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Montgomery County/Silver Spring/20904

20904

ZIPSAFMR
Montgomery County, MD
Zillow

ZIP Investment Score

105Above average

095130300
BRFMR
Eff. Rent
0 BR$2,000$1,580
1 BR$2,090$1,690
2 BR$2,310$2,140
3 BR$2,940$2,880
4 BR$3,470$3,490
5 BR$3,990Not available
6 BR$4,589Not available
7 BR$5,277Not available
8 BR$6,069Not available

Purchase Price Calculator

Maximum purchase price
$256,087

Cost breakdown

+Likely effective rent$2,140
HUD FMR$2,310
Market rentUsed$2,140
Est. payment standard (95%)$2,200
-Principal and interest-$1,295
Loan amount$204,869
Down payment$51,217
Rate6.50%
Term30 years
-Operating costs-$645
Property taxes-$256
Insurance-$175
Utilities$0
HOA$0
Management-$214
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$34,231(66.8% ROI)
Projected value
$275,777
Return breakdown
Property appreciation+$19,691
Loan principal paid down+$7,340
Rental cash flow+$7,200
5-year hold
+$58,741(114.7% ROI)
Projected value
$289,739
Return breakdown
Property appreciation+$33,652
Loan principal paid down+$13,089
Rental cash flow+$12,000
10-year hold
+$126,915(247.8% ROI)
Projected value
$327,813
Return breakdown
Property appreciation+$71,726
Loan principal paid down+$31,189
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.27
1 BR
1.24
2 BR
1.08
3 BR
1.02
4 BR
0.99
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 20904 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 20904 (Silver Spring, MD) is $2,310 a month. That is up 6.9% from $2,160 in FY 2026. Silver Spring 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 77 ZIP codes in Montgomery County, 20904 has the 65th-highest two-bedroom rent (county range $1,200–$3,660). The median county two-bedroom FMR in Maryland is $1,875, so ZIP 20904 is 23% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 20904
BedroomsFY 2027Change90–110% range
Studio$2,000+6.4%$1,800–$2,200
1BR$2,090+7.7%$1,881–$2,299
2BR$2,310+6.9%$2,079–$2,541
3BR$2,940+7.7%$2,646–$3,234
4BR$3,470+8.4%$3,123–$3,817

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 20904
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,000$2,090$2,310$2,940$3,470
FY 2026$1,880$1,940$2,160$2,730$3,200
FY 2025$1,930$1,970$2,220$2,780$3,270
FY 2024$1,760$1,790$2,030$2,530$2,990
FY 2023$1,660$1,690$1,920$2,400$2,860

Two-bedroom rent in nearby Montgomery County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 20904
20896$3,350+45.0%
20898$2,470+6.9%
20899$1,200−48.1%
20901$2,180−5.6%
20902$2,590+12.1%
20903$2,340+1.3%
20904Current$2,310—
20905$2,410+4.3%
20906$2,390+3.5%
20907$2,470+6.9%
20910$2,800+21.2%
20911$2,470+6.9%

Questions about ZIP 20904 rents

How much will Section 8 pay for a two-bedroom in ZIP 20904?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,310, that basic range is $2,079 to $2,541 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 20904 in?

ZIP 20904 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 20904 for FY 2027?

The two-bedroom FMR rose 6.9%, from $2,160 in FY 2026 to $2,310 in FY 2027. Since FY 2023 it has risen 20.3%.

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 rentSilver Spring, MD fair market rentMD statewide rentsWhat is SAFMR?Data sources