Location: Bangor, 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 | $1,360 |
| 1 Bedroom | $1,430 |
| 2 Bedrooms | $1,790 |
| 3 Bedrooms | $2,290 |
| 4 Bedrooms | $2,590 |
| 5 Bedrooms | $3,004 |
| 6 Bedrooms | $3,364 |
| 7 Bedrooms | $3,633 |
| 8 Bedrooms | $3,815 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,290 | $347,736 | 0.66% | D |
U.S. Census Bureau data (2024)
The ZIP code 04474 in Rhode Island presents a market characterized by distinct dynamics between rental and ownership sectors. The Fair Market Rent (FMR) for ZIP 04474 is set at $1340 for fiscal year 2024, indicating a benchmark for rental costs established by HUD. In contrast, the actual market rent, as reported by the Census American Community Survey (ACS), stands at $1,167. This suggests that the rental market is currently below the FMR, which could imply either a temporary dip due to recent changes in the local economy or a sustained trend where rental values have not reached the government's estimated fair market level.
The median home value of $330,099 provides insight into the overall cost of homeownership in the area. Given the lack of specific data on price-cut share and days on market (DOM), we can infer that the homeownership market is stable but lacks recent volatility data to suggest whether homes are selling quickly or if there's a significant need for price adjustments. However, the absence of such data does not necessarily indicate a stagnant market; it simply means we cannot definitively say whether supply outpaces demand or vice versa without additional context.
A key metric in understanding the housing pressure in ZIP 04474 is the renter share, which is reported at 11.5%. This relatively low percentage of renters compared to owners indicates that the majority of residents prefer or are able to purchase their homes. Despite this, the presence of a significant rental market, even at a lower percentage, suggests ongoing demand for rental properties. This demand is likely driven by factors such as affordability, lifestyle choices, or short-term residency needs, contributing to a steady but not overwhelming pressure on rental prices.
In summary, ZIP 04474 operates under a dual housing system where both rental and ownership markets coexist. The rental sector appears to be slightly undervalued relative to the FMR, while the homeownership market maintains a moderate value. The low renter share points towards a preference for homeownership, yet it also underscores the necessity for rental units, especially for those who might find homeownership unattainable or undesirable. Landlords and small-portfolio investors should consider these factors when evaluating investment opportunities in this ZIP code.
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.