Location: Somerset 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 | $1,070 |
| 1 Bedroom | $1,160 |
| 2 Bedrooms | $1,520 |
| 3 Bedrooms | $2,060 |
| 4 Bedrooms | $2,120 |
| 5 Bedrooms | $2,459 |
| 6 Bedrooms | $2,754 |
| 7 Bedrooms | $2,974 |
| 8 Bedrooms | $3,123 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,060 | $223,075 | 0.92% | C |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 04930 in fiscal year 2024 is set at $1090. This figure represents the payment standard for Section 8 housing vouchers, meaning that if you participate in the program, you will receive this amount per month from the government to cover your tenant's rent. It is important to note that this is not the rent you can charge; it is the maximum amount the voucher will cover.
In comparison, the average rent for the area, based on recent Census American Community Survey (ACS) data, stands at $848. This indicates that the FMR is higher than the local average, which could be beneficial for landlords participating in the Section 8 program. The difference between the FMR and the local average rent suggests that landlords may have an opportunity to slightly increase their rental income compared to market rates.
The renter share in ZIP 04930 is 32.2%, indicating that a significant portion of the population relies on renting their homes. This high percentage of renters translates into a strong demand for affordable housing options, making it likely that there will be interest in Section 8 rentals. Landlords should take advantage of this demand by ensuring their properties meet the necessary standards for the program.
When considering acquiring a property for a Section 8 rental, the median home value in the area is approximately $205,491. This figure reflects the typical cost of purchasing a home in ZIP 04930, which is crucial for understanding the investment required to enter the Section 8 market. While the FMR provides a steady income stream, landlords must ensure that the monthly income aligns with the costs of property maintenance, insurance, and other expenses associated with owning a rental property.
Before committing to a Section 8 rental, verify that your property meets the Housing Quality Standards (HQS) set by the U.S. Department of Housing and Urban Development (HUD). These standards ensure that the home is safe and habitable for tenants. Compliance with HQS is mandatory for participation in the program and ensures that your property will be eligible for the guaranteed $1090 monthly payment.
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.