Location: York County, ME | Metro: York 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 | $1,420 |
| 1 Bedroom | $1,570 |
| 2 Bedrooms | $1,880 |
| 3 Bedrooms | $2,580 |
| 4 Bedrooms | $2,910 |
| 5 Bedrooms | $3,376 |
| 6 Bedrooms | $3,781 |
| 7 Bedrooms | $4,083 |
| 8 Bedrooms | $4,287 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,570 | $214,636 | 0.73% | D |
| 2BR | $1,880 | $414,563 | 0.45% | F |
| 3BR | $2,580 | $665,418 | 0.39% | F |
| 4BR | $2,910 | $844,255 | 0.34% | F |
| 5BR | $3,376 | $1,364,268 | 0.25% | F |
U.S. Census Bureau data (2024)
The Section 8 program's impact in ZIP code 04090, Wells, ME, is defined by the relationship between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2024, the FMR stands at $1370, while the Census ACS reports the market rent at $1350. This indicates a positive gap of $20, or approximately 1.48%, favoring landlords who accept Section 8 vouchers.
In this scenario, where the FMR exceeds the market rent, accepting voucher tenants can be a strategic yield play for landlords. The additional $20 per unit, though seemingly modest, can contribute significantly to the overall rental income when scaled across multiple units. Moreover, the stability provided by government-backed vouchers can reduce the risk of vacancy and non-payment, which are common concerns for landlords in areas with a lower percentage of renters—Wells, ME, has only 9.9% of its population renting homes.
The median home value in Wells, ME, is $579,323, suggesting that homeownership is more prevalent and valued in the area. However, the median household income of $88,024 means that many residents may still find it challenging to afford housing without assistance. This economic reality makes the Section 8 program particularly relevant for ensuring that low-income families have access to safe and decent housing.
Landlords should consider the broader implications of this gap. While the FMR provides a buffer against the open-market rates, it also implies that the cost of housing voucher tenants is below what could potentially be charged in an unfettered market. This discrepancy benefits the tenants but can be seen as a concession by landlords, especially given the relatively low rental demand in Wells, ME. Nonetheless, the program's structure ensures that landlords receive timely payments, reducing the financial burden associated with collecting rent from low-income households.
To summarize, the slight premium offered by the Section 8 FMR over the market rent in ZIP 04090 presents a compelling opportunity for landlords. It allows them to participate in a stable rental income stream while contributing to the local community's goal of providing affordable housing options. Given the economic conditions in Wells, ME, this balance between income and affordability is crucial for maintaining a healthy rental market.
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.