Location: Hancock County, ME | Metro: Hancock County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,190 |
| 1 Bedroom | $1,200 |
| 2 Bedrooms | $1,520 |
| 3 Bedrooms | $2,100 |
| 4 Bedrooms | $2,250 |
| 5 Bedrooms | $2,610 |
| 6 Bedrooms | $2,923 |
| 7 Bedrooms | $3,157 |
| 8 Bedrooms | $3,315 |
U.S. Census Bureau data (2024)
19.4% of the population in ZIP 04640 rents their homes, indicating a significant demand for rental properties in the area. With a market rent of $1,171 according to the Census ACS, landlords can set competitive rates that align with local standards. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,520, which provides a benchmark for rental pricing and highlights the potential for higher returns through Section 8 participation. Given the median home value of $351,565, it's clear that property values in this region are substantial, making investment in rental properties a valuable strategy for portfolio growth.
$71,699 is the median income in ZIP 04640, which suggests that while residents have a decent earning capacity, there is still a notable segment of the population that may rely on government assistance programs such as Section 8. Although the specific data on days on market (DOM) and the percentage of price-cut share is not available, the overall economic indicators point towards a stable market where rental properties can thrive. The difference between the market rent and the FMR also indicates that there is room for landlords to offer slightly below market rates and still remain profitable, especially when considering the subsidy support from Section 8.
The data shows that landlords in ZIP 04640 can effectively leverage Section 8 to fill vacancies and ensure steady cash flow. By setting rents close to the $1,520 FMR, landlords can attract tenants who benefit from the program while maintaining a rate that reflects the true cost of housing in an area with a median home value of $351,565. Given the 19.4% renter share and the median income of $71,699, the need for affordable housing options is evident, making Section 8 a viable and attractive option for both tenants and landlords alike.
Verdict: ZIP 04640 presents a solid opportunity for landlords to participate in the Section 8 program, with strong economic indicators supporting the viability of subsidized rentals.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.