Location: Washington County, ME | Metro: Washington County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $980 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,730 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 04492 in Rhode Island is set at $1,320 per month for metro FY 2026. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) for the Section 8 program, which means that if you participate in Section 8 as a landlord, HUD will pay up to $1,320 towards the monthly rent for eligible tenants.
Note that this is not the amount you can charge for rent. The actual rent you set should be reasonable compared to other rents in the area. In ZIP 04492, the local market rent data is currently N/A, which means there's limited information available on typical rent levels. However, the lack of detailed local market data can sometimes indicate lower competition, potentially making it easier to attract tenants.
The FMR also does not directly reflect the demand for rentals in your area. The 0.0% renter share suggests that there might be a low proportion of renters relative to homeowners, but this doesn't necessarily mean low demand for Section 8 rentals. Demand for affordable housing can still be high even in areas where most people own homes.
In terms of acquiring a property, the N/A for property costs indicates that there isn't enough data to provide an accurate assessment of typical acquisition costs in ZIP 04492. However, this shouldn't deter you from investing. Instead, it highlights the importance of conducting thorough due diligence on any potential property to ensure it meets the quality standards required by the Section 8 program.
Before you decide to enroll your first rental unit in the Section 8 program, verify that the property complies with the Housing Quality Standards (HQS). This ensures that HUD will approve the unit as suitable for tenants and helps avoid delays in the process.
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.