Baltimore City/Baltimore/21216

21216

ZIPSAFMR

Baltimore City, MD

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ZIP Investment Score

181High yield potential

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,230	$840	5.1%
1 BR	$1,360	$850	3.7%
2 BR	$1,680	$1,550	3.8%
3 BR	$2,130	$1,690	3.2%
4 BR	$2,350	$2,180	2.2%
5 BR	$2,703	Not available	2.2%
6 BR	$3,108	Not available	2.2%
7 BR	$3,574	Not available	2.2%
8 BR	$4,110	Not available	2.2%

Purchase Price Calculator

Maximum purchase price

$168,413

Cost breakdown

+Likely effective rent$1,550

HUD FMR$1,680

Market rentUsed$1,550

Est. payment standard (95%)$1,600

-Principal and interest-$852

Loan amount$134,730

Down payment$33,683

Rate6.50%

Term30 years

-Operating costs-$498

Property taxes-$168

Insurance-$175

Utilities$0

HOA$0

Management-$155

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$24,976(74.2% ROI)

Projected value

$181,362

Return breakdown

Property appreciation+$12,949

Loan principal paid down+$4,827

Rental cash flow+$7,200

5-year hold

+$42,739(126.9% ROI)

Projected value

$190,544

Return breakdown

Property appreciation+$22,131

Loan principal paid down+$8,608

Rental cash flow+$12,000

10-year hold

+$91,681(272.2% ROI)

Projected value

$215,583

Return breakdown

Property appreciation+$47,170

Loan principal paid down+$20,511

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.46ratio

FMR$1,230

Market$840

vs market+$390

FMR is above market; underwrite to market rent.

1.46

1 BR

1.60ratio

FMR$1,360

Market$850

vs market+$510

FMR is above market; underwrite to market rent.

1.60

2 BR

1.08ratio

FMR$1,680

Market$1,550

vs market+$130

FMR is near market; voucher and private rents are aligned.

1.08

3 BR

1.26ratio

FMR$2,130

Market$1,690

vs market+$440

FMR is above market; underwrite to market rent.

1.26

4 BR

1.08ratio

FMR$2,350

Market$2,180

vs market+$170

FMR is near market; voucher and private rents are aligned.

1.08

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: --

ZIP 21216 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 21216 (Baltimore, MD) is $1,680 a month. That is down 5.1% from $1,770 in FY 2026. Baltimore 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 36 ZIP codes in Baltimore City, 21216 is tied for the 24th-highest two-bedroom rent (county range $1,680–$2,410). The median county two-bedroom FMR in Maryland is $1,875, so ZIP 21216 is 10% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 21216
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,270	$1,230	−3.1%	$1,107–$1,353
1BR	$1,450	$1,360	−6.2%	$1,224–$1,496
2BR	$1,770	$1,680	−5.1%	$1,512–$1,848
3BR	$2,280	$2,130	−6.6%	$1,917–$2,343
4BR	$2,550	$2,350	−7.8%	$2,115–$2,585

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 21216
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,230	$1,360	$1,680	$2,130	$2,350
FY 2026	$1,270	$1,450	$1,770	$2,280	$2,550
FY 2025	$1,250	$1,430	$1,750	$2,270	$2,570
FY 2024	$1,060	$1,220	$1,500	$1,940	$2,200
FY 2023	$860	$1,020	$1,260	$1,630	$1,870

Two-bedroom rent in nearby Baltimore City ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 21216
21209	$2,280	+35.7%
21210	$1,870	+11.3%
21211	$2,020	+20.2%
21212	$1,820	+8.3%
21213	$1,720	+2.4%
21214	$1,680	0.0%
21215	$1,680	0.0%
21216Current	$1,680	—
21217	$1,680	0.0%
21218	$1,680	0.0%
21222	$1,710	+1.8%
21223	$1,680	0.0%

Questions about ZIP 21216 rents

How much will Section 8 pay for a two-bedroom in ZIP 21216?

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 $1,680 it would be $1,512 to $1,848. 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 21216 in?

ZIP 21216 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 21216 for FY 2027?

The two-bedroom FMR fell 5.1%, from $1,770 in FY 2026 to $1,680 in FY 2027. Since FY 2023 it has risen 33.3%.

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 rent Baltimore, MD fair market rent MD statewide rents What is SAFMR?Data sources