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Rental Insights for ZIP Code 20724 (Laurel, MD)

Housing Rentals in ZIP Code 20724 (Laurel, MD)

20724 ZIP Code in Maryland

A Detailed Snapshot of Renters in the ZIP Code 20724

The 20724 ZIP Code is predominantly located in Laurel, MD in Anne Arundel County. The median housing rent in this Maryland region is estimated at $1,824 per month. Approximately 32.0% of housing units in this Anne Arundel County ZIP Code are occupied by renters, while the region has an estimated rental unit vacancy rate of 8.4%.

The median rent in ZIP Code 20724 of $1,824 per month is 31% higher than the aggregate Maryland median monthly rent of $1,392, and is 72% higher than the $1,062 the median monthly rent in the U.S. overall. An estimated 60.5% of residents in ZIP Code 20724 pay between $1,500 and $1,999 per month for rent. That is 129% higher than in Maryland overall, in which 26.4% of total state residents pay between $1,500 and $1,999 per month for housing. Only 1.0% of renters in this Laurel, MD region pay less than $500 per month for rent.

ZIP Code 20724 Rental FAQs and Quick Facts

Monthly Rent in ZIP Code 20724

See the chart below for a comparison of monthly rental costs in ZIP Code 20724, Maryland, and also in the U.S. as a whole.

This chart visualizes housing rental cost ranges in ZIP Code 20724 along with those in the state of Maryland and the U.S. overall. For example, what percentage of renters pay between $1,000 and $1,499 monthly.

Rental Cost in ZIP Code 20724

See the table below for the regional comparison of monthly rental costs.

Cost ZIP 20724 Maryland U.S.
Less than $500 1.0% 7.4% 9.4%
$500 to $999 1.6% 16.2% 36.2%
$1,000 to $1,499 8.2% 34.0% 30.0%
$1,500 to $1,999 60.5% 26.4% 14.0%
$2,000 to $2,499 24.5% 10.5% 5.6%
$2,500 to $2,999 0.0% 3.4% 2.4%
$3,000 or more 4.2% 2.1% 2.4%

Rent Cost vs. Income in ZIP Code 20724

Renters in ZIP Code 20724 use an estimated 29.06% of their income to cover their monthly rent payments. That is about 3% lower than in Maryland overall. The estimate for Maryland overall is 30.05% of income used for housing rent payments. In comparison to the U.S. as a whole, ZIP Code 20724 renters use about 3% less of their income to cover rent expense. Household income figures for ZIP Code 20724 come in higher than in Maryland as a whole. The median annual household income in ZIP Code 20724 of $103,112 sits approximately 22% higher than the overall Maryland median income of $84,805 and approximately 64% higher than median income of $62,843 in the U.S. as a whole.

Rent as a Percentage of Income in ZIP Code 20724

See the chart below for a comparison of monthly rent cost vs. household income in ZIP Code 20724, Maryland, and also in the U.S. as a whole.

This chart visualizes monthly rent cost as a percentage of household income in ZIP Code 20724 along with the same calculations in the state of Maryland and the U.S. overall. For example, what percentage of renters pay 15.0 to 19.9 percent of the monthly household income toward rent.

Rent as a Percentage of Income in ZIP Code 20724

See the table below for the regional comparison of monthly rent as a percentage of household income.

Rent Cost as % of Income ZIP 20724 Maryland U.S.
Less than 15.0 percent 3.9% 11.5% 13.1%
15.0 to 19.9 percent 15.1% 12.9% 12.9%
20.0 to 24.9 percent 15.6% 13.8% 12.9%
25.0 to 29.9 percent 22.8% 12.1% 11.6%
30.0 to 34.9 percent 19.0% 9.1% 9.1%
35.0 percent or more 23.7% 40.6% 40.5%

Household Income in ZIP Code 20724

See the table below for the regional comparison of annual household income in ZIP Code 20724.

Income ZIP 20724 Maryland U.S.
Less than $10,000 2.2% 4.6% 6.0%
$10,000 to $14,999 1.0% 2.7% 4.3%
$15,000 to $24,999 2.5% 5.8% 8.9%
$25,000 to $34,999 4.1% 6.4% 8.9%
$35,000 to $49,999 6.5% 9.6% 12.3%
$50,000 to $74,999 18.3% 15.3% 17.2%
$75,000 to $99,999 14.1% 13.2% 12.7%
$100,000 to $149,999 29.6% 19.0% 15.1%
$150,000 to $199,999 16.1% 10.5% 6.8%
$200,000 or more 5.7% 12.7% 7.7%

Household Income in ZIP Code 20724

See the chart below for a comparison of annual household income figures in ZIP Code 20724, Maryland, and also in the U.S. overall.

This chart visualizes annual household income in ZIP Code 20724 alongside the same figures for the state of Maryland and also for the entire U.S.

Miscellaneous Related Stats on ZIP Code 20724

See the table below for the regional comparison of miscellaneous data and information related to housing, rentals, and income in ZIP Code 20724.

