Allegany County/Midland/21542

21542

ZIPSAFMR

Allegany County, MD

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ZIP Investment Score

129Above average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$860	$850	12.1%
1 BR	$890	$890	7.3%
2 BR	$1,010	$980	3.5%
3 BR	$1,390	$1,130	5.9%
4 BR	$1,480	$1,310	1.2%
5 BR	$1,702	Not available	1.2%
6 BR	$1,957	Not available	1.2%
7 BR	$2,251	Not available	1.2%
8 BR	$2,589	Not available	1.2%

Purchase Price Calculator

Maximum purchase price

$83,711

Cost breakdown

+Likely effective rent$980

HUD FMR$1,010

Market rentUsed$980

Est. payment standard (98%)$990

-Principal and interest-$423

Loan amount$66,969

Down payment$16,742

Rate6.50%

Term30 years

-Operating costs-$357

Property taxes-$84

Insurance-$175

Utilities$0

HOA$0

Management-$98

=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

+$16,036(95.8% ROI)

Projected value

$90,148

Return breakdown

Property appreciation+$6,437

Loan principal paid down+$2,399

Rental cash flow+$7,200

5-year hold

+$27,279(162.9% ROI)

Projected value

$94,711

Return breakdown

Property appreciation+$11,000

Loan principal paid down+$4,279

Rental cash flow+$12,000

10-year hold

+$57,641(344.3% ROI)

Projected value

$107,157

Return breakdown

Property appreciation+$23,446

Loan principal paid down+$10,195

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.01ratio

FMR$860

Market$850

vs market+$10

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

1.01

1 BR

1.00ratio

FMR$890

Market$890

vs market+$0

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

1.00

2 BR

1.03ratio

FMR$1,010

Market$980

vs market+$30

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

1.03

3 BR

1.23ratio

FMR$1,390

Market$1,130

vs market+$260

FMR is above market; underwrite to market rent.

1.23

4 BR

1.13ratio

FMR$1,480

Market$1,310

vs market+$170

FMR is above market; underwrite to market rent.

1.13

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 21542 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 21542 (Midland, MD) is $1,010 a month. That is up 4.1% from $970 in FY 2026. Midland is in the Allegany County, MD non-metropolitan FMR area. 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 county-wide two-bedroom FMR of $1,014. Among 21 ZIP codes in Allegany County, 21542 is tied for the 12th-highest two-bedroom rent (county range $1,010–$1,280). The median county two-bedroom FMR in Maryland is $1,875, so ZIP 21542 is 46% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 21542
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$690	$860	+24.6%	$774–$946
1BR	$820	$890	+8.5%	$801–$979
2BR	$970	$1,010	+4.1%	$909–$1,111
3BR	$1,330	$1,390	+4.5%	$1,251–$1,529
4BR	$1,450	$1,480	+2.1%	$1,332–$1,628

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 21542
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$860	$890	$1,010	$1,390	$1,480
FY 2026	$690	$820	$970	$1,330	$1,450
FY 2025	$660	$750	$930	$1,230	$1,390
FY 2024	$610	$720	$910	$1,170	$1,430
FY 2023	$550	$660	$830	$1,060	$1,340

Two-bedroom rent in nearby Allegany County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 21542
21524	$1,010	0.0%
21528	$1,020	+1.0%
21529	$1,020	+1.0%
21530	$1,280	+26.7%
21532	$1,100	+8.9%
21539	$1,010	0.0%
21540	$1,010	0.0%
21542Current	$1,010	—
21543	$1,010	0.0%
21545	$1,010	0.0%
21555	$1,090	+7.9%
21557	$1,010	0.0%

Questions about ZIP 21542 rents

How much will Section 8 pay for a two-bedroom in ZIP 21542?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,014, which applies unless the housing authority uses Small Area FMRs, that basic range is $913 to $1,115 a month; under the ZIP-level Small Area FMR of $1,010 it would be $909 to $1,111. 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 21542 in?

ZIP 21542 is in the Allegany County, MD non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,014.

How much did fair market rent change in ZIP 21542 for FY 2027?

The two-bedroom FMR rose 4.1%, from $970 in FY 2026 to $1,010 in FY 2027. Since FY 2023 it has risen 21.7%.

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