Location: Lewiston-Auburn, ME | Metro: Lewiston-Auburn, ME MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,060 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,480 |
| 3 Bedrooms | $1,910 |
| 4 Bedrooms | $2,230 |
| 5 Bedrooms | $2,587 |
| 6 Bedrooms | $2,897 |
| 7 Bedrooms | $3,129 |
| 8 Bedrooms | $3,285 |
U.S. Census Bureau data (2024)
Will Fair Market Rent ($1150) cover the mortgage on a $286,660 home?
To determine if the Fair Market Rent (FMR) of $1150 can cover the mortgage on a $286,660 home, we need to consider current mortgage rates. As of recent data, the average 30-year fixed mortgage rate is around 6%. Using this rate, the monthly mortgage payment for a $286,660 home would be approximately $1,740, assuming a 20% down payment. This means that the FMR of $1150 would not fully cover the mortgage payment. Landlords would need to ensure they can either cover the difference from other income sources or find ways to increase rental rates.Is there enough renter demand at 4.3%?
The rental demand in ZIP 04253 is relatively low, with only 4.3% of the population renting. This suggests that the rental market might be less competitive compared to areas with higher percentages of renters. However, it also indicates that landlords should focus on maintaining high-quality properties to attract the limited number of potential tenants. Additionally, understanding the local economy and job market can provide insights into future rental demand trends.Will vouchers keep pace with market rents?
Unfortunately, the data does not provide specific information on voucher amounts in ZIP 04253. Given the current FMR and the general trend of government assistance programs, it is likely that voucher amounts will lag behind market rents. Landlords should prepare for the possibility of accepting vouchers that do not fully cover the cost of rent. It is advisable to monitor local housing authority announcements and trends to better anticipate changes in voucher availability and amounts.In summary, while ZIP 04253 presents some challenges in terms of covering mortgage payments with FMR and the relatively low renter demand, careful property management and awareness of local economic conditions can mitigate these risks.
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.