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 | $1,260 |
| 1 Bedroom | $1,330 |
| 2 Bedrooms | $1,660 |
| 3 Bedrooms | $2,030 |
| 4 Bedrooms | $2,310 |
| 5 Bedrooms | $2,680 |
| 6 Bedrooms | $3,002 |
| 7 Bedrooms | $3,242 |
| 8 Bedrooms | $3,404 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,660 | $378,000 | 0.44% | F |
| 3BR | $2,030 | $447,912 | 0.45% | F |
| 4BR | $2,310 | $448,833 | 0.51% | F |
U.S. Census Bureau data (2024)
The classification of ZIP code 02723, located in Fall River, Massachusetts, hinges on the balance between yield and stability. On the yield axis, the Federal Market Rent (FMR) for the fiscal year 2024 is set at $1,420. This figure contrasts with the local market rent of $1,778, indicating a potential upside for landlords willing to navigate the Section 8 program. The median home value of $434,192 suggests that the area has a mix of rental and owner-occupied properties, but the focus here is on rental yields.
Regarding stability, the ZIP code shows a robust rental market with 68.2% of residents being renters. However, the lack of data on days on market (DOM) indicates some uncertainty about how quickly vacancies can be filled. The average household income of $47,633 provides insight into the financial health of tenants, which is crucial for maintaining steady cash flows.
Based on these figures, ZIP 02723 leans towards a steady-cashflow zone. The relatively high percentage of renters and the disparity between FMR and market rents suggest that landlords can achieve stable income through Section 8 participation without the risks associated with low-renter populations. Additionally, the income level supports a reasonable expectation of timely rent payments, enhancing the overall stability of the investment.
While the yield from Section 8 might not match the market rent, the guaranteed income and the manageable risk profile make it a viable option for landlords and small-portfolio investors seeking consistent returns rather than speculative gains. The combination of a substantial rental market share and moderate income levels points towards an environment where long-term investments are likely to perform well.
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.