Location: Providence-Fall River, RI | Metro: Providence-Fall River, RI-MA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,500 |
| 1 Bedroom | $1,590 |
| 2 Bedrooms | $1,980 |
| 3 Bedrooms | $2,430 |
| 4 Bedrooms | $2,760 |
| 5 Bedrooms | $3,202 |
| 6 Bedrooms | $3,586 |
| 7 Bedrooms | $3,873 |
| 8 Bedrooms | $4,067 |
U.S. Census Bureau data (2024)
The ZIP code 02812 in Mississippi stands out due to its unique characteristics that set it apart from other areas. With a population of just 1,479 residents, it has a negligible rental market, indicating that almost none of the residents rent their homes. The median income for this ZIP is $104,934, which is significantly higher than the national average. This suggests that the residents are financially stable and likely own their homes, as evidenced by the median home value of $523,552.
When it comes to Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 02812 is set at $2,240 for fiscal year 2024. However, the lack of a rental market means there is no available market data to compare against the FMR. This makes it challenging for landlords and small-portfolio investors to gauge the effectiveness of Section 8 vouchers in this area. Despite these challenges, the high median income and home values indicate a strong economic foundation that could support a growing rental market if it were to develop.
The data signature for ZIP 02812 reads as stable, with no significant indicators pointing towards a transitional phase. The high median income and home values suggest that the area is unlikely to experience rapid changes in its economic status. For investors considering the use of Section 8 vouchers in this ZIP, it is important to recognize the limited rental market and the potential for long-term stability. While the immediate impact of Section 8 vouchers might be minimal, the underlying economic strength provides a solid base for future investments.
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.