Location: Kennebec 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 | $980 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,640 |
| 4 Bedrooms | $1,950 |
| 5 Bedrooms | $2,262 |
| 6 Bedrooms | $2,533 |
| 7 Bedrooms | $2,736 |
| 8 Bedrooms | $2,873 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $990 | $260,668 | 0.38% | F |
| 2BR | $1,280 | $314,013 | 0.41% | F |
| 3BR | $1,640 | $372,822 | 0.44% | F |
| 4BR | $1,950 | $460,221 | 0.42% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 04352, which includes Mt Vernon, ME, is set at $1,310 for the metro area fiscal year 2026. This figure represents the payment standard for Section 8 vouchers in the area, meaning it's the maximum amount the government will pay toward a tenant's rent. However, this does not necessarily reflect the actual rent you would charge your tenants.
To put this into perspective, the average rent in Mt Vernon, ME, based on recent Census American Community Survey (ACS) data, is around $893. This suggests that the FMR is significantly higher than the local average, potentially offering a better financial cushion for landlords participating in the Section 8 program.
The renter share in the area is 10.2%, indicating that there is a modest demand for rental properties. Given the relatively low share of renters, landlords should carefully assess the local market to ensure they can attract and retain tenants who qualify for Section 8 vouchers.
When considering the acquisition cost of a property in this area, you might expect to pay approximately $330,320 for an average home. This price point can be compared against the potential income from Section 8 payments to evaluate the investment's profitability.
Before committing to a Section 8 rental property, it's crucial to verify that the property meets all required standards and specifications set by the housing authority. These standards ensure that the property is safe, decent, and affordable for the tenants, and failing to meet them could result in penalties or disqualification from the program.
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.