Location: Somerset County, ME | Metro: Somerset County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,030 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,670 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
U.S. Census Bureau data (2024)
The ZIP code 04923 in UT is not predominantly a renter-heavy area. With a population of 532, only 6.9% of residents are renters, indicating that the majority of the community owns their homes. This low percentage of renters suggests that the demand for housing vouchers under the Section 8 program is relatively shallow compared to more urban areas with higher rental populations.
The median household income for ZIP 04923 stands at $63,194. However, due to the lack of specific market rent data for this ZIP code, it's challenging to determine precisely what portion of the local income is consumed by typical rent payments. Nonetheless, we can infer that given the homeowner-dominated landscape, rental prices are likely to be lower than those in heavily rented areas, making them more affordable relative to the median income.
Comparing the available data to the Fair Market Rent (FMR), which is set at $1,270 for the metro area in fiscal year 2026, we can see that this figure represents approximately 20% of the median household income. This percentage aligns with general guidelines suggesting that housing costs should not exceed 30% of a household's income to remain affordable. Therefore, landlords in ZIP 04923 can expect that the FMR is within an affordable range for most tenants.
A landlord in this ZIP code should anticipate a tenant pool that is largely made up of individuals who are financially stable enough to afford the average rent without relying on extensive voucher support. Given the low percentage of renters, the tenants using Section 8 vouchers will likely be a minority, though they still represent a significant portion of the rental market in this area. Landlords should prepare for a mix of tenants, some of whom may require assistance through vouchers, while others can pay market rates. The overall rental market is expected to be less competitive, allowing landlords to maintain properties with fewer turnovers and potentially higher occupancy stability.
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.