Location: York County, ME | Metro: Portland, ME HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,330 |
| 1 Bedroom | $1,500 |
| 2 Bedrooms | $1,920 |
| 3 Bedrooms | $2,410 |
| 4 Bedrooms | $2,710 |
| 5 Bedrooms | $3,144 |
| 6 Bedrooms | $3,521 |
| 7 Bedrooms | $3,803 |
| 8 Bedrooms | $3,993 |
U.S. Census Bureau data (2024)
The ZIP code 04005, located in Biddeford, ME, is home to a population of 24,772 residents. With 48.5% of the population being renters, it represents a significant tenant pool that could benefit from Section 8 housing vouchers. This indicates a renter-heavy environment where the demand for subsidized housing is likely to be high.
The median household income in this area stands at $74,647, which provides context for understanding the affordability of the average market rent of $1,975. To put this into perspective, the typical rent eats up approximately 26.4% of the local median income. This percentage is calculated by dividing the market rent by the annual median income and multiplying by 100, showing how a substantial portion of income is dedicated to housing costs.
Comparatively, the Fair Market Rent (FMR) for the area, set at $1,350 for FY 2024, is notably lower than the market rent. This suggests that tenants who qualify for Section 8 vouchers might find it challenging to cover the gap between the voucher amount and the actual market rent, especially if they are looking for properties that exceed the FMR.
A landlord in ZIP 04005 should anticipate a tenant pool primarily composed of low-income individuals and families who rely on housing vouchers to secure living arrangements. These tenants will likely have a monthly income below the median, making them particularly sensitive to rent increases and cost-of-living adjustments. Given the discrepancy between the FMR and the market rent, landlords may need to consider offering properties within the FMR range to attract and retain Section 8 tenants effectively.
In summary, ZIP 04005 presents itself as a renter-heavy zone with a strong potential for Section 8 voucher utilization due to the high proportion of renters and the relatively high market rents compared to the FMR. Landlords should prepare for a tenant base that requires financial assistance to meet their housing needs, emphasizing the importance of understanding and complying with Section 8 regulations to ensure successful tenancy.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.