Location: Knox County, ME | Metro: Knox County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,110 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,400 |
| 3 Bedrooms | $1,830 |
| 4 Bedrooms | $1,880 |
| 5 Bedrooms | $2,181 |
| 6 Bedrooms | $2,443 |
| 7 Bedrooms | $2,638 |
| 8 Bedrooms | $2,770 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 04863, set at $1,460 for the metro area fiscal year 2026, is the payment standard for Section 8 housing vouchers. This figure represents the maximum amount that the Housing Choice Voucher Program will pay towards your rental income. It does not mean you can charge $1,460 as rent; rather, it caps the subsidy portion of the rent.
In comparison, the average rent in ZIP 04863, according to the Census American Community Survey (ACS), is $1,017. This suggests that the voucher program offers a higher subsidy than the typical market rate, potentially increasing your rental income above the local average.
The 13.4% renter share indicates that about 13.4% of the population in ZIP 04863 are renters. This means there is a steady demand for rental properties, but it's not a highly populated rental market. Landlords should consider this when assessing the potential occupancy rates and competition from other rental units.
When acquiring a property in ZIP 04863, the median home value is approximately $436,318. This figure reflects the average price you might expect to pay for a property suitable for a Section 8 rental. Given the higher subsidy cap, this could be a financially viable option, especially if you're looking to ensure consistent rental income.
Before committing to a Section 8 rental property, verify that the property meets the Housing Quality Standards (HQS). These standards ensure that the property is safe and habitable, which is a prerequisite for participation in the voucher program. If the property doesn't meet these criteria, you'll need to make necessary improvements before it can be leased under Section 8.
Remember, the FMR of $1,460 is the benchmark for subsidies, while the actual rent you can charge is determined by the tenant's contribution, which is typically 30% of their adjusted income. This ensures that tenants pay an affordable amount, and you receive a subsidized rent that cannot exceed the FMR.
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.