FMR is below market; voucher rent may lag private rents.
0.75
1 BR
1 BR
0.76ratio
FMR$960
Market$1,270
vs market-$310
FMR is below market; voucher rent may lag private rents.
0.76
2 BR
2 BR
0.95ratio
FMR$1,260
Market$1,330
vs market-$70
FMR is near market; voucher and private rents are aligned.
0.95
4 BR
4 BR
1.29ratio
FMR$2,110
Market$1,630
vs market+$480
FMR is above market; underwrite to market rent.
1.29
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
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ZIP 04940 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 04940 (Farmington Falls, ME) is $1,260 a month. That is down 4.5% from $1,320 in FY 2026. Farmington Falls is in the Franklin County, ME non-metropolitan FMR area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the county-wide two-bedroom FMR of $1,264. Among 22 ZIP codes in Franklin County, 04940 is tied for the 8th-highest two-bedroom rent (county range $1,190–$1,550). The median county two-bedroom FMR in Maine is $1,371, so ZIP 04940 is 8% below it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 04940
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$910
$880
−3.3%
$792–$968
1BR
$1,010
$960
−5.0%
$864–$1,056
2BR
$1,320
$1,260
−4.5%
$1,134–$1,386
3BR
$1,750
$1,740
−0.6%
$1,566–$1,914
4BR
$1,750
$2,110
+20.6%
$1,899–$2,321
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 04940
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$880
$960
$1,260
$1,740
$2,110
FY 2026
$910
$1,010
$1,320
$1,750
$1,750
FY 2025
$770
$870
$1,140
$1,500
$1,510
FY 2024area FMR
$723
$812
$1,067
$1,416
$1,421
FY 2023area FMR
$632
$713
$939
$1,257
$1,261
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Two-bedroom rent in nearby Franklin County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 04940?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,264, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,138 to $1,390 a month; under the ZIP-level Small Area FMR of $1,260 it would be $1,134 to $1,386. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is ZIP 04940 in?
ZIP 04940 is in the Franklin County, ME non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,264.
How much did fair market rent change in ZIP 04940 for FY 2027?
The two-bedroom FMR fell 4.5%, from $1,320 in FY 2026 to $1,260 in FY 2027. Since FY 2025 it has risen 10.5%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set