Location: Somerset County, ME | Metro: Piscataquis County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $970 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,720 |
| 5 Bedrooms | $1,995 |
| 6 Bedrooms | $2,234 |
| 7 Bedrooms | $2,413 |
| 8 Bedrooms | $2,534 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 04942, which is located in Maine, has been set at $1,290 for the fiscal year 2026. This figure represents the payment standard under the Section 8 housing assistance program and is not the amount you will charge your tenants as rent. The Section 8 program pays up to this amount, and any rent above the FMR must be paid by the tenant.
To put this into perspective, the average rent in ZIP 04942 is currently $1,063, according to recent Census Bureau data. This suggests that the FMR is higher than the market average, potentially offering a slight premium to landlords who participate in the program.
The demand for rentals in this area is strong, with 27.1% of residents being renters. This indicates that there is a significant portion of the population who could benefit from the Section 8 program and would likely be interested in renting your property.
If you're looking to acquire a new rental property in this ZIP code, the median home value is around $184,018. This can serve as a benchmark when considering the purchase price of a potential Section 8 rental unit.
Before proceeding with a Section 8 rental, it's crucial to verify that the property meets all local housing quality standards. These standards ensure that the rental unit is safe and habitable, which is a requirement for participation in the program. Compliance with these standards is non-negotiable and ensures that you receive timely payments through the program.
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.