Location: Penobscot County, ME | Metro: Penobscot County, ME (part) HUD Metro FMR Area
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 | $1,040 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,500 |
| 3 Bedrooms | $2,040 |
| 4 Bedrooms | $2,100 |
| 5 Bedrooms | $2,436 |
| 6 Bedrooms | $2,728 |
| 7 Bedrooms | $2,946 |
| 8 Bedrooms | $3,093 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,500 | $214,367 | 0.7% | D |
| 3BR | $2,040 | $273,644 | 0.75% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 04427, which includes Corinth, Maine, is set at $970 per month for fiscal year 2024. This figure represents the payment standard for Section 8 housing vouchers, meaning that if you participate in the program, you will receive up to $970 per month to cover rent. It's important to note that this is not the amount your tenant would pay; it's the maximum reimbursement rate set by the government.
To put this into perspective, the average rent in Corinth, according to the Census American Community Survey, is approximately $883 per month. This indicates that the FMR for Section 8 is slightly higher than the typical market rent, potentially making it a more attractive option for landlords. However, it's crucial to understand that the actual rent you charge could be lower depending on the voucher amount available to your tenant.
The 17.8% renter share in the area suggests a moderate level of demand for rental properties. While not overwhelmingly high, there is a significant portion of the population who rely on renting, which can provide a steady stream of potential tenants. Additionally, the median home value in the area stands at around $260,259, indicating that purchasing a property in this region might be costly. However, participating in the Section 8 program can offset some of these costs through guaranteed monthly payments.
Before you decide to accept a Section 8 tenant, it's essential to verify that your property meets the Housing Quality Standards (HQS). These standards ensure that the unit is safe, decent, and sanitary. Failure to meet these criteria can result in non-payment or termination from the program. Therefore, conducting a thorough inspection and any necessary repairs is a critical step to ensure compliance and avoid future issues.
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.