Location: Somerset County, ME | Metro: Somerset County, ME
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 | $1,130 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,360 |
| 3 Bedrooms | $1,840 |
| 4 Bedrooms | $1,900 |
| 5 Bedrooms | $2,204 |
| 6 Bedrooms | $2,468 |
| 7 Bedrooms | $2,665 |
| 8 Bedrooms | $2,798 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,360 | $166,739 | 0.82% | C |
| 3BR | $1,840 | $208,577 | 0.88% | C |
| 4BR | $1,900 | $231,134 | 0.82% | C |
U.S. Census Bureau data (2024)
The ZIP code 04967, located in Pittsfield, ME, presents a unique challenge for renters given the local economic conditions and rental market dynamics. The median household income in this area stands at $57,381, which is significantly lower than the federal poverty level for a family of four. This makes it particularly difficult for residents to meet the market rate rent of $825 per month.
To put this into perspective, let's consider the financial strain on a typical household. A family earning the median income would spend approximately 16.3% of their annual income on rent alone if they paid the market rate of $825 monthly. This percentage exceeds the commonly accepted guideline that no more than 30% of a household's income should be allocated towards housing costs, indicating a significant affordability gap.
In contrast, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $1,440, which is considerably higher than the market rate. This suggests that the government's estimate for affordable housing may not reflect the actual cost of living in Pittsfield. However, it also means that Section 8 vouchers could potentially cover a larger portion of the rent, making subsidized housing more attractive to low-income households.
Given that 23.5% of the 3,930 population are renters, there is a notable segment of the community facing these challenges. For landlords, this means that competition for tenants who can afford market rates is likely to be fierce, as many local residents struggle to pay even the current market price without assistance.
The takeaway for landlords considering whether to accept voucher tenants or focus on cash-paying strategies is clear. While cash-paying tenants might offer a simpler transaction process, the high number of residents eligible for assistance programs like Section 8 indicates that there is a strong demand for subsidized housing. Accepting voucher payments, despite the potential administrative complexities, can ensure a steady stream of reliable tenants and align with the realities of the local economy. Landlords should weigh the benefits of long-term stability against the immediate convenience of cash payments when formulating their rental strategy.
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.