Location: Hancock County, ME | Metro: Hancock County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,150 |
| 1 Bedroom | $1,160 |
| 2 Bedrooms | $1,470 |
| 3 Bedrooms | $2,030 |
| 4 Bedrooms | $2,180 |
| 5 Bedrooms | $2,529 |
| 6 Bedrooms | $2,832 |
| 7 Bedrooms | $3,059 |
| 8 Bedrooms | $3,212 |
U.S. Census Bureau data (2024)
15.8% of residents in ZIP 04476 (, RI) are renters, indicating a moderate demand for rental properties. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,520, which is the benchmark for Section 8 housing vouchers. Comparatively, the market rent based on Census ACS data stands at $1,141, suggesting that landlords participating in the Section 8 program can expect higher rents than the average market rate. However, the median home value of $329,894 indicates that the area is primarily residential with higher-priced homes, which could limit the number of available units willing to accept lower rents under the Section 8 program.
$63,194 is the median income in ZIP 04476, which is below the national average and reflects the economic profile of potential tenants. This figure is crucial for determining eligibility for Section 8 vouchers, as it helps to identify the population most likely to require financial assistance for housing. Given the median income, there is a significant portion of the population who would benefit from the program, thereby increasing the pool of eligible tenants.
The lack of specific data on days on market (DOM) and the percentage of price-cut shares suggests that the local real estate market is relatively stable, without significant fluctuations in property values or sales times. This stability can be beneficial for landlords and small-portfolio investors, as it reduces the risk of sudden changes in the rental market or property values.
In conclusion, ZIP 04476 presents an opportunity for landlords and small-portfolio investors to participate in the Section 8 program, with a fair balance between the demand for affordable housing and the potential for steady rental income. The higher FMR compared to the market rent and the presence of a sizable low-income population make this ZIP code a viable option for those interested in the Section 8 program.
Verdict: Acceptable for Section 8 participation, given the economic profile and stable real estate market.
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.