Location: Washington County, ME | Metro: Washington County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,640 |
| 4 Bedrooms | $1,880 |
| 5 Bedrooms | $2,181 |
| 6 Bedrooms | $2,443 |
| 7 Bedrooms | $2,638 |
| 8 Bedrooms | $2,770 |
U.S. Census Bureau data (2024)
The rental landscape in ZIP code 04413, Rhode Island, is uniquely shaped by its demographics and economic conditions. With a median income of $55,000, households here face significant challenges in affording the market rate rents, which are currently unavailable due to limited data. However, comparing the median income to the Fair Market Rent (FMR) standard set at $1,250 for the metro area in fiscal year 2026, it becomes evident that the affordability gap is substantial.
The FMR of $1,250 represents a critical benchmark for housing costs. For a household earning the median income of $55,000 annually, or approximately $4,583 monthly, the FMR accounts for nearly 27.3% of their gross monthly income. This percentage is notably high, suggesting that a significant portion of the household budget would be dedicated to rent if they were to rely on Section 8 vouchers. The lack of data on market rate rents indicates a scarcity of rental properties, which aligns with the reported 0.0% of renters in the area. The total population of 162 suggests that most residents might own their homes, further limiting the pool of potential tenants.
The absence of renters implies fierce competition among landlords for the few available tenants. In such an environment, landlords must consider the benefits and drawbacks of accepting Section 8 vouchers versus seeking cash-paying tenants. Accepting vouchers ensures a steady, government-backed rent payment at the FMR rate of $1,250. However, the limited number of voucher holders means landlords could miss out on other potential tenants willing to pay higher market rates, should those become available.
Takeaway: Landlords in ZIP 04413 should weigh the security of guaranteed voucher payments against the possibility of securing higher-paying, cash-paying tenants. Given the high percentage of income required to meet the FMR, cash-paying tenants may be more desirable, but the strategy should adapt to the local demand for subsidized housing. Landlords must stay informed about changes in the rental market and the availability of vouchers to make the best financial decision.
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.