Location: Lincoln County, ME | Metro: Kennebec County, ME
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 | $1,100 |
| 1 Bedroom | $1,160 |
| 2 Bedrooms | $1,350 |
| 3 Bedrooms | $1,750 |
| 4 Bedrooms | $2,130 |
| 5 Bedrooms | $2,471 |
| 6 Bedrooms | $2,768 |
| 7 Bedrooms | $2,989 |
| 8 Bedrooms | $3,138 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,160 | $204,095 | 0.57% | F |
| 2BR | $1,350 | $251,881 | 0.54% | F |
| 3BR | $1,750 | $304,582 | 0.57% | F |
| 4BR | $2,130 | $336,835 | 0.63% | D |
| 5BR | $2,471 | $373,641 | 0.66% | D |
U.S. Census Bureau data (2024)
ZIP code 04330 is situated in Augusta, Maine, and encompasses a diverse neighborhood with a total population of 26,690. Renters make up a significant portion of the area, with 37.8% of residents leasing their homes. The median household income here is $54,775, reflecting a middle-class community. Median home values stand at $285,963, indicating that homeownership is a realistic goal for many residents but also suggesting that rental properties can serve a substantial market.
Moving into the economic analysis of renting in ZIP 04330, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $1,380. This is notably lower than the actual market rent, which is measured at $1,561 according to ZORI (Zillow Observed Rental Index). This discrepancy means that landlords participating in the Section 8 program may see a slight shortfall compared to market rates, but the gap is not excessively wide.
Given these figures, ZIP 04330 would suit both hands-off voucher operators and hands-on value-add buyers. For those preferring a hands-off approach, the participation in the Section 8 program offers a steady, government-backed income stream, albeit at a slightly discounted rate compared to the market. Meanwhile, value-add buyers could leverage the opportunity to renovate and improve properties, potentially increasing their rental value above the FMR and capturing more of the market rent premium. Both strategies have merit depending on the landlord's investment goals and risk tolerance.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.