Location: Westerly-Hopkinton-New Shoreham, 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 | $1,220 |
| 1 Bedroom | $1,270 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $1,940 |
| 4 Bedrooms | $2,300 |
| 5 Bedrooms | $2,668 |
| 6 Bedrooms | $2,988 |
| 7 Bedrooms | $3,227 |
| 8 Bedrooms | $3,388 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,560 | $383,025 | 0.41% | F |
| 3BR | $1,940 | $456,892 | 0.42% | F |
U.S. Census Bureau data (2024)
The ZIP code 02808, located in Bradford, RI, and part of the Westerly-Hopkinton-New Shoreham, RI HUD Metro FMR Area, is best suited as a cash-flow anchor within a Section 8 portfolio strategy. This designation is based on the significant spread between the Fair Market Rent (FMR) and the market rent, which stands at $1520 versus $1238 respectively for fiscal year 2024. The higher FMR ensures that landlords can secure steady rental income through Section 8 vouchers, making it an ideal choice for those looking to stabilize their cash flows.
A cash-flow anchor is crucial for any investment portfolio, especially when dealing with government-backed programs like Section 8. The difference of $282 between the FMR and the market rent indicates that landlords can charge closer to the FMR without significantly overpricing the property, thus attracting tenants who qualify for Section 8 assistance. This ZIP code offers a solid base for predictable income, which can offset risks associated with other speculative investments in the portfolio.
Additionally, the median home value of $436,480 suggests a stable housing market with less volatility compared to areas experiencing rapid appreciation. While this makes it less suitable as an appreciation play, the focus on steady cash flow aligns well with the characteristics of this area. The high median income of $106,681 further supports the stability of the local economy, reducing the risk of tenant default due to financial hardship.
In summary, ZIP 02808 should be considered a cash-flow anchor within a Section 8 portfolio strategy. The favorable rent spread and economic indicators provide a reliable foundation for consistent income generation, which is essential for landlords and small-portfolio investors aiming to balance risk and reward in their real estate investments.
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.