Location: Penobscot County, ME | Metro: Penobscot County, ME (part) HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,740 |
| 4 Bedrooms | $1,810 |
| 5 Bedrooms | $2,100 |
| 6 Bedrooms | $2,352 |
| 7 Bedrooms | $2,540 |
| 8 Bedrooms | $2,667 |
U.S. Census Bureau data (2024)
The ZIP code 04493 in Cumberland County, RI, stands out due to its unique demographic and economic characteristics. With a total population of 1,840 residents, only 5.8% of whom rent their homes, it is clear that this area has a predominantly owner-occupied housing market. The median income for residents is $61,563, which is relatively modest compared to other areas in Rhode Island. However, the median home value of $225,035 suggests a stable property market, indicating that homeownership remains a significant aspect of the local economy.
Moving to the specifics of Section 8 housing assistance, the Fair Market Rent (FMR) for ZIP 04493 for fiscal year 2024 is set at $980. This figure is crucial for landlords and small-portfolio investors as it defines the maximum rental amount eligible under the voucher program. Despite the availability of this data point, the market rent for the area is currently not available, which means that the FMR serves as the primary reference for rental pricing in subsidized housing.
Given the low percentage of renters and the modest median income, landlords should be aware that the demand for Section 8 vouchers might be limited. However, the stability indicated by the median home value suggests that the housing market is unlikely to experience significant fluctuations, providing a reliable backdrop for long-term investments.
In summary, ZIP 04493 presents a stable environment for real estate investment, particularly for those considering the Section 8 program. The FMR of $980 provides a clear benchmark for rental rates, while the limited rental market implies that competition for tenants may be less intense compared to more urbanized areas. For investors, this ZIP code offers an opportunity to serve a niche market with a focus on affordability and long-term stability.
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.