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Frederick vs Hagerstown for Rental Property Investing

Side-by-side comparison of Frederick, MD and Hagerstown, MD — cap rates, rent, prices, and investment metrics.

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Frederick wins 4–3 across key metrics

Hagerstown leads on cash flow (4.16% vs 3.25% cap rate) · Frederick leads on population growth

Metric

Frederick, MD

Hagerstown, MD

Est. Cap Rate

3.25%

4.16%

Median Home Price

$380,000

$225,000

Median Monthly Rent

$1,680

$1,200

1% Rule

0.44%

0.53%

GRM

18.8x

15.6x

Price / Income

4.6x

5.1x

Property Tax Rate

1.02%

1.06%

Vacancy Rate

4.5%

6%

Population Growth

1.2% / yr

0.5% / yr

Annual Appreciation

3%

2.5%

Population

82,000

44,000

Median Income

$82,400

$44,200

Frederick vs Hagerstown: Which Is Better for Investors?

Cash flow: Hagerstown has the edge with an estimated cap rate of 4.16% compared to Frederick's 3.25%. Neither city passes the 1% rule outright, so deal sourcing and value-add strategies become more important. Median home prices are $380,000 in Frederick vs $225,000 in Hagerstown, while rents come in at $1,680/mo and $1,200/mo respectively.

Growth & appreciation: Frederick is growing faster at 1.2% annually vs Hagerstown's 0.5%. Frederick leads on home value appreciation at 3% per year.

Costs & risk: Property taxes are 1.02% in Frederick vs 1.06% in Hagerstown. Vacancy rates of 4.5% and 6% are mixed — Frederick has the tighter rental market.

Bottom line: Frederick edges out Hagerstown on most key metrics. While cap rates are moderate at 3.25%, Frederick's overall profile is stronger. Use our free calculators to model specific deals in Frederick or Hagerstown.

Frederick, MD

3.25% cap rate · $380,000 median · $1,680/mo

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Hagerstown, MD

4.16% cap rate · $225,000 median · $1,200/mo

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