Location: York County, ME | Metro: Portland, ME HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,330 |
| 1 Bedroom | $1,500 |
| 2 Bedrooms | $1,920 |
| 3 Bedrooms | $2,340 |
| 4 Bedrooms | $2,540 |
| 5 Bedrooms | $2,946 |
| 6 Bedrooms | $3,300 |
| 7 Bedrooms | $3,564 |
| 8 Bedrooms | $3,742 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,500 | $308,876 | 0.49% | F |
| 2BR | $1,920 | $433,432 | 0.44% | F |
| 3BR | $2,340 | $566,950 | 0.41% | F |
| 4BR | $2,540 | $649,900 | 0.39% | F |
| 5BR | $2,946 | $933,028 | 0.32% | F |
U.S. Census Bureau data (2024)
ZIP code 04064, located in Old Orchard Beach, ME, is part of the York County, ME (part) HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 04064 in fiscal year 2024 is set at $1680. This figure is lower than the market rent of $2,079, indicating that rental properties in this area could potentially offer higher returns if priced closer to the market rate.
The median home value in ZIP 04064 is $500,700, which is relatively high compared to typical ZIP codes within the York County, ME (part) HUD Metro FMR Area. However, the renter share in this ZIP code stands at 31.1%, which is above average for the region. A high renter share combined with below-average home values relative to the market can sometimes signal a Section 8 sweet spot, but here, the home values are actually quite high, suggesting a different dynamic.
To determine if ZIP 04064 is a value pocket, a mid-tier neighborhood, or a premium sub-market within its metro, we must consider the relationship between the FMR and the market rent. With an FMR of $1680 and a market rent of $2,079, the area leans towards being a premium sub-market, given that the market rents exceed the FMR significantly. This means that landlords can charge more than the FMR without necessarily losing tenants who qualify for Section 8 assistance, although they might need to subsidize the difference.
The high renter share suggests that there is a substantial demand for rental housing in this area, possibly due to its coastal location and tourism industry. Despite the high home values, the rental market appears to be robust, indicating that there are opportunities for landlords and small-portfolio investors to capitalize on the discrepancy between FMR and market rent.
In summary, ZIP 04064 is positioned as a premium sub-market within the York County, ME (part) HUD Metro FMR Area, characterized by higher-than-average home values and a strong rental market. While it doesn't fit the typical profile of a Section 8 sweet spot due to its elevated home values, the significant gap between FMR and market rent presents a unique opportunity for investors.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.