Location: Penobscot County, ME | Metro: Penobscot County, ME (part) HUD Metro FMR Area
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 | $1,280 |
| 1 Bedroom | $1,410 |
| 2 Bedrooms | $1,840 |
| 3 Bedrooms | $2,510 |
| 4 Bedrooms | $2,580 |
| 5 Bedrooms | $2,993 |
| 6 Bedrooms | $3,352 |
| 7 Bedrooms | $3,620 |
| 8 Bedrooms | $3,801 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,510 | $213,555 | 1.18% | B |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 04928 in FY 2024 is set at $1030. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is designed to help low-income families afford housing. It's important to note that this is the payment standard, not necessarily the amount you will receive from tenants.
In comparison, the average rent for the area based on Census American Community Survey (ACS) data is $938. This indicates that the FMR is slightly above the market rate, potentially offering a small buffer for landlords.
The renter share in ZIP 04928 is 13.4%, meaning that over one-tenth of the population are renters. This suggests there is a steady demand for rental properties, including those participating in the Section 8 program.
If you're looking to acquire a property in this ZIP code, the median home value is around $174,769. This figure can be used as a benchmark when evaluating potential investments. Keep in mind that the cost of acquiring a rental property is just one part of the equation; maintenance, vacancy rates, and other expenses must also be considered.
Before making your final decision, it is crucial to verify that the property meets all the necessary requirements to participate in the Section 8 program. This includes ensuring the property complies with HUD's Housing Quality Standards (HQS), which dictate the minimum conditions required for habitable living spaces.
To summarize, the FMR of $1030 provides a clear guideline for setting rent under Section 8, slightly exceeding the local average of $938. With a renter share of 13.4%, there is a reliable tenant pool. At an acquisition cost of about $174,769, the investment is within reach for many. However, compliance with HQS is non-negotiable and must be confirmed before proceeding.
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.