Location: Washington County, ME | Metro: Washington County, ME
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,120 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,490 |
| 3 Bedrooms | $1,980 |
| 4 Bedrooms | $2,280 |
| 5 Bedrooms | $2,645 |
| 6 Bedrooms | $2,962 |
| 7 Bedrooms | $3,199 |
| 8 Bedrooms | $3,359 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,980 | $189,655 | 1.04% | B |
U.S. Census Bureau data (2024)
12.9% of the population in ZIP 04694 are renters, indicating a moderate demand for rental properties in the area. However, the $874 market rent figure from the Census ACS suggests that rental prices are relatively low compared to other regions. This can be a double-edged sword; while it means lower revenue per unit, it also implies that the market is accessible to a broader range of tenants, including those eligible for Section 8 assistance.
The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,580, which is significantly higher than the current market rent. This discrepancy presents an opportunity for landlords to potentially increase rents, but it also highlights the gap between what the market currently supports and the government's assessment of fair rent. Landlords should consider this when setting their own rent prices, ensuring they remain competitive yet viable.
$171,414 is the median home value in ZIP 04694, reflecting a stable housing market. Despite this stability, the median income of $65,417 might limit the purchasing power of residents, pushing more towards rental options. However, the lack of data on days on market (DOM) and the percentage of homes with price cuts suggests a scarcity of recent sales data, making it challenging to assess the current state of the housing market accurately.
In conclusion, the disparity between the $874 market rent and the $1,580 FMR indicates potential for growth in rental income. The moderate renter share of 12.9% and the stable median home value of $171,414 suggest a balanced market. Given these factors, landlords and small-portfolio investors should find the Section 8 program beneficial in securing tenants and stabilizing cash flows. The verdict on Section 8 in ZIP 04694 is positive, as it aligns well with the local economic conditions and rental market dynamics.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.