Section 8 Fair Market Rent (FMR) for ZIP 04039 - 2027

Location: Cumberland County, ME | Metro: Portland, ME HUD Metro FMR Area

Investment Score for ZIP 04039

Monthly Rent (2BR)

$2,100

Median Price (2BR)

$444,981

1% Rule

0.47%

Annual Yield

5.66%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,460
1 Bedroom	$1,660
2 Bedrooms	$2,100
3 Bedrooms	$2,590
4 Bedrooms	$2,760
5 Bedrooms	$3,202
6 Bedrooms	$3,586
7 Bedrooms	$3,873
8 Bedrooms	$4,067

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$2,100	$444,981	0.47%	F
3BR	$2,590	$535,162	0.48%	F
4BR	$2,760	$650,056	0.42%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

8,102

Median Household Income

$95,125

Housing Units

4,139

Renter Percentage

18.5%

Occupancy Rate

84.0%

Renter Occupied

644

The town of Gray, Maine, represented by ZIP code 04039, is a suburban area that offers a mix of residential properties and a growing rental market. Nestled in Cumberland County, it benefits from its proximity to Portland, which influences local economic conditions and housing trends.

Fair Market Rent (FMR): The U.S. Department of Housing and Urban Development sets the FMR for a two-bedroom apartment at $1,800 for fiscal year 2024, indicating a strong demand for affordable housing units.
Market Rent: According to Census ACS data, the average market rent in Gray is $1,371, suggesting that there is potential for rental income growth towards the FMR levels.
Median Home Value: The median home value in Gray is $503,512, reflecting a stable and moderately priced real estate market.
Renter Share: Approximately 18.5% of the population in Gray are renters, showing a significant but not overwhelming reliance on the rental sector.
Days on Market (DOM): Data on the typical days on market for rental listings is currently unavailable, which may indicate a robust rental market where properties are quickly leased.
Median Income: With a median household income of $95,125, residents of Gray have the financial capacity to support higher rents and property values, making it a favorable location for investment.

In summary, Gray, ME presents a promising opportunity for real estate investors, particularly those interested in Section 8 properties. The gap between the Fair Market Rent and the current market rent suggests potential for increasing rental yields. Additionally, the high median income supports the likelihood of sustained demand and the ability to pay higher rents. Although the renter share is moderate, the proximity to Portland and the overall economic stability of the area make it attractive for both short-term and long-term investments. The lack of specific DOM data implies a brisk rental market, further validating the attractiveness of Gray for investors looking to capitalize on the housing needs of the area.

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.