Section 8 Fair Market Rent (FMR) for ZIP 04343 - 2027

FY 2027 Fair Market Rent Rates

To understand how Section 8 economics work in ZIP 04343, which is located in Kennebec County, Maine, it's important to know the key figures involved. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code for fiscal year 2026 is set at $1,420. This figure represents the maximum amount that a Section 8 housing voucher can reimburse a landlord for rent.

The SAFMR is specifically tailored for this ZIP code, meaning it is set based on local rental market conditions rather than a broader regional average. However, the local market rent data for ZIP 04343 is currently unavailable, which makes direct comparisons challenging. Nonetheless, the SAFMR provides a solid benchmark for what the government considers a fair rent for a two-bedroom unit in this area.

A Section 8 voucher is designed to cover most of the rent but not all. The tenant is responsible for paying a portion of the rent, typically around 30% of their income, and there are also utility allowances that must be considered. For instance, if the total rent is $1,420, and the tenant's portion is $426 (assuming a 30% contribution), then the voucher would cover the remaining $994. Utility allowances are additional payments made by the government to help cover electricity, water, and other utilities. These allowances vary but are generally a fixed amount per bedroom type, adding further to the total reimbursement.

In ZIP 04343, the reimbursement gap or surplus depends on the actual market rent versus the SAFMR. If the local market rent is higher than $1,420, landlords will face a gap between the voucher payment and the market rent. Conversely, if the local market rent is lower, landlords might see a surplus. Given the lack of specific local market rent data, we cannot calculate the exact gap or surplus. However, landlords should be aware that they may need to adjust their expectations based on the SAFMR and the actual market conditions.

For landlords in ZIP 04343, the SAFMR of $1,420 for a two-bedroom apartment is a critical number to consider when setting rents for properties participating in the Section 8 program. It ensures a stable income stream but requires careful management to avoid financial shortfalls or surpluses.

Data Sources: FMR data from HUD (2027).

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.