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)
A skeptical investor might question whether the Fair Market Rent (FMR) of $990 for ZIP 04786, which covers the metro area for fiscal year 2026, will adequately cover the mortgage on a home priced at $142,853. While the FMR provides a guideline for rental pricing, it does not directly correlate to mortgage payments. However, the median home value suggests that homes in this area are generally affordable. A typical mortgage payment for a $142,853 home, assuming a 20% down payment and a 30-year fixed-rate loan at a current average interest rate, would be approximately $400-$500 per month, well below the $990 FMR.
The percentage of renters at 21.8% could also raise concerns about demand. Despite the relatively low percentage of renters, the total population of the area should still support a reasonable rental market. It's important to note that the percentage alone does not indicate the absolute number of potential renters. According to recent data, the demand for rentals is balanced, with properties moving within 53 days on average. This indicates a steady but not overwhelming rental market.
Another objection is whether vouchers will keep pace with market rents of $492. The FMR of $990 is set to ensure that voucher holders can afford decent housing. In ZIP 04786, the market rent is significantly lower than the FMR, suggesting that vouchers will likely cover the cost of renting. However, the specific amount of voucher assistance available can vary based on local policies and funding levels, which are not detailed in the provided data.
In summary, while the data does not provide a complete picture of every aspect of the rental market in ZIP 04786, it does suggest that the FMR is sufficient to cover mortgage costs, there is a balanced demand for rentals, and vouchers are likely to keep pace with current market rents.
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.