Baltimore City/Baltimore/21224

21224

ZIPSAFMR

Baltimore City, MD

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ZIP Investment Score

149High yield potential

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,740	$1,550	4.6%
1 BR	$1,850	$1,590	2.1%
2 BR	$2,290	$1,980	2.3%
3 BR	$2,860	$2,540	1.1%
4 BR	$3,180	$3,190	0.4%
5 BR	$3,657	Not available	0.4%
6 BR	$4,206	Not available	0.4%
7 BR	$4,836	Not available	0.4%
8 BR	$5,562	Not available	0.4%

Purchase Price Calculator

Maximum purchase price

$232,311

Cost breakdown

+Likely effective rent$1,980

HUD FMR$2,290

Market rentUsed$1,980

Est. payment standard (91%)$2,090

-Principal and interest-$1,175

Loan amount$185,849

Down payment$46,462

Rate6.50%

Term30 years

-Operating costs-$605

Property taxes-$232

Insurance-$175

Utilities$0

HOA$0

Management-$198

=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

+$31,721(68.3% ROI)

Projected value

$250,173

Return breakdown

Property appreciation+$17,863

Loan principal paid down+$6,659

Rental cash flow+$7,200

5-year hold

+$54,401(117.1% ROI)

Projected value

$262,838

Return breakdown

Property appreciation+$30,528

Loan principal paid down+$11,874

Rental cash flow+$12,000

10-year hold

+$117,360(252.6% ROI)

Projected value

$297,377

Return breakdown

Property appreciation+$65,067

Loan principal paid down+$28,293

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.12ratio

FMR$1,740

Market$1,550

vs market+$190

FMR is above market; underwrite to market rent.

1.12

1 BR

1.16ratio

FMR$1,850

Market$1,590

vs market+$260

FMR is above market; underwrite to market rent.

1.16

2 BR

1.16ratio

FMR$2,290

Market$1,980

vs market+$310

FMR is above market; underwrite to market rent.

1.16

3 BR

1.13ratio

FMR$2,860

Market$2,540

vs market+$320

FMR is above market; underwrite to market rent.

1.13

4 BR

1.00ratio

FMR$3,180

Market$3,190

vs market-$10

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

1.00

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 21224 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 21224 (Baltimore, MD) is $2,290 a month. That is up 6.5% from $2,150 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, 21224 has the 5th-highest two-bedroom rent (county range $1,680–$2,410). The median county two-bedroom FMR in Maryland is $1,875, so ZIP 21224 is 22% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 21224
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,580	$1,740	+10.1%	$1,566–$1,914
1BR	$1,750	$1,850	+5.7%	$1,665–$2,035
2BR	$2,150	$2,290	+6.5%	$2,061–$2,519
3BR	$2,730	$2,860	+4.8%	$2,574–$3,146
4BR	$3,020	$3,180	+5.3%	$2,862–$3,498

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 21224
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,740	$1,850	$2,290	$2,860	$3,180
FY 2026	$1,580	$1,750	$2,150	$2,730	$3,020
FY 2025	$1,580	$1,800	$2,200	$2,830	$3,160
FY 2024	$1,520	$1,740	$2,140	$2,770	$3,140
FY 2023	$1,220	$1,410	$1,740	$2,260	$2,580

Two-bedroom rent in nearby Baltimore City ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 21224
21217	$1,680	−26.6%
21218	$1,680	−26.6%
21222	$1,710	−25.3%
21223	$1,680	−26.6%
21224Current	$2,290	—
21225	$1,680	−26.6%
21226	$1,680	−26.6%
21227	$1,750	−23.6%
21228	$1,920	−16.2%
21229	$1,680	−26.6%
21230	$2,400	+4.8%
21231	$2,370	+3.5%

Questions about ZIP 21224 rents

How much will Section 8 pay for a two-bedroom in ZIP 21224?

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 $2,290 it would be $2,061 to $2,519. 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 21224 in?

ZIP 21224 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 21224 for FY 2027?

The two-bedroom FMR rose 6.5%, from $2,150 in FY 2026 to $2,290 in FY 2027. Since FY 2023 it has risen 31.6%.

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