Section 8 Fair Market Rent (FMR) for ZIP 04448 - 2027

Location: Penobscot County, ME | Metro: Bangor, ME HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,120
1 Bedroom	$1,210
2 Bedrooms	$1,580
3 Bedrooms	$2,150
4 Bedrooms	$2,210
5 Bedrooms	$2,564
6 Bedrooms	$2,872
7 Bedrooms	$3,102
8 Bedrooms	$3,257

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,540

Median Household Income

$54,750

Housing Units

659

Renter Percentage

19.5%

Occupancy Rate

84.8%

Renter Occupied

109

The ZIP code 04448, located in Maine, not Rhode Island, encompasses a rural community with a mix of residential properties, including single-family homes and rental units. This area is characterized by its modest economic base and a significant portion of renters. The following analysis provides key metrics that are crucial for landlords and small-portfolio investors considering investment in this region.

Fair Market Rent (FMR) for a 1-bedroom apartment in ZIP 04448 for fiscal year 2024 is set at $990. This figure represents the maximum amount a landlord can charge for a rental unit under the Section 8 program, providing a benchmark for rental pricing.
The market rent for a similar 1-bedroom unit is currently $915, according to the Census American Community Survey (ACS). This suggests that while the FMR is slightly higher, landlords should be cautious about setting rents above the market average to ensure occupancy rates remain stable.
The median home value in ZIP 04448 stands at $183,514. This indicates that the housing stock is relatively affordable, which could attract first-time buyers and potentially impact the rental market.
Renters make up 19.5% of the population in this ZIP code. This lower-than-average percentage of renters implies that there might be less demand for rental properties compared to areas with higher renter shares, but it also suggests a steady core of tenants.
The median income for residents is $54,750. This income level is important for understanding the financial capacity of potential tenants and the overall economic health of the area.
The Days on Market (DOM) for rental listings is not available. This could indicate a limited number of transactions or a lack of comprehensive data, making it difficult to assess how quickly rental units are typically leased in this area.

Investors looking to enter the ZIP 04448 market should consider the balance between the Fair Market Rent and the actual market rent when setting their pricing strategies. With a median home value below the national average and a median income that supports moderate rental prices, there is a potential for steady returns. However, the relatively low renter share means that competition for tenants may be fierce, and landlords must maintain competitive pricing and property quality to secure and retain tenants. Overall, while the market presents opportunities, careful consideration of these factors is essential for successful investment.

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.