Location: Cumberland County, ME | Metro: Cumberland County, ME (part) HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,600 |
| 1 Bedroom | $1,770 |
| 2 Bedrooms | $2,230 |
| 3 Bedrooms | $2,760 |
| 4 Bedrooms | $3,090 |
| 5 Bedrooms | $3,584 |
| 6 Bedrooms | $4,014 |
| 7 Bedrooms | $4,335 |
| 8 Bedrooms | $4,552 |
U.S. Census Bureau data (2024)
The rent math for ZIP 04069 in Cumberland County, ME, does not work favorably for landlords. The HUD Fair Market Rent (FMR) for the area is set at $1460 per month for FY 2024. However, the Census ACS data indicates that the actual market rent is only $981. This means that landlords would have to charge below the FMR to attract tenants at current market rates, leading to lower income potential.
Acquisition in this ZIP code is relatively affordable, given the median home value stands at $580,472. However, the lack of data on days on market (DOM) and the percentage of homes sold with a price cut suggests that the market might be stable but not particularly active. Landlords should be cautious about overpaying for properties without a clear understanding of how quickly they can be rented out or resold.
Tenant demand is limited in ZIP 04069. With a total population of 1,696, only 10.6% of residents are renters. This translates to approximately 180 potential tenants, which is a small pool compared to the size of the ZIP code. Landlords will need to ensure their properties are highly attractive to compete effectively in a market with low renter participation.
In summary, while the acquisition cost appears reasonable, the disparity between the HUD FMR and the actual market rent makes it challenging for landlords to achieve higher rental incomes. Additionally, the limited tenant demand suggests that competition for renters will be fierce. Landlords must carefully consider these factors before investing in ZIP 04069, ensuring they can manage costs and differentiate their properties to stand out in a small and competitive rental market.
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.