Section 8 Fair Market Rent (FMR) for ZIP 02829 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

The zip code 02829, located in Rhode Island, is a predominantly owner-occupied area with limited rental properties available. This makes it particularly challenging for real estate investors focusing on the rental market, especially under the Section 8 program.

• The Fair Market Rent (FMR) for zip code 02829 in fiscal year 2024 is set at $1690. This figure represents the maximum amount that a landlord can charge for a unit under the Section 8 program, but given the scarcity of rentals, finding tenants willing to pay this rate might be difficult.
• The market rent for the area is currently not available (N/A). This lack of data suggests that the rental market in 02829 is either very small or not well-documented, which could indicate a low demand for rental units.
• The median home value for the zip code is also not available (N/A). This absence of data could mean that the housing market is not active enough to generate reliable median values, or there's a significant lack of sales data.
• Renter share in 02829 is at 0.0%, meaning that virtually all residents own their homes. This statistic underscores the challenge in finding potential renters for any property in this zip code.
• The Days on Market (DOM) for the area is not available (N/A). This could imply that listings are rare, and when they do appear, they might sell quickly or linger without attracting much interest.
• The median household income for the zip code is not available (N/A). However, understanding the income levels of the local population is crucial for gauging the financial health of potential tenants and their ability to afford rental units.

Given the high proportion of owner-occupiers and the limited availability of rental data, investing in the rental market within zip code 02829 presents significant challenges. The Fair Market Rent of $1690 provides a clear guideline for pricing under the Section 8 program, but the scarcity of rental properties suggests that finding eligible tenants could be problematic. Landlords and small-portfolio investors should consider these factors carefully before entering this market, as the lack of robust rental and income data indicates a potentially volatile investment environment.

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.