Location: Washington County, ME | Metro: Washington County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,050 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,490 |
| 3 Bedrooms | $2,070 |
| 4 Bedrooms | $2,310 |
| 5 Bedrooms | $2,680 |
| 6 Bedrooms | $3,002 |
| 7 Bedrooms | $3,242 |
| 8 Bedrooms | $3,404 |
U.S. Census Bureau data (2024)
The ZIP code 04643 in South Portland, Maine, presents a market in motion, characterized by specific dynamics that shape its rental and homeownership landscape. The Fair Market Rent (FMR) for the area is set at $1,650 for fiscal year 2026, indicating a benchmark for rental costs established by HUD. This figure, however, stands alone without a direct comparison to current market rents, which suggests either a lack of recent data or a close alignment between the FMR and actual rental rates.
The median home value of $209,396 reflects a snapshot of the homeownership market, but without historical context, it's challenging to discern whether this represents an increasing or decreasing trend. What is clear is the significant percentage of renters in the area, with 16.9% of residents classified as renters. This statistic highlights a notable segment of the population that relies on the rental market, suggesting sustained long-term housing pressure as these individuals seek affordable and suitable living conditions.
The absence of data regarding the share of listings requiring a price cut and the days on market (DOM) complicates a straightforward assessment of whether supply outpaces demand or vice versa. However, given the relatively high FMR compared to the median home value, there might be an indication that rental properties are commanding a premium, possibly due to limited inventory or strong demand from those unable to enter the homeownership market at the current median value.
In essence, ZIP 04643 appears to be a market influenced by the balance between rental and ownership options, with a substantial portion of the population choosing or needing to rent. The high FMR relative to the median home value suggests that rental properties may be more expensive than homes for sale, potentially due to the attractiveness of the location or the difficulty in finding affordable housing. Landlords and small-portfolio investors should consider these dynamics when evaluating the potential returns and risks associated with the area.
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.