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 | $2,050 |
| 4 Bedrooms | $2,200 |
| 5 Bedrooms | $2,552 |
| 6 Bedrooms | $2,858 |
| 7 Bedrooms | $3,087 |
| 8 Bedrooms | $3,241 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 04684, as determined by HUD for metro FY 2026, is set at $1,490. This figure represents the payment standard for Section 8 housing vouchers, meaning that if you participate in the program, you will receive up to this amount per month from the government to cover rent. It's important to note that this is not the actual rent you can charge your tenants; it's the maximum reimbursement rate for voucher holders.
In comparison, the average rent in ZIP 04684, according to the Census American Community Survey (ACS), is currently $969. This suggests that the FMR is higher than the typical market rent, which could be advantageous for landlords participating in the Section 8 program. The difference between the FMR and the average rent indicates a potential buffer for landlords, allowing them to possibly charge slightly above the average rent without exceeding the voucher limit.
Renters make up 11.4% of the population in this area, showing a steady demand for rental properties. Given the number of renters, there is likely a consistent pool of potential Section 8 tenants looking for housing options within the voucher limits.
If you're considering purchasing a property to use as a Section 8 rental, the median home value in ZIP 04684 is around $420,830. This gives you an idea of the acquisition cost for a typical home in this area. Keep in mind that the actual price can vary based on the condition and location of the property.
Before proceeding with your investment, verify that the property meets all the necessary requirements for Section 8 eligibility. This includes passing a habitability inspection to ensure it complies with health and safety standards. Once confirmed, the FMR of $1,490 provides a clear guideline for the monthly reimbursement you can expect from the government for eligible tenants.
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.