Location: Oxford County, ME | Metro: Lewiston-Auburn, ME MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,030 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,460 |
| 3 Bedrooms | $2,000 |
| 4 Bedrooms | $2,410 |
| 5 Bedrooms | $2,796 |
| 6 Bedrooms | $3,132 |
| 7 Bedrooms | $3,383 |
| 8 Bedrooms | $3,552 |
U.S. Census Bureau data (2024)
1110 is the Fair Market Rent (FMR) for ZIP 04238 in fiscal year 2024, setting the benchmark for rental properties eligible under the Section 8 program. This figure represents the maximum amount that landlords can charge for their units to participate in the housing assistance program. 92,550 is the median income in the area, which is a critical metric for understanding the economic landscape and the potential demand for subsidized housing. With only 2.9% of the population being renters, the market in ZIP 04238 is predominantly owned, indicating a smaller pool of potential Section 8 tenants compared to areas with higher renter shares. Despite the low renter share, the Section 8 program remains a viable option for landlords who wish to ensure steady occupancy and income. The absence of specific market rent and median home value data suggests that the local real estate market might be less volatile or tracked compared to larger metropolitan areas, which could be advantageous for long-term investment stability. The lack of days on market (DOM) and price-cut share data implies that property transactions are swift and sellers are likely achieving their asking prices without significant adjustments. For landlords and small-portfolio investors, the Section 8 program offers a reliable source of income, albeit at a fixed rate of 1110 per unit. Given the economic indicators and the low competition in the rental market, participating in Section 8 could provide a stable cash flow with minimal risk. Verdict: Section 8 participation is advisable for landlords seeking consistent, guaranteed rental income in ZIP 04238.
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.