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 | $2,140 |
| 1 Bedroom | $2,260 |
| 2 Bedrooms | $2,820 |
| 3 Bedrooms | $3,450 |
| 4 Bedrooms | $3,920 |
| 5 Bedrooms | $4,547 |
| 6 Bedrooms | $5,093 |
| 7 Bedrooms | $5,500 |
| 8 Bedrooms | $5,775 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,820 | $465,061 | 0.61% | D |
| 3BR | $3,450 | $590,259 | 0.58% | F |
| 4BR | $3,920 | $694,705 | 0.56% | F |
U.S. Census Bureau data (2024)
The Section 8 market analysis for ZIP code 02817, located in West Greenwich, Rhode Island, reveals that the Fair Market Rent (FMR) set by HUD for the fiscal year 2024 is $2,540. This figure is slightly below the actual market rent, which stands at $2,641 according to ZORI (Zillow's Observed Rent Index).
Voucher tenants in this area will generally cashflow marginally at the HUD FMR. Landlords should expect a slight shortfall when relying solely on the FMR to cover their expenses, necessitating either a higher rent or additional income sources.
The median home value in ZIP 02817 is $554,645. To derive the rent-to-price ratio, we divide the market rent by the median home value. This yields a ratio of approximately 0.47%, indicating that rental properties are relatively affordable compared to the overall housing market. However, this also suggests that the area may be more attractive to buyers rather than renters, given the high home values.
Note that the median Days on Market (DOM) and the percentage of homes that experienced price cuts are not available. These metrics would typically help gauge the strength of the local real estate market and the potential challenges in selling homes quickly at full asking price. Given the lack of these figures, it is advisable to focus on the existing data to make informed decisions.
The strongest investor angle in ZIP 02817 is likely to be stability. The close alignment between HUD FMR and market rents indicates a predictable environment where both rental income and property values are less volatile, providing a reliable foundation for long-term investment strategies.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.