Location: Worcester County, MD | Metro: Worcester County, MD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
U.S. Census Bureau data (2024)
The median income in ZIP 21829 stands at $71,359, which provides a foundational understanding of the financial capabilities of the local households. However, without specific market rate data, it's challenging to definitively assess whether these households can afford typical rental costs. What we do know is that the Fair Market Rent (FMR) set by the Department of Housing and Urban Development (HUD) for the voucher payment standard in ZIP 21829 for fiscal year 2024 is $980. This figure represents a benchmark for affordable housing.
Given that only 6.0% of the 396 residents are renters, the competition among landlords in this area is likely minimal. The low percentage of renters suggests a market where tenants might be scarce, and landlords have fewer peers to compete against for those who seek rental housing. This dynamic can influence the overall rental strategy, especially when considering the balance between accepting Section 8 vouchers and relying on cash-paying tenants.
The affordability gap in ZIP 21829 is significant. At $980, the FMR for voucher payments is considerably lower than the median household income. This means that while some households could afford higher rents, many others would rely heavily on the support provided by Section 8 vouchers to secure housing. For landlords, this implies a need to consider the value of accepting vouchers, which ensures steady, government-backed rental income, even if it's at a fixed rate.
In summary, landlords in ZIP 21829 should recognize the potential benefits of accepting Section 8 vouchers. While the voucher payment standard is $980, this aligns well with the financial realities of a substantial portion of the local population. Accepting vouchers can help fill units in a market where rental demand is naturally low, ensuring consistent occupancy and income. Conversely, focusing solely on cash-paying tenants might limit the pool of available renters, given the relatively small number of individuals seeking rental housing in this area.
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.