Updated 2026 · Based on median market data for Hagerstown, MD
The median monthly rent in Hagerstown, MD is $1,200, translating to $14,400 in annual gross rental income per unit. The rent-to-price ratio is 0.53% — well below the 1% rule, making pure cash flow investing challenging at median prices.
Renters in Hagerstown spend approximately 33% of the local median household income ($44,200) on rent. This exceeds the standard 30% affordability threshold, suggesting rent growth may face resistance — but it also means a large portion of the population finds buying even more out of reach, supporting rental demand.
The vacancy rate in Hagerstown is 6%. This is a healthy vacancy rate that indicates balanced supply and demand. You should be able to find quality tenants without extended vacancies, though expect normal turnover periods of 2-4 weeks between tenants. Population growth of 0.5% annually provides stable demand.
Hagerstown's GRM (price divided by annual rent) is 15.6x. A GRM between 12-16x is moderate and typical of balanced markets. Deals can work but you need to keep expenses controlled. For comparison, the national average GRM for investment-grade rentals is approximately 13-15x.
At the median rent of $1,200/mo, a single-family rental in Hagerstown generates approximately $14,400 in gross annual income. After accounting for 6% vacancy ($864 lost), property taxes of $2,385, insurance (~$900), and maintenance (~$900), the estimated NOI is $9,351 per year, or $779/mo.