Location: Somerset County, ME | Metro: Somerset 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 | $1,350 |
| 1 Bedroom | $1,360 |
| 2 Bedrooms | $1,630 |
| 3 Bedrooms | $2,200 |
| 4 Bedrooms | $2,270 |
| 5 Bedrooms | $2,633 |
| 6 Bedrooms | $2,949 |
| 7 Bedrooms | $3,185 |
| 8 Bedrooms | $3,344 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,200 | $282,911 | 0.78% | D |
U.S. Census Bureau data (2024)
The ZIP code 04924 in Franklin County, Maine, stands out due to its unique demographic and economic characteristics. With a population of 2,063 residents, only 14.3% are renters, indicating a predominantly owner-occupied community. The median income here is $57,781, which is relatively modest compared to larger metropolitan areas, but the median home value is significantly higher at $235,595. This suggests that homeownership is valued and affordable for many residents, even if rental options are limited.
Turning to the economics of Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 04924 is set at $1,670 for fiscal year 2026. However, the actual market rent, as reported by the Census Bureau's American Community Survey, is much lower at $922. This discrepancy means that landlords who accept Section 8 vouchers can potentially charge rents closer to the FMR, thereby increasing their income relative to the local market rates. Given the low percentage of renters, there is a notable opportunity for landlords to attract tenants who might otherwise struggle to find affordable housing in the area.
The data signature for ZIP 04924 reads as stable. The modest income levels combined with a higher-than-average median home value suggest a community where homeownership is a priority and has been sustained over time. The limited rental market indicates little churn, which is characteristic of a stable housing environment. For small-portfolio investors, this stability can be advantageous, offering a predictable and reliable investment climate.
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.