Location: Westerly-Hopkinton-New Shoreham, RI | Metro: Westerly-Hopkinton-New Shoreham, RI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,500 |
| 1 Bedroom | $1,510 |
| 2 Bedrooms | $1,980 |
| 3 Bedrooms | $2,510 |
| 4 Bedrooms | $2,980 |
| 5 Bedrooms | $3,457 |
| 6 Bedrooms | $3,872 |
| 7 Bedrooms | $4,182 |
| 8 Bedrooms | $4,391 |
U.S. Census Bureau data (2024)
ZIP code 02804, located in Hopkinton, Rhode Island, is part of Washington County and has a distinct demographic profile. With a population of 2,609 residents, it stands out due to the relatively low percentage of renters at 16.9%. The median household income is $102,118, which is above the national average, and the median home value is notably high at $451,926.
The economic landscape for Section 8 vouchers in ZIP 02804 is favorable for landlords and small-portfolio investors. The Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $1,590, while the Census American Community Survey estimates the market rent at $1,604. This means that the difference between FMR and market rent is minimal, making the voucher program nearly competitive with market rates.
In summary, the data signature for ZIP 02804 reads as stable. The high median income and home values suggest a financially secure community, which reduces the risk for investors. Additionally, the slight disparity between FMR and market rent indicates that landlords participating in the Section 8 program can expect rents close to market levels, thus maintaining a steady cash flow.
Data Sources: FMR data from HUD (2027). 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.