ZIP 20724 Maryland U.S.
Median Housing Rent $1,824 $1,392 $1,062
Renter-Occupied Housing Units 32.0% 33.1% 36.0%
Rental Vacancy Rate 8.4% 6.0% 6.0%
Average Size of Renter-Occupied Unit 2.48 2.50 2.49
Average # of Bedrooms Per Unit 2.88 2.97 2.75
Percent of Income Spent on Rent 29.06% 30.05% 29.83%
Per Capita Income $42,817 $42,122 $34,103
Median Household Income $110,227 $111,417 $88,607
Living Below the Poverty Line 4.7% 6.1% 9.5%

Summary of Rental-related Data and Stats for ZIP Code 20724

In ZIP Code 20724 (Laurel, MD), and estimated 32.0% of housing units are occupied by renters. This region has an approximate rental vacany rate of 8.4%.

The per capita income in 20724 is estimated at $42,817, which goes along with an estimated median household income of $110,227. About 4.7% of residents in this Anne Arundel County region live below the poverty line.

Among renter-occupied units in this ZIP, the average occupancy is 2.48 occupants, while the units have an aggregate average size of 2.88 bedrooms per unit.

Renters in this ZIP-defined region spend an average of 29.06% of their income on housing rental costs.

Rental FAQs for ZIP Code 20724

1

What is the median monthly rent in ZIP Code 20724?

Median rent for housing in ZIP Code 20724 in Anne Arundel County in Maryland is approximately $1,824 per month.
2

Is it expensive to rent in ZIP Code 20724?

Rent in ZIP Code 20724 is higher than average in the state of Maryland overall. The median monthly rent of $1,824 in ZIP Code 20724 is approximately 31% higher than the Maryland median of $1,392. Additionally, median rent in this Laurel, MD region ($1,824) is about 72% higher than median monthly rent cost of $1,062 in the U.S. overall.
3

Are high-priced rentals common in ZIP Code 20724?

High-priced rentals are more common in ZIP Code 20724 than in Maryland overall. The percentage of rentals in ZIP Code 20724 that cost $3,000 or more per month (4.2%) is about 100% higher than the Maryland rate of 2.1% that cost that much. Additionally, the overall U.S. rate of 2.4% paying $3,000 or more per month is about 75% lower than the aforementioned 20724 rate of 4.2%.
4

Are affordable rentals common in ZIP Code 20724?

Affordable rentals are less common in ZIP Code 20724 than in Maryland overall. The percentage of housing rentals in ZIP Code 20724 costing $999 or less per month (2.6%) is approximately 89% lower than the Maryland rate of 23.6% that fall in that range. In addition, the aggregate U.S. rate of 45.6% paying $999 or less per month is about 94% higher than the previously mentioned 20724 rate of 2.6%.
5

What is the most common cost range that rentals fall into in ZIP Code 20724?

The most common range for rental cost in ZIP Code 20724 is between $1,500 and $1,999 per month. About 60.5% of renters in 20724 pay in this range for monthly rent. In comparison, approximately 26.4% of renters in the state of Maryland fall in the between $1,500 and $1,999 range, and 14.0% of overall U.S. renters fall in this range.
6

Does ZIP Code 20724 have a high rental vacancy rate?

The rental vacancy rate in ZIP Code 20724 is higher than the rental vacancy rate in the state of Maryland overall. Rental vacancy of 8.4% in ZIP Code 20724 is about 40% higher than the Maryland rate of 6.0%. Looking more broadly, rental vacancy in this Laurel, MD region (8.4%) is an estimated 40% higher than the estimated rental vacancy rate of 6.0% in the U.S. overall.
7

What is the average household income in ZIP Code 20724? How does it compare to other Maryland regions?

Median household income in ZIP Code 20724 is higher than in the state of Maryland overall. Annual household income of $103,112 in ZIP Code 20724 is about 22% higher than the Maryland median of $84,805. Additionally, median household income in this Laurel, MD region ($103,112) is approximately 64% higher than median household income of $62,843 in the U.S. as a whole.
8

How much of their income do renters in ZIP Code 20724 spend on housing costs?

Renters in ZIP Code 20724 spend a lower amount of their income on rent costs than do renters in Maryland overall. Renters in ZIP Code 20724 spend an estimated 29.06% of their income on rent payments, which is about 3% lower than the overall Maryland estimated rate of 30.05%. In addition, the aggregate U.S. estimated rate of 29.83% of income spent on housing rental costs is about 3% higher than the ZIP Code 20724 estimated rate of 29.06%.
9

Do renters in ZIP Code 20724 typically spend a large portion of their income on rent payments?

It is uncommon for renters in ZIP Code 20724 to spend a large portion of their income on monthly housing. The percentage of renters in ZIP Code 20724 spending 30 percent or more of their income on rent costs (42.7%) is approximately 14% lower than the Maryland rate of 49.7% that spend that much. In addition, the overall U.S. rate of 49.6% paying 30 percent or more of their income on rent costs is about 14% higher than the aforementioned 20724 rate of 42.7%.
10

What is the average household size of renter-occupied units in ZIP Code 20724?

The average household size of renter-occupied units in ZIP Code 20724 is lower than in the state of Maryland overall. Annual household size of 2.48 in ZIP Code 20724 is about 1% lower than the Maryland median of 2.50. Additionally, median household size in this Laurel, MD region (2.48) is approximately 0% lower than median household size of 2.49 in the U.S. as a whole.

Rental Insights for other Maryland ZIP Codes