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 median home value in ZIP 04669 is $267,500. This figure is derived from recent data sources that provide a snapshot of the current real estate market conditions in this area.
For the purpose of this analysis, we will consider two different scenarios based on the available data:
In the first scenario, we annualize the 2BR Fair Market Rent (FMR) of $1,500 for FY 2026. This implies an annual rental income of $18,000.
The second scenario involves using the median rent data, which is listed at $500 - $749 per month for 1-bedroom properties. Given the lack of specific data for 2BR units, we can assume a slightly higher rate. For simplicity, let's use an average monthly rent of $700 for a 2BR unit, implying an annual rental income of $8,400.
Based on these scenarios, the implied gross yields are as follows:
Scenario 1 (using the 2BR FMR): The gross yield is calculated as $18,000 / $267,500 = 6.7%.
Scenario 2 (using the median rent data): The gross yield is $8,400 / $267,500 = 3.1%.
The first scenario, where the annualized rental income is $18,000, is more realistic given the 18.3% renter density in ZIP 04669. The lack of specific data on market rents for 2BR units suggests that the FMR, which is designed to reflect market conditions, provides a better estimate for potential rental income.
While the median rent data might be indicative of the rental market for smaller units, it does not accurately represent the rental income for a 2BR unit. Therefore, the gross yield of 6.7% based on the FMR is a more reliable metric for evaluating the investment potential of properties in ZIP 04669 under the Section 8 program.
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.