Location: Aroostook County, ME | Metro: Aroostook County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
U.S. Census Bureau data (2024)
The ZIP code 04785, located in Van Buren, Maine, presents an interesting scenario for both renters and landlords. The median income for households here stands at $41,528, while the market rate for rent is $734 according to the Census ACS data. This means that a typical household spends approximately 21.5% of their income on rent, which is higher than the recommended guideline of 30% of gross income.
Comparatively, the Fair Market Rent (FMR) set by HUD for ZIP 04785 is $980 for fiscal year 2026. This represents a significant gap between what the market charges and what the government considers a fair rent price. For a household earning the median income, the FMR would consume around 28.4% of their annual income, still above the recommended threshold but slightly more manageable than the current market rate.
With 33.4% of the 2,073 residents being renters, there is a notable segment of the population who must navigate this affordability gap. This gap creates stiff competition among landlords, as they vie for tenants willing to pay the market rate or those who qualify for rental assistance programs.
Landlords considering their strategy should note that accepting voucher payments can stabilize their tenant pool and ensure consistent rental income. However, it also means adhering to the FMR guidelines, which currently stand at $980. If landlords aim to maximize their rental income without vouchers, they must balance the need for higher rents against the financial constraints of potential tenants.
The takeaway for landlords is that while the market rate offers higher immediate returns, the affordability gap may lead to longer vacancies or increased turnover. Vouchers provide a steady income stream but at a lower rate. Landlords should carefully consider their goals and the local economic conditions when deciding between voucher and cash-pay strategies.
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.