Location: Cumberland County, ME | Metro: Cumberland County, ME (part) 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 | $1,540 |
| 1 Bedroom | $1,550 |
| 2 Bedrooms | $1,930 |
| 3 Bedrooms | $2,410 |
| 4 Bedrooms | $3,230 |
| 5 Bedrooms | $3,747 |
| 6 Bedrooms | $4,197 |
| 7 Bedrooms | $4,533 |
| 8 Bedrooms | $4,760 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,550 | $436,084 | 0.36% | F |
| 2BR | $1,930 | $603,222 | 0.32% | F |
| 3BR | $2,410 | $823,743 | 0.29% | F |
| 4BR | $3,230 | $964,142 | 0.34% | F |
| 5BR | $3,747 | $1,195,706 | 0.31% | F |
U.S. Census Bureau data (2024)
The ZIP code 04079, located in Harpswell, Maine, presents an interesting scenario when analyzed from a renter's perspective. The median household income in this area stands at $91,969, which is a solid figure for a rural community. However, when compared to the market rate rental cost of $1,317, as reported by the Census Bureau's American Community Survey (ACS), it becomes evident that affordability could be a concern.
A household earning the median income would allocate approximately 17% of their monthly income towards rent at the market rate. This percentage is generally considered manageable but leaves little room for other expenses such as utilities, food, and healthcare. Furthermore, the Fair Market Rent (FMR) set by the Department of Housing and Urban Development (HUD) for zip code 04079 in fiscal year 2024 is $1,510. This means that a Section 8 voucher holder could potentially pay up to this amount, which is slightly higher than the market rate.
With only 14.4% of the 4,026 residents being renters, the competition among landlords for tenants is relatively low. This suggests that landlords have some leverage in setting rental prices, especially if they offer properties that are in high demand due to location, condition, or amenities. However, the affordability gap between the median income and both the market rate and the FMR indicates that many potential renters might struggle to find suitable housing without financial assistance.
For landlords considering their tenant strategy, the decision to accept Section 8 vouchers versus cash-paying tenants should be carefully weighed. Accepting vouchers could secure long-term tenancy with guaranteed payments, albeit at a slightly lower rate than the FMR. On the other hand, targeting cash-paying tenants might allow landlords to charge closer to the FMR, but they must be prepared to compete on property quality and location to attract these renters given the tight budget constraints faced by most households.
In summary, landlords in ZIP 04079 have a strategic choice to make. While the competition for tenants is not intense, the economic realities suggest that accepting Section 8 vouchers could be a stable option. For those who choose to pursue cash-paying tenants, enhancing property value through improvements and maintaining competitive pricing will be key to attracting and retaining renters in this income-sensitive environment.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.