Location: Knox County, ME | Metro: Knox County, ME
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,110 |
| 1 Bedroom | $1,230 |
| 2 Bedrooms | $1,490 |
| 3 Bedrooms | $1,950 |
| 4 Bedrooms | $1,960 |
| 5 Bedrooms | $2,274 |
| 6 Bedrooms | $2,547 |
| 7 Bedrooms | $2,751 |
| 8 Bedrooms | $2,889 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,490 | $348,178 | 0.43% | F |
| 3BR | $1,950 | $448,969 | 0.43% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 04847, which includes Hope, ME, is set at $1,530 for metro FY 2026. This figure represents the payment standard for Section 8 housing vouchers, meaning it's the maximum amount that the government will pay toward your tenant's rent. However, this does not mean you can charge $1,530 to tenants; the actual rent you charge should be reasonable and competitive with other local rentals.
To put this into context, the average rent in Hope, ME, based on Census ACS data, is approximately $1,219. Therefore, the FMR is higher than the typical market rate, which could make Section 8 properties more attractive to potential tenants who might otherwise struggle to afford housing in the area.
With a renter share of 7.1%, there is a steady but modest demand for rental properties in Hope, ME. This indicates that about 7.1% of the population in the area is looking for rental housing, suggesting a moderate opportunity for landlords to fill vacancies with Section 8 tenants.
If you're considering purchasing a property to use as a Section 8 rental, the median home value in Hope, ME, stands at around $400,813. This is the typical price range you would need to budget for when acquiring a new rental property in this area.
Before committing to a Section 8 rental, verify that the property meets all the necessary requirements for the program, including safety and health standards. The Housing Authority will conduct an inspection to ensure the property is up to code, so confirming these details beforehand will save you time and money.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.