Location: Piscataquis County, ME | Metro: Penobscot County, ME (part) 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 | $890 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,810 |
| 5 Bedrooms | $2,100 |
| 6 Bedrooms | $2,352 |
| 7 Bedrooms | $2,540 |
| 8 Bedrooms | $2,667 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,620 | $176,008 | 0.92% | C |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 04462, located in Rhode Island, operate under specific financial guidelines that landlords need to understand. For a two-bedroom apartment, the SAFMR (Small Area Fair Market Rent) is set at $910 per month for FY 2024. This figure is crucial because it represents the maximum amount that the Housing Choice Voucher program will pay for rent in this specific ZIP code.
Local market rent, according to the Census ACS, stands at $451 per month for a similar unit. This indicates a significant difference between the market rent and the SAFMR, which can be beneficial for landlords but also requires careful consideration of costs.
A landlord participating in the Section 8 program receives reimbursement based on the SAFMR minus the tenant's portion of the rent. The tenant's portion is generally 30% of their income, but it cannot exceed 30% of the SAFMR. In ZIP 04462, if the tenant's portion is calculated to be $273 (30% of $910), then the landlord would receive the remaining balance from the voucher program. Utility allowances are separate and do not affect the rental payment directly.
To illustrate, if a tenant's portion is $273, the voucher program would pay the landlord $637 ($910 - $273). This means the landlord would receive a total of $910 per month for a two-bedroom apartment. However, the actual market rent is significantly lower at $451, indicating a potential surplus for landlords who participate in the program.
The typical reimbursement gap or surplus for a two-bedroom apartment in ZIP 04462 is $459 per month ($910 - $451). This surplus allows landlords to potentially cover any additional administrative costs associated with the program and still earn above the local market rate. It is important for landlords to review their costs and ensure they are maximizing their benefits while adhering to the program's 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.