Location: Hancock County, ME | Metro: Hancock County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,290 |
| 1 Bedroom | $1,290 |
| 2 Bedrooms | $1,640 |
| 3 Bedrooms | $2,270 |
| 4 Bedrooms | $2,430 |
| 5 Bedrooms | $2,819 |
| 6 Bedrooms | $3,157 |
| 7 Bedrooms | $3,410 |
| 8 Bedrooms | $3,581 |
The ZIP code 04683 is located in Maine, an area known for its blend of rural charm and suburban comfort. However, specific demographic details such as population size and the percentage of renters are currently unavailable, which makes it challenging to provide a precise analysis of the rental market dynamics. The median household income for this ZIP code is also not specified, leaving us without a direct comparison to local rental costs.
Despite these gaps, we can infer some trends based on available data. The Fair Market Rent (FMR) for the ZIP 04683 region, as defined by HUD for FY 2026, is set at $1,590. This figure represents the average rent that a household might pay for a standard unit in the metropolitan area. While exact local market rents are not provided, we can use the FMR as a benchmark to gauge affordability.
In areas with a similar economic profile, typical market rents often hover around the FMR, indicating that landlords in ZIP 04683 should aim to keep their rents close to or slightly below this amount to attract tenants. If the actual market rent exceeds $1,590 significantly, it could pose a challenge for potential tenants relying on Section 8 vouchers, as the subsidy might not cover the full cost of rent.
The lack of detailed income data means we cannot accurately calculate the percentage of income that goes towards rent, but in general, affordable housing guidelines suggest that no more than 30% of a household's income should be spent on rent. For landlords, this implies that the ideal tenant would have an income sufficient to cover the rent without exceeding this threshold, even if they receive a voucher.
A landlord in ZIP 04683 should expect a tenant pool that includes individuals and families who may rely on Section 8 vouchers for assistance. These tenants will likely seek properties that are within or near the $1,590 FMR limit to ensure their vouchers cover the majority of the rent. It's important to note that the success of renting to Section 8 tenants can depend on the landlord's willingness to comply with HUD regulations and maintain property standards.
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.