Section 8 Fair Market Rent (FMR) for ZIP 04637 - 2027

FY 2027 Fair Market Rent Rates

The median household income in ZIP 04637 (Grand Lake Stream, ME) is $49,583.00, and the average household income is $59,961.00. However, the median income for those aged 65 and over is $62,292.00, indicating a higher earning potential among senior residents.

The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,250. Comparatively, the median rental rate for ZIP 04637 is not provided, but let's assume it aligns closely with the FMR. Given the median income, a household could afford the $1,250 voucher payment standard, though it would represent a significant portion of their monthly earnings.

With a median age of 62.7, the demographic skew towards older individuals suggests a smaller proportion of the population might be working full-time. This could affect the overall demand for rental properties and the ability of younger households to afford market rates.

The affordability gap between median income and rental rates means that landlords in ZIP 04637 will likely face competition from those accepting housing vouchers. Vouchers provide a reliable source of income and can help fill units that might otherwise remain vacant due to affordability issues.

Takeaway for Landlords: Accepting housing vouchers can be a strategic decision to ensure steady occupancy and income. While cash-paying tenants might offer slightly higher rents, the risk of vacancy periods could outweigh this benefit. Landlords should consider the balance between voucher and cash-paying tenants to optimize their portfolio performance.

Data Sources: FMR data from HUD (2027).

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.