Location: Oxford County, ME | Metro: Lewiston-Auburn, ME MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,030 |
| 1 Bedroom | $1,100 |
| 2 Bedrooms | $1,430 |
| 3 Bedrooms | $1,910 |
| 4 Bedrooms | $2,310 |
| 5 Bedrooms | $2,680 |
| 6 Bedrooms | $3,002 |
| 7 Bedrooms | $3,242 |
| 8 Bedrooms | $3,404 |
U.S. Census Bureau data (2024)
With a Fair Market Rent (FMR) of $1110 for ZIP 04220 in fiscal year 2024, landlords can expect a higher reimbursement rate compared to the average market rent of $527 reported by the Census Bureau's American Community Survey. This discrepancy provides a significant opportunity for rental income growth. The median home value stands at $278,655, indicating a relatively stable housing market where property values are unlikely to fluctuate drastically. Only 4.2% of residents are renters, which suggests a lower demand for rentals and potentially more competition among landlords. However, the median income of $79,750 offers assurance that tenants can afford higher rents, aligning well with the Section 8 reimbursement rates.
The lack of data on days on market (DOM) and the percentage of price-cut share indicates a steady market without excessive turnover or price adjustments, which is favorable for long-term investments. Given these factors, the potential for positive cash flow is high, especially when considering the difference between the FMR and the typical market rent. Landlords in ZIP 04220 should focus on maintaining properties to meet Section 8 standards while positioning their units competitively to attract tenants who qualify for assistance.
A final note on the suitability of Section 8 participation: the reimbursement rate of $1110 far exceeds the market rent of $527, making it a viable option for landlords seeking stable income sources. Despite the low renter share, the strong median income supports the financial viability of Section 8 properties. Therefore, landlords in ZIP 04220 should consider participating in the Section 8 program to capitalize on the higher reimbursement rates and secure reliable tenants.
Verdict: Participation in Section 8 is advisable given the favorable reimbursement rates.
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.