Location: Penobscot County, ME | Metro: Penobscot County, ME (part) HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,030 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,460 |
| 3 Bedrooms | $1,980 |
| 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 04475 in Rhode Island presents a market in motion, characterized by a clear snapshot of its current state. The Fair Market Rent (FMR) for ZIP 04475 is set at $1010 for fiscal year 2024, while the actual market rent, according to the Census ACS, is lower at $703. This discrepancy suggests that the rental market is currently below the government's benchmark, indicating potential for growth as rents move closer to the FMR.
The renter share of 14.4% is noteworthy. In a broader context, higher renter shares often correlate with greater long-term housing pressure, as a larger proportion of the population relies on rental properties rather than owning homes. This dynamic can drive up demand for rentals over time, especially if homeownership remains out of reach for many residents due to economic factors such as affordability or job stability.
While specific data points such as the percentage of price cuts, days on market (DOM), and median home value are not available, the gap between the FMR and market rent implies a market where demand could be catching up with supply. As rents naturally trend towards the FMR, landlords and small-portfolio investors should anticipate a gradual increase in rental rates, reflecting the underlying dynamics of the housing market in ZIP 04475.
In conclusion, ZIP 04475 offers a market where rental demand is likely to grow, driven by the current disparity between the FMR and market rent. The relatively low renter share suggests a mixed housing landscape but also points to a potential for increased rental activity as the area develops and changes. Landlords and investors should closely monitor these trends to make informed decisions about their property investments.
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.