Location: Cumberland County, ME | Metro: Cumberland County, ME (part) HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,600 |
| 1 Bedroom | $1,680 |
| 2 Bedrooms | $2,100 |
| 3 Bedrooms | $2,600 |
| 4 Bedrooms | $3,270 |
| 5 Bedrooms | $3,793 |
| 6 Bedrooms | $4,248 |
| 7 Bedrooms | $4,588 |
| 8 Bedrooms | $4,817 |
U.S. Census Bureau data (2024)
The ZIP code 04024, located in East Baldwin, Maine, stands out due to its relatively low population of 356 residents, with only 9.7% of them renting. The median income here is $52,917, while the median home value is currently unavailable. Despite this, the area has seen 22 residential properties sold over the past year, with a median home price of $365,000.
In terms of Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 04024 is set at $1,380 for the fiscal year 2024. This figure is crucial for landlords and small-portfolio investors as it represents the maximum amount allowed for rental assistance in the area. However, the current market rent remains unspecified, which could affect the attractiveness of this ZIP for Section 8 participants.
The data signature for ZIP 04024 reads as stable. There are no involuntary liens or pre-foreclosures, indicating a lack of distressed properties. Additionally, 81.97% of homes have more than 50% equity, suggesting financial stability among homeowners. With 214 fully paid-off homes, there is a significant opportunity for investors looking for properties with minimal mortgage risk.
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.