The PHA sets a payment standard ranging from 90% to 110% of the Fair Market Rents (FMRs).

Bangor, ME 04402's Section 8 Fair Market Rent

In the year 2024, as a landlord, if you're looking to rent your property to a Section 8 tenant or another housing voucher program in the 04402 zip code area, you can consider the following rental prices based on HUD income limits.

Efficiency:The efficiency rental rates range from a low of $774 to a high of $946, with an average of $860.
One-bedroom: One-bedroom rental prices vary, with a minimum of $855, a maximum of $1,045, and an average of $950.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,089, peaking at a maximum of $1,331, and averaging at $1,210.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,395, a maximum of $1,705, and an average of $1,550.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $1,503 to a maximum of $1,837, with an average of $1,670.

The fair market rent mentioned already includes all utilities. If a landlord chooses not to provide utility coverage, they can subtract the utility costs from the rent to determine the adjusted rental price.

Each housing authority establishes its own rental rates, so you should check the pricing set by that specific housing authority to determine the maximum amount they can offer. It's advisable to adhere to their pricing guidelines.

HUD's Fair Market Rent guides Section 8 rates for your rental unit.

Year City, State, Zipcode HUD Fair Market Rent Bedrooms
Studio 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom
2024 Bangor, ME 4402 Low Rent (90%) $774 $855 $1,089 $1,395 $1,503
Average Rent $860 $950 $1,210 $1,550 $1,670
High Rent(110%) $946 $1,045 $1,331 $1,705 $1,837
2023 Bangor, ME 4402 Low Rent (90%) $702 $801 $1,026 $1,296 $1,467
Average Rent $780 $890 $1,140 $1,440 $1,630
High Rent (110%) $858 $979 $1,254 $1,584 $1,793
2022 Bangor, ME 4402 Low Rent (90%) $657 $756 $972 $1,206 $1,476
Average Rent $730 $840 $1,080 $1,340 $1,640
High Rent(110%) $803 $924 $1,188 $1,474 $1,804
2021 Bangor, ME 4402 Low Rent (90%) $621 $720 $927 $1,152 $1,512
Average Rent $690 $800 $1,030 $1,280 $1,680
High Rent (110%) $759 $880 $1,133 $1,408 $1,848
2020 Bangor, ME 4402 Low Rent (90%) $567 $657 $828 $1,035 $1,431
Average Rent $630 $730 $920 $1,150 $1,590
High Rent(110%) $693 $803 $1,012 $1,265 $1,749
2019 Bangor, ME 4402 Low Rent (90%) $603 $684 $873 $1,098 $1,530
Average Rent $670 $760 $970 $1,220 $1,700
High Rent (110%) $737 $836 $1,067 $1,342 $1,870


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