Location: Somerset County, ME | Metro: Somerset County, ME
| Unit Size | Monthly FMR |
|---|---|
| Studio | $960 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
U.S. Census Bureau data (2024)
11.4% of residents in ZIP 04979 (, UT) are renters, indicating a moderate demand for rental properties. However, the $915 market rent based on Census ACS data suggests that rental rates are below the $1,130 Fair Market Rent (FMR) set for the metro area in fiscal year 2026. This discrepancy highlights an opportunity for landlords to potentially increase their rental income by aligning their rates closer to the FMR. The $208,714 median home value reflects the overall property value in the area, which is crucial for assessing potential investment returns. Despite the N/A-day Days on Market (DOM), which indicates incomplete data, the N/A% price-cut share suggests that there is little pressure on sellers to reduce their asking prices, pointing to a stable housing market. With a median income of $69,205, tenants in this area have the financial capacity to afford higher rents, making it feasible for landlords to adjust their pricing upwards. Given these figures, landlords and small-portfolio investors should consider leveraging the gap between current market rents and the FMR to maximize their rental income. The stable median home value and lack of significant price cuts further support the idea that the housing market in ZIP 04979 is robust and less volatile. For those interested in Section 8 participation, the $1,130 FMR provides a clear benchmark for acceptable rent levels. In conclusion, while the current market rent is lower than the FMR, the financial stability of the area makes it a viable option for Section 8 participation, offering a balance between government-subsidized rents and market rates.
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.