Location: Hancock County, ME | Metro: Hancock County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,220 |
| 1 Bedroom | $1,230 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $2,160 |
| 4 Bedrooms | $2,320 |
| 5 Bedrooms | $2,691 |
| 6 Bedrooms | $3,014 |
| 7 Bedrooms | $3,255 |
| 8 Bedrooms | $3,418 |
U.S. Census Bureau data (2024)
The median income in ZIP code 04614 stands at $80,377, which places significant constraints on the financial capabilities of households when it comes to housing expenses. The market rate for rent, according to the Census ACS, is $1,038 per month. This figure represents a substantial portion of the average household's income, making it challenging for residents to afford higher rents without financial strain.
Comparatively, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $1,620, which is significantly above the current market rate. This discrepancy highlights a notable affordability gap for renters in ZIP 04614. Given that only 20.3% of the 2,813 population are renters, competition among potential tenants is likely to be intense. Landlords must carefully consider their pricing strategies to attract and retain tenants in this environment.
The takeaway for landlords considering voucher versus cash-pay strategies is clear. While vouchers offer a guaranteed payment up to the FMR of $1,620, landlords should be aware that the majority of renters may struggle to pay beyond the current market rate of $1,038. Setting rents too high could deter cash-paying tenants and leave properties vacant despite the availability of vouchers. Therefore, landlords should balance their rental pricing between maximizing income and ensuring affordability to maintain occupancy rates.
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.