Location: Somerset County, ME | Metro: Somerset County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,210 |
| 1 Bedroom | $1,220 |
| 2 Bedrooms | $1,460 |
| 3 Bedrooms | $1,970 |
| 4 Bedrooms | $2,030 |
| 5 Bedrooms | $2,355 |
| 6 Bedrooms | $2,638 |
| 7 Bedrooms | $2,849 |
| 8 Bedrooms | $2,991 |
U.S. Census Bureau data (2024)
The rent math in ZIP code 04957 does not work favorably for landlords. The Fair Market Rent (FMR) for the ME metro area, set at $1,410 for fiscal year 2026, is significantly higher than the actual market rent of $1,073 as reported by the Census ACS. This gap suggests that landlords may struggle to charge rents that match the FMR, potentially leading to financial pressures if they aim to align with government-set standards.
Acquisition costs in ZIP 04957 are relatively affordable. The median home value stands at $248,833. However, due to the lack of data on days on market (DOM) and the percentage of homes requiring price cuts, it's difficult to gauge the competitiveness of the housing market. Landlords should be cautious about overpaying for properties, given the limited information on how quickly homes sell and at what price point.
Tenant demand in ZIP 04957 is moderate but not robust. With a total population of 4,006, only 16.0% are renters, indicating a smaller pool of potential tenants compared to areas with higher rental shares. This could make it challenging to maintain occupancy rates and manage turnover effectively.
In summary, ZIP 04957 presents a mixed picture for landlords and small-portfolio investors. While the cost of acquiring a property is reasonable, the mismatch between FMR and market rent, coupled with a modest tenant demand, suggests caution. Investors should carefully evaluate their ability to attract and retain tenants willing to pay closer to the market rate rather than relying on the higher FMR benchmarks. Additionally, the limited data on DOM and price-cut percentages means that thorough local market research is essential before making any investment decisions.
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.