Location: Penobscot County, ME | Metro: Penobscot County, ME (part) HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,210 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,600 |
| 3 Bedrooms | $2,150 |
| 4 Bedrooms | $2,260 |
| 5 Bedrooms | $2,622 |
| 6 Bedrooms | $2,937 |
| 7 Bedrooms | $3,172 |
| 8 Bedrooms | $3,331 |
U.S. Census Bureau data (2024)
The ZIP code 04969 in Utah presents a market in motion, characterized by specific dynamics that shape its rental and homeownership landscape. With a Fair Market Rent (FMR) set at $1200 for the fiscal year 2024, the rental sector is clearly defined for landlords and investors looking to align their properties with federal guidelines. This figure reflects the government's assessment of what constitutes a reasonable rent for the area, providing a benchmark for rental pricing.
The median home value of $240,052 offers insight into the overall property values within the ZIP code. Although specific data on market rents and days on market (DOM) are currently unavailable, the median home value suggests a stable residential market. This stability is crucial for both landlords and small-portfolio investors as it indicates a consistent demand for housing in the area.
A noteworthy aspect of ZIP 04969 is its 5.9% renter share. This percentage represents a relatively low proportion of renters compared to homeowners, which can imply several things about the long-term housing pressure. Firstly, it suggests that there is a strong preference for homeownership in the area, potentially due to factors such as affordability, tax benefits, or cultural preferences. Secondly, a lower renter share might indicate that the supply of homes is sufficient to meet the demand for ownership, reducing immediate pressure on the rental market.
However, this low renter share also means that any increase in demand for rentals could quickly lead to upward pressure on rents if the supply of rental units remains constant. The dynamics of a market with a low renter share are such that it can be highly sensitive to changes in population demographics or economic conditions that might alter the balance between renters and owners.
In summary, ZIP 04969 operates under a framework where the rental market is guided by federal benchmarks, while the homeownership segment enjoys a stable median value. The low renter share points towards a robust homeownership culture but also highlights the potential for significant shifts should the balance of supply and demand change.
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.