Location: York County, ME | Metro: York County, ME (part) HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,380 |
| 1 Bedroom | $1,520 |
| 2 Bedrooms | $1,820 |
| 3 Bedrooms | $2,500 |
| 4 Bedrooms | $2,820 |
| 5 Bedrooms | $3,271 |
| 6 Bedrooms | $3,664 |
| 7 Bedrooms | $3,957 |
| 8 Bedrooms | $4,155 |
U.S. Census Bureau data (2024)
0.0% of the residents in ZIP code 04056 are renters, indicating a predominantly owner-occupied market. This statistic is crucial for landlords and small-portfolio investors looking to gauge the demand for rental properties in the area. Despite the low renter share, the Fair Market Rent (FMR) for ZIP 04056 is set at $1370 for fiscal year 2024, which is the benchmark used by the U.S. Department of Housing and Urban Development (HUD) for determining payment standards under the Section 8 program. The median income in this ZIP code stands at $57,083, providing insight into the financial capabilities of potential tenants. While the market rent and median home value are not available, the absence of these figures can be interpreted as a lack of significant rental activity or data on home sales, reinforcing the owner-occupied nature of the community. The average days on market (DOM) and the percentage of homes that have been price-cut are also not available, suggesting a stable housing market where property values remain consistent and there is little need for aggressive pricing strategies. For investors considering Section 8 participation, the $1370 FMR offers a clear guideline for setting rents that align with HUD's standards, ensuring compliance while potentially maximizing income given the local economic conditions.
Based on the available data, the verdict for Section 8 participation in ZIP 04056 is positive, especially for those willing to navigate a market with limited rental demand but favorable payment standards.
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.