Location: Oxford County, ME | Metro: Oxford County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,960 |
| 5 Bedrooms | $2,274 |
| 6 Bedrooms | $2,547 |
| 7 Bedrooms | $2,751 |
| 8 Bedrooms | $2,889 |
U.S. Census Bureau data (2024)
The ZIP code 04226 corresponds to East Andover, Maine. This area is characterized by a small, tight-knit community with a population of 101 residents. Notably, there are no renters reported in this neighborhood, indicating a predominantly owner-occupied environment. The median household income stands at $47,955, which provides insight into the economic status of the area's inhabitants.
When it comes to rental economics, the Fair Market Rent (FMR) for the metro area as of fiscal year 2026 is set at $1,150. However, specific data on market rents for ZIP 04226 is not available, likely due to the low number of rental properties in the area. The lack of market rent data suggests that the rental market here is either non-existent or insignificant, making it difficult to compare against the FMR.
Given the characteristics of East Andover, it would be challenging for a hands-off voucher operator to find opportunities. The absence of renters and limited housing stock means there are few properties eligible for Section 8 programs. Conversely, a hands-on value-add buyer might see potential in transforming some of the vacant properties into rental units that could qualify for Section 8 subsidies. However, this strategy would require significant effort and investment to align with the local demand and income levels.
In summary, East Andover, represented by ZIP 04226, is a small, owner-occupied community where the concept of a hands-off Section 8 investment is impractical. Instead, a hands-on approach could be viable if the investor is prepared to develop rental properties that cater to the local income levels and meet the criteria for Section 8 eligibility.
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.