Location: Portland, ME | Metro: Portland, ME HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,190 |
| 1 Bedroom | $2,490 |
| 2 Bedrooms | $3,140 |
| 3 Bedrooms | $3,870 |
| 4 Bedrooms | $4,130 |
| 5 Bedrooms | $4,791 |
| 6 Bedrooms | $5,366 |
| 7 Bedrooms | $5,795 |
| 8 Bedrooms | $6,085 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $3,140 | $516,011 | 0.61% | D |
| 3BR | $3,870 | $682,702 | 0.57% | F |
| 4BR | $4,130 | $873,306 | 0.47% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 04017 in Maine for fiscal year 2024 is set at $2210. This figure represents the payment standard for Section 8 housing assistance, which is the amount the government will pay on behalf of eligible tenants. It's important to note that this is not the total rent you can charge; it's the maximum subsidy amount.
To put this into perspective, the average rent for the area, according to Census ACS data, is $2,063. This suggests that the FMR is slightly above the local average, making Section 8 rentals competitive in the market. However, the actual rent you can charge may be higher, but the tenant would need to cover the difference out of pocket.
In ZIP 04017, 29.4% of residents are renters. This indicates a strong demand for rental properties, particularly those that can accommodate Section 8 tenants. Given this high percentage, there is likely a steady pool of potential tenants who qualify for the program.
If you're considering purchasing a property for your first Section 8 rental, the median home value in the area is approximately $635,571. This is a significant investment, so it's crucial to understand the financials involved and the ongoing management required for such a property.
Before proceeding, verify that the property meets all the necessary criteria for Section 8 eligibility. This includes ensuring the property complies with Housing Quality Standards (HQS), which sets safety and health standards for rental units. This verification step is critical to avoid delays and ensure that you can receive the promised subsidies without issues.
In summary, the FMR of $2210 provides a benchmark for subsidies in ZIP 04017, aligning closely with the local average rent of $2,063. With a renter share of 29.4%, there is a solid demand for rental properties. The median home value of $635,571 reflects the cost of acquiring a property in this area. To secure your investment, confirm that your property meets HQS requirements.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.