Location: Somerset County, ME | Metro: Somerset County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,540 |
| 1 Bedroom | $1,550 |
| 2 Bedrooms | $1,860 |
| 3 Bedrooms | $2,510 |
| 4 Bedrooms | $2,590 |
| 5 Bedrooms | $3,004 |
| 6 Bedrooms | $3,364 |
| 7 Bedrooms | $3,633 |
| 8 Bedrooms | $3,815 |
U.S. Census Bureau data (2024)
The median income in ZIP code 04945, located in Utah, stands at $52,045. This figure is critical when evaluating the affordability of housing for residents. The market rate for rent is $800, according to the Census ACS data. Given the median income, a household would need to allocate a significant portion of their earnings towards rent, which could be challenging.
Comparatively, the Fair Market Rent (FMR) standard set for voucher payments is significantly higher at $1,700. This discrepancy highlights a substantial affordability gap between what renters can afford and the amount covered by vouchers. For landlords, this means that while market-rate rents are lower, they might find it more lucrative to accept voucher payments due to the higher compensation.
With only 10.4% of the 1,325 population being renters, competition among landlords is likely to be intense. Landlords must carefully consider their rental strategies to attract tenants. Accepting Section 8 vouchers can be a viable option to secure a steady stream of income and maintain occupancy rates, given the high voucher payment standard relative to the market rate.
The takeaway for landlords is clear: accepting vouchers can provide financial stability and potentially higher rental income compared to the market rate. However, it also means adhering to the regulations and requirements associated with voucher programs. Landlords should weigh these factors against the local rental demand and their property management goals.
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.