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 ZIP code 21864 presents an interesting landscape for both renters and landlords alike. With a median household income of $82,917, it's essential to understand how this figure aligns with the rental market. Unfortunately, the market rate for rentals in this area is currently marked as N/A, which makes direct comparisons challenging.
However, we can look at the Housing Choice Voucher program's Fair Market Rent (FMR) standard for ZIP 21864, set at $1150 for fiscal year 2024. This FMR represents the maximum amount a landlord can receive from the government for renting to a tenant who uses a housing voucher. Given the limited data on market rates, it's prudent to assume that the actual market rates might be higher than this FMR, especially considering the median income level.
In ZIP 21864, only 9.1% of the population are renters, with a total population of 606. This indicates a relatively low demand for rental properties compared to areas with higher percentages of renters. The affordability gap between the median income and the FMR suggests that many households could potentially afford higher rents than the voucher payments offer. However, the competition among landlords for tenants willing to pay above the FMR is likely to be intense due to the small pool of potential renters.
For landlords considering their strategy, focusing on voucher tenants may provide a steady stream of guaranteed income, albeit at a fixed rate. On the other hand, targeting cash-paying tenants could yield higher monthly rents but also comes with the risk of a smaller pool of eligible applicants and potentially longer vacancy periods. The key takeaway is that while there is a significant portion of the population capable of paying more than the FMR, the overall demand for rentals is low. Landlords should carefully weigh the benefits of guaranteed income from voucher programs against the potential for higher rents from cash-paying tenants, keeping in mind the competitive nature of the local rental market.
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.