FMR is near market; voucher and private rents are aligned.
1.01
1 BR
1 BR
1.00ratio
FMR$2,040
Market$2,050
vs market-$10
FMR is near market; voucher and private rents are aligned.
1.00
2 BR
2 BR
1.00ratio
FMR$2,520
Market$2,520
vs market+$0
FMR is near market; voucher and private rents are aligned.
1.00
3 BR
3 BR
1.08ratio
FMR$3,150
Market$2,920
vs market+$230
FMR is near market; voucher and private rents are aligned.
1.08
4 BR
4 BR
0.96ratio
FMR$3,500
Market$3,630
vs market-$130
FMR is near market; voucher and private rents are aligned.
0.96
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
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ZIP 21123 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 21123 (Pasadena, MD) is $2,520 a month. That is up 8.2% from $2,330 in FY 2026. Pasadena is in the Baltimore-Columbia-Towson, MD MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $2,006. Among 46 ZIP codes in Anne Arundel County, 21123 is tied for the 23rd-highest two-bedroom rent (county range $1,680–$3,010). The median county two-bedroom FMR in Maryland is $1,875, so ZIP 21123 is 34% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 21123
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,710
$1,910
+11.7%
$1,719–$2,101
1BR
$1,900
$2,040
+7.4%
$1,836–$2,244
2BR
$2,330
$2,520
+8.2%
$2,268–$2,772
3BR
$2,960
$3,150
+6.4%
$2,835–$3,465
4BR
$3,280
$3,500
+6.7%
$3,150–$3,850
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 21123
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,910
$2,040
$2,520
$3,150
$3,500
FY 2026
$1,710
$1,900
$2,330
$2,960
$3,280
FY 2025
$1,770
$2,020
$2,470
$3,180
$3,550
FY 2024
$1,730
$1,990
$2,440
$3,160
$3,580
FY 2023
$1,360
$1,580
$1,950
$2,530
$2,890
Two-bedroom rent in nearby Anne Arundel County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 21123?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $2,006, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,805 to $2,207 a month; under the ZIP-level Small Area FMR of $2,520 it would be $2,268 to $2,772. 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 21123 in?
ZIP 21123 is in the Baltimore-Columbia-Towson, MD MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $2,006.
How much did fair market rent change in ZIP 21123 for FY 2027?
The two-bedroom FMR rose 8.2%, from $2,330 in FY 2026 to $2,520 in FY 2027. Since FY 2023 it has risen 29.2%.
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