Section 8 Fair Market Rent (FMR) for ZIP 04951 - 2027

Location: Waldo County, ME | Metro: Waldo County, ME

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,280
1 Bedroom	$1,290
2 Bedrooms	$1,540
3 Bedrooms	$1,990
4 Bedrooms	$2,230
5 Bedrooms	$2,587
6 Bedrooms	$2,897
7 Bedrooms	$3,129
8 Bedrooms	$3,285

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,001

Median Household Income

$81,300

Housing Units

470

Renter Percentage

12.6%

Occupancy Rate

89.8%

Renter Occupied

The ZIP code 04951, located in the state of Utah, represents a unique blend of suburban charm and rural tranquility. This area is characterized by its low density population and a mix of residential properties, including both single-family homes and rental units. The real estate market here is influenced by various factors, including the local economy, housing demand, and federal guidelines such as those set by the Department of Housing and Urban Development (HUD).

Fair Market Rent (FMR): HUD has set the Fair Market Rent at $1,680 for the fiscal year 2026, indicating the maximum amount that can be charged for a Section 8 voucher in this region.
Market Rent: According to the Census American Community Survey, the average market rent in ZIP 04951 is $1,165, suggesting that there is room for rental price increases to align with the FMR.
Median Home Value: The median home value stands at $285,823, reflecting a moderate cost of living and property investment potential.
Renter Share: Only 12.6% of residents are renters, which implies that the majority of the population owns their homes, potentially limiting the number of available rental units.
Days on Market (DOM): Data on the average days a property remains on the market before being sold is currently unavailable, but this metric is crucial for understanding the speed of real estate transactions in the area.
Median Income: With a median household income of $81,300, the area supports a relatively affluent population, which could translate into higher demand for quality rental properties.

The analysis of these data points reveals a market where there is a slight disparity between the Fair Market Rent and the actual market rent, offering an opportunity for landlords to adjust their pricing strategies. However, the low renter share suggests that competition for tenants might be fierce. Despite this, the high median income indicates a strong financial base among residents, which is favorable for maintaining rental occupancy and ensuring timely payments. Overall, while the market presents some challenges, it also offers opportunities for savvy investors who can position themselves strategically within the rental market dynamics.

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.