21405

ZIPSAFMR

Anne Arundel County, MD

ZIP Investment Score

81Below average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$2,100	$1,890	5.9%
1 BR	$2,240	$2,130	3.2%
2 BR	$2,770	$2,370	3.5%
3 BR	$3,460	$3,170	2.2%
4 BR	$3,840	$3,580	1.5%
5 BR	$4,416	Not available	1.5%
6 BR	$5,078	Not available	1.5%
7 BR	$5,840	Not available	1.5%
8 BR	$6,716	Not available	1.5%

Purchase Price Calculator

Maximum purchase price

$290,265

Cost breakdown

+Likely effective rent$2,370

HUD FMR$2,770

Market rentUsed$2,370

Est. payment standard (91%)$2,510

-Principal and interest-$1,468

Loan amount$232,212

Down payment$58,053

Rate6.50%

Term30 years

-Operating costs-$702

Property taxes-$290

Insurance-$175

Utilities$0

HOA$0

Management-$237

=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

+$37,838(65.2% ROI)

Projected value

$312,583

Return breakdown

Property appreciation+$22,319

Loan principal paid down+$8,320

Rental cash flow+$7,200

5-year hold

+$64,979(111.9% ROI)

Projected value

$328,408

Return breakdown

Property appreciation+$38,143

Loan principal paid down+$14,836

Rental cash flow+$12,000

10-year hold

+$140,650(242.3% ROI)

Projected value

$371,563

Return breakdown

Property appreciation+$81,299

Loan principal paid down+$35,352

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.11ratio

FMR$2,100

Market$1,890

vs market+$210

FMR is above market; underwrite to market rent.

1.11

1 BR

1.05ratio

FMR$2,240

Market$2,130

vs market+$110

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

1.05

2 BR

1.17ratio

FMR$2,770

Market$2,370

vs market+$400

FMR is above market; underwrite to market rent.

1.17

3 BR

1.09ratio

FMR$3,460

Market$3,170

vs market+$290

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

1.09

4 BR

1.07ratio

FMR$3,840

Market$3,580

vs market+$260

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

1.07

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 21405 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 21405 (Annapolis, MD) is $2,770 a month. That is up 9.9% from $2,520 in FY 2026. Annapolis 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, 21405 has the 11th-highest two-bedroom rent (county range $1,680–$3,010). The median county two-bedroom FMR in Maryland is $1,875, so ZIP 21405 is 48% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 21405
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,850	$2,100	+13.5%	$1,890–$2,310
1BR	$2,050	$2,240	+9.3%	$2,016–$2,464
2BR	$2,520	$2,770	+9.9%	$2,493–$3,047
3BR	$3,200	$3,460	+8.1%	$3,114–$3,806
4BR	$3,540	$3,840	+8.5%	$3,456–$4,224

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 21405
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$2,100	$2,240	$2,770	$3,460	$3,840
FY 2026	$1,850	$2,050	$2,520	$3,200	$3,540
FY 2025	$1,890	$2,160	$2,640	$3,400	$3,800
FY 2024	$1,770	$2,040	$2,500	$3,240	$3,670
FY 2023	$1,420	$1,640	$2,030	$2,640	$3,020

Two-bedroom rent in nearby Anne Arundel County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 21405
21144	$2,430	−12.3%
21146	$2,290	−17.3%
21225	$1,680	−39.4%
21226	$1,680	−39.4%
21240	$2,520	−9.0%
21401	$2,690	−2.9%
21402	$3,010	+8.7%
21403	$2,390	−13.7%
21404	$2,520	−9.0%
21405Current	$2,770	—
21409	$2,730	−1.4%
21412	$2,520	−9.0%

Questions about ZIP 21405 rents

How much will Section 8 pay for a two-bedroom in ZIP 21405?

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 $2,770 it would be $2,493 to $3,047. 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 21405 in?

ZIP 21405 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 21405 for FY 2027?

The two-bedroom FMR rose 9.9%, from $2,520 in FY 2026 to $2,770 in FY 2027. Since FY 2023 it has risen 36.5%.

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