Location: Kennebec County, ME | Metro: Kennebec County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $980 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $2,080 |
| 5 Bedrooms | $2,413 |
| 6 Bedrooms | $2,703 |
| 7 Bedrooms | $2,919 |
| 8 Bedrooms | $3,065 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 04360 are straightforward. For a two-bedroom apartment, the SAFMR (Small Area Fair Market Rent) is set at $1,390 per month for fiscal year 2026. This figure represents the maximum amount that the housing authority will pay towards the rent subsidy. However, the local market rent for this area is currently unavailable, which means we can't directly compare it to the SAFMR to determine if there's a surplus or a gap.
A Section 8 voucher works by covering the difference between the SAFMR and the tenant's portion of the rent. The tenant is required to pay 30% of their adjusted income towards the rent. In addition to the base rent, utility allowances also factor into the total payment. These allowances vary but typically cover costs such as electricity, gas, water, and sewer. For ZIP 04360, the utility allowance would be added to the $1,390 base, depending on the specific circumstances of the tenant and the housing unit.
To illustrate, let's assume a tenant's adjusted income is $2,000 per month. They would be expected to contribute $600 (30% of $2,000) towards the rent. If the total rent is $1,390, then the Section 8 program would cover the remaining $790. Utility allowances could further reduce the tenant's out-of-pocket expenses, but they do not increase the total reimbursement above the SAFMR cap of $1,390.
The SAFMR of $1,390 is specifically tailored for this ZIP code, reflecting the unique rental market conditions here. It's important to note that while this rate provides a consistent benchmark for subsidy payments, it does not account for individual property values or market fluctuations beyond the scope of the SAFMR calculation.
In conclusion, landlords in ZIP 04360 should expect a voucher reimbursement of up to $1,390 for a two-bedroom apartment. The actual reimbursement will depend on the tenant's income and the utility allowances applicable to their situation. Without specific local market rent data, it's not possible to definitively state whether landlords will experience a surplus or a gap relative to the SAFMR. However, understanding these mechanics is crucial for managing expectations and financial planning.
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.