Location: Washington County, ME | Metro: Aroostook County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
U.S. Census Bureau data (2024)
ZIP code 04424, located within the Washington County, ME metro area, presents an interesting profile compared to typical ZIP codes in the region. The Fair Market Rent (FMR) for ZIP 04424 is set at $970 for fiscal year 2026, which is higher than the current market rent of $621. This suggests that there may be potential for rental income growth in line with the FMR adjustments.
The median home value in ZIP 04424 stands at $171,203, indicating a relatively affordable housing market. When juxtaposed against the FMR and market rent figures, it becomes apparent that this ZIP code offers a cost-effective entry point for homeownership and rental investments alike.
With a 14.6% renter share, ZIP 04424 exhibits a slightly above-average proportion of renters compared to the broader Washington County, ME metro area. This statistic points towards a modest demand for rental properties, which could be indicative of a stable but not overheated rental market.
Based on these figures, ZIP 04424 can be classified as a value pocket within the Washington County, ME metro. The combination of lower-than-FMR market rents and affordable home values suggests that this area offers attractive investment opportunities for landlords and small-portfolio investors seeking to capitalize on potentially undervalued real estate assets. The slightly elevated renter share further supports this classification, implying that while the area is not dominated by renters, there is a notable presence that could benefit from increased rental offerings.
It's worth noting the divergence between the FMR and current market rents. This gap might represent an opportunity for landlords to adjust their rental rates upward, aligning more closely with the FMR without significantly outpacing local affordability levels. However, such adjustments should be made cautiously, considering the overall economic conditions and tenant affordability in the area.
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.