Location: Aroostook County, ME | Metro: Penobscot County, ME (part) HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,240 |
| 1 Bedroom | $1,360 |
| 2 Bedrooms | $1,780 |
| 3 Bedrooms | $2,430 |
| 4 Bedrooms | $2,490 |
| 5 Bedrooms | $2,888 |
| 6 Bedrooms | $3,235 |
| 7 Bedrooms | $3,494 |
| 8 Bedrooms | $3,669 |
U.S. Census Bureau data (2024)
ZIP code 04487, located in Aroostook County, ME, presents a unique profile when compared against typical ZIP codes within the same county. The Fair Market Rent (FMR) for 04487 stands at $1180 for fiscal year 2024, which is likely below the average FMR for the broader Aroostook County, given that market rent data is not available for this specific ZIP. This suggests that rental properties in 04487 are relatively affordable.
The median home value in ZIP 04487 is $181,070. This figure is indicative of a lower-than-average property value within the county, assuming typical home values are higher. Such low home values can be advantageous for investors looking to acquire properties at a discount, particularly if they plan to manage them as rental units.
Aroostook County, ME typically has a diverse range of ZIP codes with varying percentages of renters. ZIP 04487's renter share is 3.8%, which is quite low. However, the combination of a below-average home value and a modest renter share does not immediately suggest a sweet spot for Section 8 investments. Typically, a high renter share with below-average home values signals a prime area for such investments, but this ZIP does not exhibit that characteristic.
Given the data, ZIP 04487 appears to be a value pocket within its metro. The low home values make it an attractive option for investors seeking to purchase properties at a reduced cost, while the FMR indicates that rents are also on the lower side. This ZIP is not likely to be considered a mid-tier neighborhood or a premium sub-market due to its lower median home value and rental rates.
In conclusion, for landlords and small-portfolio investors interested in maximizing their returns through property acquisition and management, ZIP 04487 offers a potentially lucrative opportunity as a value pocket. Its low home values and rental rates present a scenario where investors can acquire assets at a discount, though the modest renter share may limit the number of potential 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.