Location: Aroostook County, ME | Metro: Aroostook County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $990 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,750 |
| 4 Bedrooms | $1,820 |
| 5 Bedrooms | $2,111 |
| 6 Bedrooms | $2,364 |
| 7 Bedrooms | $2,553 |
| 8 Bedrooms | $2,681 |
U.S. Census Bureau data (2024)
The ZIP code 04745 in Tennessee has a population of 971 residents, with 15.2% being renters. This indicates that it is not heavily dominated by renters, but rather leans towards a homeowner-dominated area. The median household income is $55,461, which provides a baseline for understanding the economic context of potential tenants.
In this ZIP code, the typical market rent stands at $545. To contextualize this figure, we can calculate that the average rent consumes approximately 9.8% of the median household income. This percentage is derived from dividing the market rent by the median income and multiplying by 100. The Federal Market Rent (FMR) for the area is set at $1,420 for fiscal year 2026, which is significantly higher than the market rent. This suggests that the actual rental market is considerably below the federally established benchmark, indicating a lower-cost rental environment.
The disparity between the FMR and the market rent implies that there could be a substantial number of Section 8 vouchers available in the area, as the government aims to support affordable housing. However, the relatively low percentage of renters in the ZIP code might mean that these vouchers are not as widely utilized as they would be in areas with a higher concentration of renters.
A landlord in ZIP 04745 should anticipate tenants who are likely to rely on Section 8 vouchers due to the affordability gap between the market rent and the median income. These tenants will be looking for housing options that are within their budget, which is around $545 per month for rent. Given the lower market rent compared to the FMR, landlords may find themselves in a position to attract tenants who have access to vouchers, thereby securing stable rental income.
To summarize, while ZIP 04745 is primarily a homeowner-dominated area, there exists a niche market for affordable rentals. Landlords can expect a tenant pool that includes individuals who require Section 8 assistance to meet their housing needs. The typical tenant will be someone whose household income is close to the median, and who finds the market rent affordable, despite it being a significant portion of their monthly income.
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.