Section 8 Fair Market Rent (FMR) for ZIP 21824 - 2027

Location: Somerset County, MD | Metro: Somerset County, MD HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$900
1 Bedroom	$910
2 Bedrooms	$1,140
3 Bedrooms	$1,490
4 Bedrooms	$1,510
5 Bedrooms	$1,752
6 Bedrooms	$1,962
7 Bedrooms	$2,119
8 Bedrooms	$2,225

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

264

Median Household Income

$90,288

Housing Units

180

Renter Percentage

24.4%

Occupancy Rate

68.3%

Renter Occupied

The ZIP code 21824, located in Maryland, is a residential area that offers a mix of rental and homeownership opportunities. With a diverse population and access to local amenities, it presents a stable environment for real estate investments.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 21824 for fiscal year 2024 is set at $1100, indicating a moderate rental price point that aligns well with the area's demographic profile.
The median home value in the area stands at $102,023, which is significantly lower than many surrounding regions, making it attractive for first-time buyers and investors looking for affordable entry points.
Renters make up 24.4% of the housing market in ZIP 21824, suggesting a steady demand for rental properties but also highlighting the importance of considering the local homeownership trends.
The median income in the area is $90,288, providing a solid economic foundation for both renters and potential homebuyers to afford housing costs, including higher rents or mortgage payments.
While the exact number of days on the market (DOM) is not available, the combination of moderate rental prices and a lower median home value suggests that properties in ZIP 21824 move relatively quickly once listed.
The lack of specific market rent data can be attributed to the limited availability of recent listings, but the FMR provides a reliable benchmark for expected rental rates.

Synthesizing these data points, investors in ZIP 21824 should focus on properties that cater to both the rental market and first-time homebuyers. The moderate rental prices and lower median home values indicate a balanced market where both investment strategies could prove profitable. Given the solid median income, there is a strong base of tenants and buyers capable of supporting property values and rental rates. However, the absence of precise market rent figures means that investors must rely on the FMR as a guide, while keeping an eye on local economic indicators for further insights.

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.