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 | $1,460 |
| 1 Bedroom | $1,520 |
| 2 Bedrooms | $1,910 |
| 3 Bedrooms | $2,510 |
| 4 Bedrooms | $2,780 |
| 5 Bedrooms | $3,225 |
| 6 Bedrooms | $3,612 |
| 7 Bedrooms | $3,901 |
| 8 Bedrooms | $4,096 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,510 | $382,155 | 0.66% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 04429 in Rhode Island for fiscal year 2024 is set at $1270. This figure represents the payment standard for Section 8 housing vouchers, meaning it is the maximum amount that the Housing Choice Voucher program will pay towards your rental property. It does not reflect the total rent you can charge; rather, it is the subsidy limit.
To put this into perspective, the average market rent for the area, according to the Census Bureau's American Community Survey, is $1,348. This indicates that while the FMR is slightly below the market rate, it still provides a reasonable income stream. Landlords should note that the voucher holder is responsible for paying the difference between the FMR and the market rent, if any.
The rental demand in ZIP 04429 is relatively stable, with 4.8% of residents identified as renters. This suggests a modest but steady pool of potential tenants who could benefit from Section 8 vouchers. The median home value in the area is approximately $337,739, which reflects the typical price range for acquiring a property in this ZIP code.
If you're considering taking on your first Section 8 rental property, ensure that your property meets all the required standards for habitability and safety. This is crucial because the Housing Authority will inspect your property to confirm it adheres to these guidelines before approving the tenant's voucher use.
In summary, the FMR of $1270 sets the subsidy limit for Section 8 vouchers in ZIP 04429. With an average market rent of $1,348, there is a slight gap that tenants must cover. Given the 4.8% renter share and median home values around $337,739, the opportunity presents a balanced risk and reward scenario. Before proceeding, verify that your property complies with all necessary habitability and safety requirements.
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.