Location: Penobscot County, ME | Metro: Penobscot County, ME (part) HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,020 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,470 |
| 3 Bedrooms | $2,000 |
| 4 Bedrooms | $2,060 |
| 5 Bedrooms | $2,390 |
| 6 Bedrooms | $2,677 |
| 7 Bedrooms | $2,891 |
| 8 Bedrooms | $3,036 |
U.S. Census Bureau data (2024)
The ZIP code 04453 is located in a rural neighborhood in Maine. This area is characterized by a small population of 785 residents, indicating a tight-knit community where personal relationships can play a significant role in property management. Renters make up 24.9% of the population, suggesting a majority of homeowners, which can influence local real estate dynamics and community stability.
The median household income in this ZIP code is $59,250, providing insight into the financial capacity of its residents. Despite the lack of specific data on median home values, it's clear that this is an area where housing costs are likely to be lower compared to urban centers, making it attractive for those seeking affordable living options.
Moving into the economic realities of renting, the Fair Market Rent (FMR) for ZIP 04453 is set at $1,090 for fiscal year 2024. In contrast, the actual market rent, as reported by the Census Bureau's American Community Survey (ACS), stands at $831. This discrepancy highlights a potential opportunity for landlords who can position their properties closer to the FMR without exceeding it, thus attracting tenants eligible for Section 8 vouchers.
Considering the profile of this ZIP code, it would suit a hands-off voucher operator due to the stable income levels and the presence of a sizeable number of residents who could benefit from the Section 8 program. However, the gap between FMR and market rent also presents an avenue for a hands-on value-add buyer. By improving properties and setting rents closer to the FMR, such an investor could capture a larger share of the rental market while still remaining competitive and accessible to Section 8 tenants.
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.