Location: Hancock County, ME | Metro: Hancock County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,220 |
| 1 Bedroom | $1,230 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $2,150 |
| 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)
In ZIP code 04674, understanding the economics of Section 8 housing is crucial for landlords and small-portfolio investors. The SAFMR (Section 8 Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code is set at $1,590 per month for FY 2026. This figure represents the maximum amount that the housing authority will pay towards a tenant's rent under the Section 8 program.
The local market rent for a two-bedroom apartment, according to Census ACS data, is approximately $1,292 per month. This indicates that the SAFMR is higher than the average market rent, which can be advantageous for landlords who participate in the program. However, it's important to understand how the total rent is split between the tenant and the housing authority.
A Section 8 voucher pays the difference between the tenant's portion of the rent and the total rent, up to the SAFMR limit. Typically, the tenant is responsible for paying 30% of their adjusted income towards the rent. Utility allowances vary but generally cover part of the tenant's monthly utility expenses. For ZIP 04674, if we assume an average market rent of $1,292, and the tenant pays 30%, the landlord would receive the remaining 70% plus any applicable utility allowance.
To illustrate, let's say a tenant has an adjusted income that requires them to pay $387.60 towards the rent (30% of $1,292). In this case, the housing authority would pay the difference, which is $904.40, plus any utility allowance. If the utility allowance is $150, the landlord would receive a total of $1,054.40 per month. This is below the SAFMR but still above the typical market rent, ensuring landlords are compensated adequately.
Given these numbers, there is a $535.60 gap between the SAFMR and the actual reimbursement. This means landlords might need to adjust their expectations or consider other incentives, such as reduced vacancy rates and stable rental income, when deciding to participate in the Section 8 program in ZIP 04674.
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.