Location: York County, ME | Metro: York County, ME (part) HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,330 |
| 1 Bedroom | $1,470 |
| 2 Bedrooms | $1,760 |
| 3 Bedrooms | $2,420 |
| 4 Bedrooms | $2,720 |
| 5 Bedrooms | $3,155 |
| 6 Bedrooms | $3,534 |
| 7 Bedrooms | $3,817 |
| 8 Bedrooms | $4,008 |
U.S. Census Bureau data (2024)
The ZIP code 04047 is located in Maine and has a population of 1,715 residents. Only 13.6% of the population are renters, indicating that it is primarily a homeowner-dominated area. The median household income stands at $72,045, which provides context when evaluating the local rental market.
The typical market rent in this area is $1,185, which equates to approximately 16.5% of the median household income. This suggests that rent is a significant portion of the income for many households, but not excessively so given the broader economic conditions.
Comparing the market rent to the Fair Market Rent (FMR), which is set at $1,380 for FY 2024, indicates that properties renting at $1,185 are below the FMR threshold. This makes them potentially attractive for tenants using Section 8 vouchers, as these vouchers are typically capped at the FMR level.
Despite the relatively low percentage of renters, the demand for Section 8 vouchers could still be present due to the high cost of living relative to income. However, the scarcity of rental units means that landlords in this area might not see an overwhelming number of applications from voucher holders.
A landlord in ZIP 04047 should expect tenants who are likely to benefit from the lower-than-FMR rents and who may have a household income that necessitates the use of housing assistance programs. These tenants will typically be families with children, elderly individuals, or those with disabilities, all of whom qualify for Section 8 assistance based on their financial needs.
To conclude, while 04047 is not a renter-heavy ZIP code, it does offer opportunities for landlords to attract tenants utilizing Section 8 vouchers due to the below-FMR market rents. However, the overall demand for such vouchers is expected to be moderate rather than high, given the homeownership dominance in the area.
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.