Location: Hancock County, ME | Metro: Hancock County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,160 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,480 |
| 3 Bedrooms | $2,040 |
| 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 rental market in ZIP code 04635 presents unique challenges and opportunities for both renters and landlords. Given the median income of $42,250, it is critical to examine whether households can afford the prevailing market rates. Unfortunately, the market rate for rentals in this area is listed as N/A, indicating either insufficient data or an exceptionally limited rental market.
Comparatively, the Fair Market Rent (FMR) set at $1,500 per month for metro FY 2026 provides a benchmark for understanding the financial landscape. This figure represents the amount that the government deems sufficient to cover housing costs without exceeding 30% of a household's income. At $1,500, the FMR is a significant portion of the median income, suggesting that many residents may struggle to find affordable housing options.
The demographic data reveals a very small rental market with only 30 people and 0.0% identified as renters. This indicates that homeownership is nearly universal in this ZIP code, which could mean fierce competition among the few landlords who operate here. The lack of renters and limited population size imply a narrow pool of potential tenants, making it essential for landlords to consider all viable strategies to attract and retain tenants.
For landlords considering their strategy, the choice between accepting vouchers or relying on cash-paying tenants becomes pivotal. Given the high FMR relative to the median income, vouchers might be a more stable option. Vouchers ensure a consistent source of income directly linked to the government's assessment of what is affordable in the area, reducing the risk of non-payment or late rent. However, the decision should also factor in the administrative complexity and potential delays associated with voucher programs.
The takeaway for landlords is clear: the rental market in ZIP 04635 is highly constrained, with a strong need for affordable housing. Accepting vouchers could provide a reliable stream of income and help fill units in a challenging market environment. Landlords should weigh the benefits of stability against the administrative overhead when deciding their approach.
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.