Section 8 Fair Market Rent (FMR) for ZIP 02703 - 2027

Investment Score for ZIP 02703

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,620
1 Bedroom	$1,720
2 Bedrooms	$2,140
3 Bedrooms	$2,620
4 Bedrooms	$2,980
5 Bedrooms	$3,457
6 Bedrooms	$3,872
7 Bedrooms	$4,182
8 Bedrooms	$4,391

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,720	$262,062	0.66%	D
2BR	$2,140	$399,737	0.54%	F
3BR	$2,620	$539,920	0.49%	F
4BR	$2,980	$661,047	0.45%	F
5BR	$3,457	$706,533	0.49%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 02703 (Attleboro, RI) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 02703 in Attleboro, RI, for 2026 is set at $1980 for a two-bedroom unit. This figure represents approximately 24.0% of the median household income of $99,152, indicating that it is relatively affordable for residents in the area. However, when comparing the FMR to actual rental prices, there is a significant discrepancy. The Zillow median price for a two-bedroom unit is $391,343, which translates to a Price-to-FMR ratio of 16.5x. This means that the actual rent for a two-bedroom unit would likely be much higher than the FMR, potentially around $32,580 annually if we assume a similar ratio applies to monthly rents. Given these dynamics, Section 8 voucher holders face substantial constraints in finding suitable housing within their budget. A voucher holder might struggle to find landlords willing to accept the lower FMR rates, especially since the actual market rents far exceed the FMR. This could lead to a situation where voucher holders are forced to look outside the ZIP code for more affordable options or face long wait times for available units. #### Affordability & Renter Profile ZIP code 02703 has a population of 46,713, with 33.9% of households being renters. The occupancy rate stands at 93.9%, suggesting a fairly tight market with limited vacancies. Given the high median household income and the relatively low percentage of renters, the rental market appears to cater primarily to middle-income families who can afford the higher-than-FMR rents. The affordability challenge is evident, with the FMR representing only a small fraction of the actual rental costs. For instance, a two-bedroom unit priced at $391,343 on Zillow would likely have a monthly rent of around $3258, significantly above the FMR of $1980. This makes it difficult for low-income individuals to secure housing without substantial financial assistance. #### Investor Angle From an investor’s perspective, the ZIP code 02703 presents a mixed picture. While the actual rental prices are high, the FMRs are set at levels that may not cover the true cost of renting. For example, a two-bedroom unit with a Zillow median price of $391,343 would have a monthly rent of about $3258, but the FMR is only $1980. This means that landlords who agree to accept Section 8 vouchers will likely experience negative cash flow, unless they can find ways to offset the difference through other means such as government subsidies or additional income sources. The investment grade for properties in this ZIP code would be considered moderate to low for Section 8-focused investors due to the potential for negative cash flow and the challenges in finding tenants willing to pay the higher market rents. However, the strong demand for rentals and the high median household income suggest that there is still a solid market for non-voucher tenants. #### Specific Actionable Insights 1. **Target Non-Voucher Tenants**: Given the high actual rental prices and the tight market, investors should consider targeting non-voucher tenants. This could involve renovating older properties to appeal to middle-income families or developing new units that cater to the higher end of the market. For example, a two-bedroom unit priced at $3258 per month could attract a broader range of tenants compared to one priced at the FMR of $1980. 2. **Government Subsidies**: Investors should explore additional government subsidies or programs that can help bridge the gap between FMR and actual rental costs. This could include state-level housing assistance programs or federal subsidies that are not part of the standard Section 8 program. By leveraging these resources, investors can ensure positive cash flow while still providing affordable housing options. 3. **Focus on Smaller Units**: Since the FMR for smaller units (one-bedroom and zero-bedroom) is lower, investors might want to focus on developing or acquiring smaller units that are more likely to be rented by voucher holders. For instance, a one-bedroom unit with an FMR of $1610 might be more feasible for Section 8 tenants, and thus could provide a better balance between affordability and cash flow. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 02703 is to **Skip**. The high actual rental prices relative to the FMR indicate that there is a significant risk of negative cash flow. Additionally, the tight market and high demand for rentals suggest that there are better opportunities for investors who can target non-voucher tenants. If investors decide to proceed, they should carefully consider the specific types of units they acquire and explore all possible avenues for additional subsidies to mitigate financial risks.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.