Location: Oxford County, ME | Metro: Oxford County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,250 |
| 1 Bedroom | $1,390 |
| 2 Bedrooms | $1,790 |
| 3 Bedrooms | $2,480 |
| 4 Bedrooms | $2,990 |
| 5 Bedrooms | $3,468 |
| 6 Bedrooms | $3,884 |
| 7 Bedrooms | $4,195 |
| 8 Bedrooms | $4,405 |
U.S. Census Bureau data (2024)
ZIP code 04051 is characterized by a modest population of 1,353 residents, indicating a close-knit community with a relatively low density. The rental market here is quite niche, with only 11.1% of the population renting their homes. This suggests that homeownership is prevalent, and the area likely has a stable, long-term resident base. The median income in the area stands at $80,625, which is significantly higher than the national average, pointing towards an economically comfortable populace. Median home values are also notably high, sitting at $508,279, reflecting the affluent nature of the neighborhood.
Transitioning to the economic realities of renting in ZIP 04051, the Fair Market Rent (FMR) set by HUD for the metro area for fiscal year 2026 is $1,820. In contrast, the actual market rent, as per the Census ACS data, is $1,419. This discrepancy indicates that landlords participating in the Section 8 program can expect a premium over the current market rate, which could be a significant incentive for those looking to invest in this ZIP code. However, it's important to note that the higher FMR might not reflect the local market conditions accurately, potentially leading to challenges in finding tenants willing to pay the higher voucher rate.
Considering these factors, ZIP 04051 seems more suited to a hands-off voucher operator rather than a hands-on value-add buyer. The high median income and home values suggest that the area is already well-established and may not require extensive renovations or improvements to attract tenants. Moreover, the relatively low percentage of renters means that there is limited demand for rental properties, making it less appealing for investors looking to actively manage and improve their portfolio. For hands-off operators, the guaranteed rental income through the Section 8 program, coupled with the potential for a premium over market rates, makes ZIP 04051 a viable investment option.
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.