Location: Portland, ME | Metro: Portland, ME HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,850 |
| 1 Bedroom | $2,110 |
| 2 Bedrooms | $2,660 |
| 3 Bedrooms | $3,280 |
| 4 Bedrooms | $3,500 |
| 5 Bedrooms | $4,060 |
| 6 Bedrooms | $4,547 |
| 7 Bedrooms | $4,911 |
| 8 Bedrooms | $5,157 |
U.S. Census Bureau data (2024)
2200 FMR (zip FY 2024) stands as the maximum monthly rental assistance available for tenants in Scarborough, ME. This figure is crucial for landlords and small-portfolio investors when setting their rent prices, considering it is significantly lower than the $2,843 market rent (ZORI) average in the area. The median home value of $681,807 reflects a stable housing market, which is beneficial for property owners looking to maintain or increase asset values. With a 22.8% renter share, it's evident that a substantial portion of the population relies on rental properties, making it a viable investment opportunity. However, the median income of $135,018 suggests that many residents might prefer homeownership over renting, given the high cost of living. Landlords should be aware that the 23-day DOM indicates a relatively quick turnover rate for vacant units, but the 0.2% price-cut share shows that price reductions are rare, implying strong demand at current pricing levels.
The gap between the FMR and ZORI highlights a challenge for landlords participating in the Section 8 program, as they must balance their rental rates against the market while adhering to government-set limits. Given the data, landlords in Scarborough can expect a competitive rental market with minimal need for price adjustments, but the potential for higher occupancy rates exists if they align their rents closer to the FMR. For small-portfolio investors, the combination of a stable median home value and a modest renter share presents an opportunity to diversify their investments with rental properties, especially those that qualify for the Section 8 program. This can provide a steady stream of income with less reliance on market fluctuations.
In conclusion, the Section 8 program remains a viable option for landlords in Scarborough, ME, with a balanced approach to setting rents that meets both tenant needs and investor expectations. The verdict for Section 8 participation in ZIP 04074 is positive, given the supportive economic indicators and the potential for stable occupancy and income.
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.