Location: Somerset County, MD | Metro: Somerset County, MD HUD Metro FMR Area
| 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 |
U.S. Census Bureau data (2024)
The ZIP code 21866 presents a unique snapshot of the rental market, particularly under the Section 8 program. The Fair Market Rent (FMR) for this area is set at $1100 for the fiscal year 2024, which serves as a benchmark for rental pricing within the Section 8 framework. However, the absence of data on market rent, price-cut share, days on market (DOM), and median home value leaves gaps in understanding the broader rental and homeownership landscape.
Despite these data limitations, the 0.0% renter share statistic stands out, indicating that virtually all residents of ZIP 21866 own their homes. This suggests a predominantly stable and long-term housing environment, with little to no short-term rental activity. In such a scenario, the dynamics of supply and demand for rental units, especially those participating in the Section 8 program, are likely skewed towards a lower supply due to the limited interest in renting among the local population. This could imply that landlords in ZIP 21866 who choose to participate in Section 8 might face challenges in finding tenants willing to accept the subsidized rates, given the strong preference for homeownership in the area.
The FMR figure of $1100 reflects the maximum amount the federal government will pay landlords through the Section 8 Housing Choice Voucher program for a unit in this ZIP code. While this sets a clear limit on rental income for voucher holders, it does not necessarily indicate the actual rents being charged by landlords. The lack of market rent data means we cannot directly compare the FMR to what landlords might charge without subsidies, but it is reasonable to infer that landlords may seek to maximize their income within the constraints of the FMR, possibly leading to a tight rental market for subsidized units.
In summary, ZIP 21866 appears to be a market dominated by homeownership, with a potentially constrained rental market for Section 8 vouchers. Landlords should consider the limited pool of potential tenants and the importance of maintaining compliance with the FMR to ensure they can continue to receive federal payments. The dynamics suggest a need for landlords to be proactive in marketing their properties to eligible tenants and to be prepared for a slower turnover rate compared to areas with higher renter shares.
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.