative to income levels. Therefore, incorporating voucher acceptance into their rental policies can provide a competitive edge and help maintain occupancy rates.
In summary, landlords in ZIP 21767 should consider the affordability gap and the reliance on voucher programs when setting their rental strategies. Accepting vouchers at the FMR of $960 can be a strategic advantage in a market where many households find it difficult to pay $819 without assistance.
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.