Location: Hancock County, ME | Metro: Hancock County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,450 |
| 1 Bedroom | $1,450 |
| 2 Bedrooms | $1,850 |
| 3 Bedrooms | $2,550 |
| 4 Bedrooms | $2,730 |
| 5 Bedrooms | $3,167 |
| 6 Bedrooms | $3,547 |
| 7 Bedrooms | $3,831 |
| 8 Bedrooms | $4,023 |
U.S. Census Bureau data (2024)
The ZIP code 04685, located in Maine, has a population of 438 individuals. Only 9.0% of the residents are renters, indicating that this area is predominantly homeowner-dominated rather than renter-heavy. The median household income in this ZIP is $86,250, which provides a context for evaluating rental affordability.
The typical market rent in this area is $2,125 per month. To put this into perspective, this represents approximately 27.3% of the median household income when annualized. This percentage suggests that rent is a significant portion of income for those renting, but it is still within reasonable limits given the local economic conditions.
Comparing the market rent to the Fair Market Rent (FMR), which is set at $1,880 for FY 2026 in the metro area, indicates that the market rent in ZIP 04685 exceeds the FMR by about $245 per month. This discrepancy highlights that while the cost of living might be higher in this specific ZIP code, it also implies that tenants receiving vouchers may struggle to find properties within their budget.
In terms of voucher demand, the scarcity of renters in this ZIP code suggests that there is less deep voucher demand compared to areas with a higher percentage of renters. Landlords in this area should expect tenants who either have additional financial resources beyond just the voucher amount or are willing to contribute a larger portion of their income towards rent.
To summarize, ZIP 04685 is not a prime location for landlords seeking a high density of Section 8 tenants due to the low percentage of renters. However, for those interested in attracting tenants with vouchers, they must be prepared to accept a rent that is above the FMR but still competitive within the local market. Tenants here will likely be individuals or families who can supplement the voucher with personal funds to meet the $2,125 market rent requirement.
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.