Location: Knox County, ME | Metro: Knox County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,110 |
| 1 Bedroom | $1,220 |
| 2 Bedrooms | $1,440 |
| 3 Bedrooms | $1,840 |
| 4 Bedrooms | $2,190 |
| 5 Bedrooms | $2,540 |
| 6 Bedrooms | $2,845 |
| 7 Bedrooms | $3,073 |
| 8 Bedrooms | $3,227 |
U.S. Census Bureau data (2024)
The median income in ZIP code 04574 stands at $59,861, which places significant constraints on the financial capacity of households to cover the market rate rent of $1,036 per month. This figure represents a substantial portion of their monthly income, making it challenging for residents to find affordable housing options without assistance.
In comparison, the Fair Market Rent (FMR) set by the government for the fiscal year 2026 is $1,600. This amount is notably higher than the market rate and is intended to reflect the cost of housing units of moderate size and quality available to low- and moderate-income families. The discrepancy between the market rate and the FMR highlights the affordability gap faced by many tenants in this area.
With only 7.5% of the population being renters and a total population of 1,624, the rental market in ZIP 04574 is relatively small. This limited pool of potential tenants increases competition among landlords, especially when considering the financial strain on households trying to meet even the lower market rate of $1,036 per month.
The takeaway for landlords is clear: accepting Section 8 vouchers can be a strategic advantage in a competitive and financially constrained market. While the voucher payment standard of $1,600 is higher than the current market rate, the influx of tenants who might otherwise struggle to find housing could stabilize occupancy rates and provide a steady income stream. Landlords should weigh the benefits of voucher payments against the challenges of working with the program, including potential bureaucratic hurdles and the need to maintain properties to a certain standard.
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.