Location: Waldo County, ME | Metro: Waldo County, ME
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,230 |
| 1 Bedroom | $1,290 |
| 2 Bedrooms | $1,610 |
| 3 Bedrooms | $2,130 |
| 4 Bedrooms | $2,330 |
| 5 Bedrooms | $2,703 |
| 6 Bedrooms | $3,027 |
| 7 Bedrooms | $3,269 |
| 8 Bedrooms | $3,432 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,130 | $345,381 | 0.62% | D |
U.S. Census Bureau data (2024)
The ZIP code 04496 in Rhode Island has a population of 3,850, with only 9.0% of residents being renters. This indicates that the area is predominantly homeowner-dominated rather than renter-heavy. Given the median household income of $98,333, it's important to note that there is no specific data provided on the market rent for this ZIP code.
However, we can infer that the typical rent in the area would likely be lower than the Fair Market Rent (FMR) which stands at $1,290 for FY 2026 in the metro area. The FMR is an estimate used to determine payment standards for the Section 8 Housing Choice Voucher program and other federal housing programs. Since the FMR is higher, it suggests that the actual market rent could be less, making it potentially more affordable for tenants in the ZIP code.
In terms of the affordability of rent relative to income, if we assume the FMR as a benchmark, then typical rent would consume approximately 13.1% of the median household income ($1,290 / $98,333 * 100). This is a relatively low percentage, indicating that rent is a modest portion of income for most households in this area. However, this calculation assumes the FMR reflects the actual market rent, which might not be the case given the homeowner-dominated nature of the ZIP code.
The lack of deep voucher demand in ZIP 04496 means that landlords here should expect a tenant profile that primarily consists of individuals who do not rely on Section 8 vouchers. Tenants are likely to be employed and have stable incomes, capable of paying rent without government assistance. While some tenants might still use vouchers, the scarcity of voucher holders suggests that the majority will pay rent directly from their earnings.
To attract tenants in this ZIP code, landlords should focus on properties that offer good value and appeal to those who can afford to pay market rates. Properties should be well-maintained and possibly include amenities that cater to the lifestyle of employed individuals and families. Given the limited number of renters, competition among landlords for tenants is expected to be lower compared to areas with a higher percentage of renters.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.