Cecil County/Elk Mills/21920

21920

ZIPSAFMR

Cecil County, MD

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ZIP Investment Score

97Above average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,410	$1,440	2.5%
1 BR	$1,520	$1,450	1.4%
2 BR	$1,820	$1,710	1.3%
3 BR	$2,170	$2,180	0.8%
4 BR	$2,390	$2,570	-0.7%
5 BR	$2,749	Not available	-0.7%
6 BR	$3,161	Not available	-0.7%
7 BR	$3,635	Not available	-0.7%
8 BR	$4,180	Not available	-0.7%

Purchase Price Calculator

Maximum purchase price

$192,189

Cost breakdown

+Likely effective rent$1,710

HUD FMR$1,820

Market rentUsed$1,710

Est. payment standard (96%)$1,750

-Principal and interest-$972

Loan amount$153,751

Down payment$38,438

Rate6.50%

Term30 years

-Operating costs-$538

Property taxes-$192

Insurance-$175

Utilities$0

HOA$0

Management-$171

=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

+$27,486(71.5% ROI)

Projected value

$206,966

Return breakdown

Property appreciation+$14,778

Loan principal paid down+$5,509

Rental cash flow+$7,200

5-year hold

+$47,078(122.5% ROI)

Projected value

$217,444

Return breakdown

Property appreciation+$25,255

Loan principal paid down+$9,823

Rental cash flow+$12,000

10-year hold

+$101,236(263.4% ROI)

Projected value

$246,018

Return breakdown

Property appreciation+$53,829

Loan principal paid down+$23,407

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.97ratio

FMR$1,410

Market$1,460

vs market-$50

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

0.97

1 BR

1.05ratio

FMR$1,520

Market$1,450

vs market+$70

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

1.05

2 BR

1.06ratio

FMR$1,820

Market$1,710

vs market+$110

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

1.06

3 BR

1.00ratio

FMR$2,170

Market$2,180

vs market-$10

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

1.00

4 BR

0.90ratio

FMR$2,390

Market$2,660

vs market-$270

FMR is below market; voucher rent may lag private rents.

0.90

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 21920 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 21920 (Elk Mills, MD) is $1,820 a month. That is unchanged from FY 2026. Elk Mills is in the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 16 ZIP codes in Cecil County, 21920 is tied for the 5th-highest two-bedroom rent (county range $1,230–$2,200). The median county two-bedroom FMR in Maryland is $1,875, so ZIP 21920 is 3% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 21920
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,400	$1,410	+0.7%	$1,269–$1,551
1BR	$1,530	$1,520	−0.7%	$1,368–$1,672
2BR	$1,820	$1,820	0.0%	$1,638–$2,002
3BR	$2,180	$2,170	−0.5%	$1,953–$2,387
4BR	$2,440	$2,390	−2.0%	$2,151–$2,629

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 21920
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,410	$1,520	$1,820	$2,170	$2,390
FY 2026	$1,400	$1,530	$1,820	$2,180	$2,440
FY 2025	$1,390	$1,540	$1,830	$2,200	$2,510
FY 2024	$1,310	$1,460	$1,750	$2,120	$2,440
FY 2023	$1,100	$1,230	$1,490	$1,810	$2,110

Two-bedroom rent in nearby Cecil County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 21920
21911	$1,600	−12.1%
21912	$1,580	−13.2%
21913	$1,340	−26.4%
21914	$1,840	+1.1%
21915	$1,230	−32.4%
21917	$1,530	−15.9%
21918	$1,400	−23.1%
21919	$2,200	+20.9%
21920Current	$1,820	—
21921	$1,820	0.0%
21922	$1,780	−2.2%
21930	$2,200	+20.9%

Questions about ZIP 21920 rents

How much will Section 8 pay for a two-bedroom in ZIP 21920?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,820, that basic range is $1,638 to $2,002 a month. 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 21920 in?

ZIP 21920 is in the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 21920 for FY 2027?

The two-bedroom FMR was unchanged at $1,820 in FY 2027. Since FY 2023 it has risen 22.1%.

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