Location: Providence-Fall River, RI | Metro: Providence-Fall River, RI-MA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,190 |
| 1 Bedroom | $1,270 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $1,880 |
| 4 Bedrooms | $2,240 |
| 5 Bedrooms | $2,598 |
| 6 Bedrooms | $2,910 |
| 7 Bedrooms | $3,143 |
| 8 Bedrooms | $3,300 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,560 | $388,072 | 0.4% | F |
| 3BR | $1,880 | $456,363 | 0.41% | F |
| 4BR | $2,240 | $464,739 | 0.48% | F |
U.S. Census Bureau data (2024)
The ZIP code 02721, located in Fall River, Massachusetts, stands out in Bristol County due to its unique demographic and economic characteristics. With a population of 26,521 residents, it has a significant rental market, with 65.8% of residents renting their homes. The median income here is $52,841, while the median home value is notably lower at $441,178, indicating a diverse housing landscape.
In terms of Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 02721 in fiscal year 2024 is set at $1,340, significantly below the market rate of $1,740, as measured by ZORI (Zillow Observed Rent Index). This discrepancy suggests that landlords can still achieve a reasonable profit margin when participating in the Section 8 program, even if it's less than the market rate. However, it also indicates that tenants might find it challenging to afford higher market rents without additional financial assistance.
Based on the data, ZIP 02721 appears to be a transitional area. While the rental market is substantial and the median income is relatively stable, the difference between the FMR and market rent rates points towards a shifting housing dynamic. Landlords should be aware of these trends and consider how they impact long-term investment strategies in this region. Despite the challenges, the opportunity to serve a large portion of the local population through the Section 8 program remains viable, making it an important consideration for property owners in Fall River.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.