Location: Portland, 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 | $1,530 |
| 1 Bedroom | $1,740 |
| 2 Bedrooms | $2,190 |
| 3 Bedrooms | $2,700 |
| 4 Bedrooms | $2,880 |
| 5 Bedrooms | $3,341 |
| 6 Bedrooms | $3,742 |
| 7 Bedrooms | $4,041 |
| 8 Bedrooms | $4,243 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,190 | $397,386 | 0.55% | F |
| 3BR | $2,700 | $479,604 | 0.56% | F |
| 4BR | $2,880 | $532,466 | 0.54% | F |
| 5BR | $3,341 | $604,279 | 0.55% | F |
U.S. Census Bureau data (2024)
The ZIP code 04092, located in Westbrook, ME, presents a dynamic rental market that is currently favoring landlords and small-portfolio investors. The Fair Market Rent (FMR) for the area is set at $1810 for fiscal year 2024, while the actual market rent, measured by Zillow's ZORI index, stands at $2,317. This indicates that the market rent exceeds the FMR, suggesting a robust demand for rental properties in the area.
A key indicator of market strength is the low 0.1% price-cut share, which means that very few landlords are having to reduce their rents to attract tenants. Additionally, the days on market (DOM) for rental listings is only 13 days, pointing to a quick turnover rate and strong interest from potential renters.
The median home value in ZIP 04092 is $449,274, which may be high relative to the average income levels in the area, contributing to a significant portion of residents choosing to rent rather than buy. With a 38.8% renter share, it's evident that a considerable number of households are under long-term housing pressure, likely due to affordability concerns. This high percentage of renters can sustain a steady demand for rental properties, making it an attractive market for investors looking to capitalize on consistent tenant interest.
The dynamics of this market suggest that demand is currently outpacing supply, especially given the higher market rent compared to the FMR and the quick absorption of new rental listings. Landlords can expect to maintain or even slightly increase their rental rates without facing significant competition that would necessitate lowering prices. However, the presence of a large renter population also implies that there could be sensitivity to economic changes, such as increases in unemployment or decreases in disposable income, which might affect rental demand in the future.
In summary, ZIP 04092 offers a compelling opportunity for those interested in the rental market, with strong indicators of demand and limited need for price adjustments. The high renter share points to ongoing housing pressures that are likely to keep the market active for the foreseeable future, provided the local economy remains stable.
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.