Location: Penobscot County, ME | Metro: Penobscot County, ME (part) HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,430 |
| 1 Bedroom | $1,570 |
| 2 Bedrooms | $2,050 |
| 3 Bedrooms | $2,790 |
| 4 Bedrooms | $2,870 |
| 5 Bedrooms | $3,329 |
| 6 Bedrooms | $3,728 |
| 7 Bedrooms | $4,026 |
| 8 Bedrooms | $4,227 |
U.S. Census Bureau data (2024)
7.9% of the population in ZIP 04422 (, RI) are renters, indicating a modest demand for rental properties. However, the $988 market rent figure from the Census ACS shows that there is a significant opportunity for landlords to capitalize on this market. The Fair Market Rent (FMR) for the area, set at $980 for zip FY 2024, aligns closely with the market rent, suggesting that the rental rates are reflective of the local economy's capabilities. With a median income of $75,250, tenants in this area have the financial means to support these rental prices, which are slightly below the market rate. This could be an attractive proposition for landlords looking to offer competitive rates while still maintaining profitability.
The median home value of $233,548 provides insight into the overall property values in the region, which can be useful for investors considering purchasing properties to rent out. Despite the lack of specific data regarding days on market (DOM) and the percentage of price-cut shares, the alignment between the FMR and market rent suggests stability in the rental market. Landlords should be cautious about setting rents above the FMR, as it could deter potential tenants who rely on government assistance programs.
In conclusion, for those interested in Section 8 participation, the numbers suggest a viable market in ZIP 04422 (, RI). The FMR is nearly identical to the market rent, making it easier for landlords to attract tenants without compromising on rental income. Given the median income level, it is reasonable to assume that many tenants will be able to afford the difference between the FMR and market rent. Therefore, participating in the Section 8 program in this area is recommended for investors seeking a stable and profitable rental investment.
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.