Location: Washington County, ME | Metro: Washington County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,640 |
| 4 Bedrooms | $1,880 |
| 5 Bedrooms | $2,181 |
| 6 Bedrooms | $2,443 |
| 7 Bedrooms | $2,638 |
| 8 Bedrooms | $2,770 |
U.S. Census Bureau data (2024)
The ZIP code 04490 in Rhode Island presents a unique market scenario for real estate investors, particularly those involved in Section 8 properties. The median home value is currently unavailable, which can indicate either a nascent market or one with insufficient recent sales data to establish a reliable benchmark. This absence, combined with an unspecified percentage of listings being reduced and an undefined median days on market (DOM), suggests that the housing market in this area is experiencing some level of uncertainty and possibly downward pressure on prices.
On the rental side, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,250. This figure is critical for Section 8 landlords, as it influences the amount of rent assistance provided to tenants. However, the current market rent for ZIP 04490 is also not specified, making it difficult to assess the immediate gap between FMR and actual market rates. If the current market rent is below $1,250, landlords might see an increase in their rental income as subsidies adjust to meet the FMR. Conversely, if the market rent exceeds $1,250, landlords could face challenges in attracting tenants who qualify for the Section 8 program.
The data points available suggest a cautious approach for long-term investors. With the median home value unknown and the trend of reduced listings, it's implied that the market is facing challenges that could impact future appreciation. The setup for appreciation is weak, given the lack of positive indicators such as stable or rising median home values and a balanced rental market. Landlords and small-portfolio investors should focus on maintaining a steady cash flow through rental income rather than expecting significant capital gains over the next 12 to 24 months.
In summary, the current state of the real estate market in ZIP 04490, with its uncertain median home values and potentially volatile rental rates, signals a challenging environment for pricing power. Investors should be prepared for a market that may not offer robust appreciation opportunities but can still provide consistent returns through rental income, especially as it aligns with the upcoming FMR adjustments.
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.