Location: Penobscot County, ME | Metro: Penobscot County, ME (part) HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,330 |
| 1 Bedroom | $1,460 |
| 2 Bedrooms | $1,910 |
| 3 Bedrooms | $2,610 |
| 4 Bedrooms | $2,680 |
| 5 Bedrooms | $3,109 |
| 6 Bedrooms | $3,482 |
| 7 Bedrooms | $3,761 |
| 8 Bedrooms | $3,949 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 04434, which spans parts of Rhode Island and Penobscot County, Maine, under the HUD Metro Fair Market Rent (FMR) area, reveals key insights for landlords and small-portfolio investors.
The rent math does not work effectively in this ZIP code. The Fair Market Rent for FY 2024 is set at $1190, but the absence of market rent data makes it impossible to directly compare these figures. Without a benchmark for market rents, landlords cannot accurately gauge if their rental rates are competitive or sustainable.
Acquisition of properties in ZIP 04434 is relatively affordable, with a median home value of $260,402. However, the lack of data on days on market (DOM) and the percentage of homes that have been subject to price cuts hinders a comprehensive assessment of the local real estate market's liquidity and pricing trends. This uncertainty could affect investment decisions.
Tenant demand is low in this ZIP code. With a total population of 1,252 and only 5.1% of residents being renters, finding tenants willing to pay the FMR of $1190 may prove challenging. The limited number of potential renters suggests a smaller pool of candidates, which could lead to prolonged vacancies.
Verdict: Investing in ZIP 04434 presents challenges due to the lack of clarity around market rents and tenant demand. While property acquisition appears affordable based on the median home value, the absence of robust market data and the low renter share make it difficult to justify investments solely on the basis of the provided statistics. Landlords and investors should proceed with caution and seek additional local market intelligence before committing to property purchases in this 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.