Location: Hancock County, ME | Metro: Bangor, ME 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 | $1,320 |
| 1 Bedroom | $1,420 |
| 2 Bedrooms | $1,830 |
| 3 Bedrooms | $2,430 |
| 4 Bedrooms | $2,600 |
| 5 Bedrooms | $3,016 |
| 6 Bedrooms | $3,378 |
| 7 Bedrooms | $3,648 |
| 8 Bedrooms | $3,830 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,830 | $245,825 | 0.74% | D |
| 3BR | $2,430 | $316,315 | 0.77% | D |
U.S. Census Bureau data (2024)
Eddington, ME, zip code 04428, is a small, rural community with a total population of 3,334. The area has a relatively low percentage of renters at 17.2%, indicating that homeownership is prevalent among residents. The median household income in the region stands at $72,857, which suggests a stable and moderately affluent environment. Median home values in Eddington are set at $270,935, reflecting a modest but comfortable housing market.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for zip code 04428, as determined by the U.S. Department of Housing and Urban Development for fiscal year 2024, is $1,260. In contrast, the Census Bureau's American Community Survey estimates the market rent to be $1,145. This indicates that the government subsidy through the Section 8 program is slightly above the current market rate, potentially providing an opportunity for landlords to receive higher rents without significantly increasing their property's market appeal.
The question then arises whether this place is suitable for a hands-off voucher operator or requires a more active, value-add approach. Given the modest median home values and the relatively low percentage of renters, a hands-off strategy might suffice. Landlords can leverage the higher FMR to ensure steady cash flow without needing to invest heavily in property improvements. However, for those interested in maximizing returns, a hands-on approach could prove beneficial. By enhancing properties to command closer to the FMR, landlords can attract tenants willing to pay above the average market rate, thus optimizing their investment in Eddington, ME.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.