Location: Providence-Fall River, RI | Metro: Providence-Fall River, RI-MA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,590 |
| 1 Bedroom | $1,680 |
| 2 Bedrooms | $2,100 |
| 3 Bedrooms | $2,570 |
| 4 Bedrooms | $2,920 |
| 5 Bedrooms | $3,387 |
| 6 Bedrooms | $3,793 |
| 7 Bedrooms | $4,096 |
| 8 Bedrooms | $4,301 |
U.S. Census Bureau data (2024)
The analysis of ZIP 02815 within the Providence-Fall River, RI-MA HUD Metro FMR Area reveals several key points regarding its suitability for Section 8 investments.
The first question addresses whether the rent math works. The Fair Market Rent (FMR) for ZIP 02815 in fiscal year 2024 is set at $2050. However, there is no available market rent data for comparison, which means that landlords will need to rely on the FMR figure to determine their rental rates. Without market rent data, it's impossible to assess if the FMR accurately reflects what tenants can afford or if it provides a sufficient margin for landlords.
Secondly, the affordability of acquisition is questionable. The median home value in ZIP 02815 stands at $526,515. This high valuation suggests that purchasing properties in this area could be expensive, especially when considering that the typical days on market (DOM) and the percentage of homes needing price reductions are not available. These missing metrics make it difficult to gauge how easily properties can be acquired at a reasonable cost.
Lastly, the tenant demand is minimal. With a population of only 161, the area has an extremely low renter share of 0.0%. This indicates that nearly all residents own their homes, making it challenging to find potential tenants for rental properties.
Verdict: ZIP 02815 is not a favorable investment location for landlords and small-portfolio investors interested in Section 8 properties. The lack of market rent data makes it difficult to ensure the rent math works in favor of the landlord. The high median home value of $526,515 implies that property acquisition costs are steep, and without knowing the DOM and price-cut share, the ease of acquiring properties cannot be determined. Most critically, the absence of renters—only 0.0% of the population rents—suggests there is insufficient tenant demand to support rental properties, particularly those reliant on Section 8 subsidies. Given these factors, other ZIP codes with higher renter shares and clearer financial metrics would likely offer better opportunities for Section 8 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.