Section 8 Fair Market Rent (FMR) for ZIP 04777 - 2027

Location: Penobscot County, ME | Metro: Penobscot County, ME (part) HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,240
1 Bedroom	$1,360
2 Bedrooms	$1,780
3 Bedrooms	$2,430
4 Bedrooms	$2,490
5 Bedrooms	$2,888
6 Bedrooms	$3,235
7 Bedrooms	$3,494
8 Bedrooms	$3,669

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

478

Median Household Income

$53,472

Housing Units

238

Renter Percentage

11.2%

Occupancy Rate

82.8%

Renter Occupied

ZIP code 04777, located partially within Penobscot County, ME, falls under the HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1180. This figure is higher than the market rent of $880, indicating that rental properties in this area could potentially be overvalued based on the HUD's assessment. The absence of home value data suggests limited availability or significant variation in property prices, which might complicate investment decisions.

The 11.2% renter share in ZIP 04777 is notable but requires comparison with the broader Penobscot County, ME (part) HUD Metro FMR Area to draw conclusions. If the county average renter share is significantly lower, then ZIP 04777 could be considered a sweet spot for Section 8 housing due to the higher concentration of renters relative to homeowners. However, the below-metro market rent figure of $880 might indicate that this ZIP code is less desirable or has fewer amenities compared to other areas within the same metro region, making it a value pocket rather than a premium sub-market.

To determine if ZIP 04777 represents a value pocket, a mid-tier neighborhood, or a premium sub-market, landlords and small-portfolio investors should consider the following:

Fair Market Rent ($1180): Higher than the actual market rent, which could mean opportunities for Section 8 vouchers but also indicates potential overvaluation.
Market Rent ($880): Lower than the FMR, suggesting that this ZIP code may offer good deals for tenants and could be an attractive area for low-income housing programs.
Renter Share (11.2%): A higher percentage of renters compared to homeowners can attract Section 8 tenants, particularly if the renter share in the surrounding areas is lower.

Investors should also look into the reasons behind the lack of home value data. This could point towards unique characteristics of the ZIP code that either limit or diversify investment opportunities. For instance, it might have a high proportion of rental units or seasonal homes, both of which could influence its appeal as a Section 8 investment.

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.