Section 8 Fair Market Rent (FMR) for ZIP 21903 - 2027

Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA

Investment Score for ZIP 21903

Monthly Rent (2BR)

$1,390

Median Price (2BR)

$300,612

1% Rule

0.46%

Annual Yield

5.55%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,070
1 Bedroom	$1,160
2 Bedrooms	$1,390
3 Bedrooms	$1,660
4 Bedrooms	$1,830
5 Bedrooms	$2,123
6 Bedrooms	$2,378
7 Bedrooms	$2,568
8 Bedrooms	$2,696

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,390	$300,612	0.46%	F
3BR	$1,660	$328,475	0.51%	F
4BR	$1,830	$443,541	0.41%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

5,692

Median Household Income

$78,962

Housing Units

2,421

Renter Percentage

25.1%

Occupancy Rate

98.4%

Renter Occupied

597

Perryville, MD, located in Cecil County, offers a blend of rural charm and proximity to urban amenities, making it an attractive location for both residents and investors. The area's real estate market reflects a balance between affordable living and the stability that comes with being part of a growing region.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP code 21903 for fiscal year 2024 is set at $1510, indicating a strong demand for rental properties that can command higher rents.
The average market rent, as per the Census American Community Survey (ACS), stands at $916, which is notably lower than the FMR, suggesting opportunities for landlords to increase their rental rates without alienating tenants.
The median home value in Perryville is $346,363, providing a solid foundation for property investments that can appreciate over time, especially as the area continues to develop.
Renters make up 25.1% of the housing market, a significant portion that highlights the ongoing need for quality rental units in the area.
While the exact number of days on market (DOM) for rental listings is not available, the presence of a substantial renter population implies a steady flow of potential tenants for well-managed properties.
The median household income in Perryville is $78,962, offering assurance that residents have the financial capacity to sustain rental payments and potentially support higher-end rental offerings.

Investors in Perryville, MD, should take note of the favorable conditions presented by the area's rental market. The discrepancy between the FMR and the current market rent suggests a prime opportunity for landlords to adjust their pricing strategies upwards. The median home value indicates a stable real estate market with potential for growth, while the significant renter share ensures a consistent demand for rental properties. The median income supports the ability of residents to afford higher rents, making Perryville an appealing investment destination for those looking to enter or expand their holdings in the rental sector.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.