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Prince George's County/Cheltenham/20623

20623

ZIPSAFMR
Prince George's County, MD
Zillow

ZIP Investment Score

120Above average

095130300
BRFMR
Eff. Rent
0 BR$2,330$1,190
1 BR$2,440$1,190
2 BR$2,690$2,030
3 BR$3,430$2,870
4 BR$4,050$3,230
5 BR$4,658Not available
6 BR$5,356Not available
7 BR$6,160Not available
8 BR$7,083Not available

Purchase Price Calculator

Maximum purchase price
$239,741

Cost breakdown

+Likely effective rent$2,030
HUD FMR$2,690
Market rentUsed$2,030
Est. payment standard (90%)$2,420
-Principal and interest-$1,212
Loan amount$191,793
Down payment$47,948
Rate6.50%
Term30 years
-Operating costs-$618
Property taxes-$240
Insurance-$175
Utilities$0
HOA$0
Management-$203
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$32,505(67.8% ROI)
Projected value
$258,174
Return breakdown
Property appreciation+$18,434
Loan principal paid down+$6,871
Rental cash flow+$7,200
5-year hold
+$55,758(116.3% ROI)
Projected value
$271,245
Return breakdown
Property appreciation+$31,504
Loan principal paid down+$12,254
Rental cash flow+$12,000
10-year hold
+$120,346(251.0% ROI)
Projected value
$306,888
Return breakdown
Property appreciation+$67,148
Loan principal paid down+$29,198
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.96
1 BR
2.05
2 BR
1.33
3 BR
1.20
4 BR
1.25
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 20623 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 20623 (Cheltenham, MD) is $2,690 a month. That is up 12.1% from $2,400 in FY 2026. Cheltenham is in the Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 65 ZIP codes in Prince George's County, 20623 is tied for the 9th-highest two-bedroom rent (county range $1,750–$3,610). The median county two-bedroom FMR in Maryland is $1,875, so ZIP 20623 is 43% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 20623
BedroomsFY 2027Change90–110% range
Studio$2,330+11.5%$2,097–$2,563
1BR$2,440+13.0%$2,196–$2,684
2BR$2,690+12.1%$2,421–$2,959
3BR$3,430+12.8%$3,087–$3,773
4BR$4,050+13.8%$3,645–$4,455

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 20623
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,330$2,440$2,690$3,430$4,050
FY 2026$2,090$2,160$2,400$3,040$3,560
FY 2025$2,170$2,220$2,500$3,120$3,690
FY 2024$1,940$1,970$2,240$2,790$3,300
FY 2023$1,800$1,830$2,080$2,610$3,110

Two-bedroom rent in nearby Prince George's County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 20623
20588$2,150−20.1%
20601$2,590−3.7%
20607$2,660−1.1%
20608$2,6900.0%
20613$2,910+8.2%
20616$2,770+3.0%
20623Current$2,690—
20703$2,150−20.1%
20704$2,150−20.1%
20705$2,160−19.7%
20706$2,210−17.8%
20707$2,500−7.1%

Questions about ZIP 20623 rents

How much will Section 8 pay for a two-bedroom in ZIP 20623?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,690, that basic range is $2,421 to $2,959 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 20623 in?

ZIP 20623 is in the Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 20623 for FY 2027?

The two-bedroom FMR rose 12.1%, from $2,400 in FY 2026 to $2,690 in FY 2027. Since FY 2023 it has risen 29.3%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentCheltenham, MD fair market rentMD statewide rentsWhat is SAFMR?Data sources