Location: Aroostook County, ME | Metro: Aroostook County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 04747 are defined by the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment, which is set at $1,350 per month for fiscal year 2026. This SAFMR is specifically tailored for this ZIP code, reflecting local housing conditions more accurately than broader metro or county-level rates.
In contrast, the local market rent for a two-bedroom unit in ZIP 04747 averages $713 according to Census ACS data. This discrepancy highlights the potential financial dynamics landlords face when participating in the Section 8 program.
A Section 8 voucher payment consists of two primary components: the subsidy paid by the government and the portion paid by the tenant. For a two-bedroom unit in ZIP 04747, the government will cover the difference between the SAFMR and the tenant's contribution, which is typically 30% of their adjusted income.
To illustrate, if a tenant's monthly adjusted income is $1,000, they would contribute $300 towards the rent ($1,000 x 30%). The government would then pay the remainder up to the SAFMR limit of $1,350. Thus, the total reimbursement to the landlord would be $1,350, with the tenant paying $300 and the government covering the rest.
Additionally, there are utility allowances to consider. These vary but are generally around $300-$400 per month for a two-bedroom unit. However, these allowances do not increase the overall rent but are intended to help cover the tenant's utility costs.
Given the SAFMR of $1,350 and the average market rent of $713, landlords can expect a significant surplus when renting to tenants with Section 8 vouchers. The surplus is calculated by subtracting the local market rent from the SAFMR, resulting in an excess of $637 per month for a two-bedroom unit in ZIP 04747.
This surplus means that landlords receive a higher rental income than the market average, making participation in the Section 8 program financially advantageous in this ZIP code.
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.