Location: Oxford County, ME | Metro: Cumberland County, ME (part) HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,140 |
| 1 Bedroom | $1,260 |
| 2 Bedrooms | $1,650 |
| 3 Bedrooms | $2,170 |
| 4 Bedrooms | $2,740 |
| 5 Bedrooms | $3,178 |
| 6 Bedrooms | $3,559 |
| 7 Bedrooms | $3,844 |
| 8 Bedrooms | $4,036 |
U.S. Census Bureau data (2024)
The ZIP code 04022 presents a dynamic rental market influenced by the balance between Fair Market Rent (FMR) and actual market rents. With an FMR set at $1720 for fiscal year 2024, it's evident that the government benchmark exceeds the current market rent of $1,409, as reported by the Census American Community Survey. This discrepancy suggests that there might be a slight oversupply in the rental market, as landlords are willing to accept slightly lower rents to attract tenants.
The median home value in ZIP 04022 stands at $415,625. While this figure alone doesn't directly indicate whether supply or demand is driving the market, it provides a baseline for understanding the overall economic context. In areas where home values are high, there can often be a significant disparity between what renters can afford and what homeowners pay, which can lead to sustained rental demand.
A noteworthy statistic is the 7.3% renter share of the total population. This relatively low percentage indicates that a majority of residents in ZIP 04022 prefer or are able to own their homes rather than rent. However, this also implies that the rental market is under less pressure compared to areas with higher renter shares. The low renter share could mean that the rental market is less volatile, but it also suggests that any increase in rental demand could put upward pressure on rents if the supply remains stable or decreases.
The lack of specific data regarding price-cut share and days on market (DOM) means we cannot precisely quantify the speed at which rental properties are being filled or the frequency of price adjustments. Nonetheless, the fact that the FMR is higher than the market rent implies that landlords have some flexibility in pricing, which could indicate a market where supply currently meets or slightly exceeds demand.
In summary, ZIP 04022 operates in a rental market where government benchmarks suggest a potential for higher rents, yet current market conditions indicate a preference for slightly lower rents to secure tenants. The low renter share signals a predominantly homeowner-focused area, but the dynamics of the rental market suggest a balance that could shift with changes in supply or demand.
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.